To maintain our high standards as a mutual, there are three quantitative criteria that a prospective member must meet:
- 1) have at least 50% of its gross assets or annual revenues derived from energy operations
- 2) have at least USD 1 billion of balance sheet gross, PP&E and inventory assets
- 3) hold a minimum credit rating of BBB- (S&P) or Baa3 (Moody’s)
In addition to the quantitative criteria, Everen includes a qualitative assessment, including:
- Business operations that represent an appropriate spread of risk
- An acceptable 10-year loss history
- Demonstration of a strong risk management record and philosophy
- A long-term view of managing risk
When a company decides to apply for membership, we will guide you through the application process. However, to provide some insight into what we would need from you we have described the step-by-step application process below.
Please note that United States and Canadian companies must access Everen through a recognized third party broker or a captive.
The application process requires the following forms and information:
- 1) Underwriting Submission
- 2) Membership Application Forms
- 3) 10-year loss history
- 4) Designated Named Windstorm Asset Location Declaration , if applicable
- 5) Designated Named Windstorm Asset Declaration Template , if applicable
- 6) Sanctionable Activity Gross Asset Declaration
If approved, there are two additional steps required:
- The prospective member will be required to sign the Shareholder Agreement in Bermuda (or via a proxy using a Bermudian domiciled Power of Attorney).
- The purchase of a $10,000 USD Class “A” share in Everen.
There are no annual membership fees in Everen and, once joined, there is no further annual underwriting process – unless a member elects to change its limit or deductible.
If you are interested in learning more about Everen, please contact our underwriting team at [email protected].