NEW YORK, Oct. 24 — Everspan Group (“Everspan”), a specialty property and casualty insurance platform and wholly owned subsidiary of Octave Specialty Group, Inc. (NYSE: OSG), has signed a definitive agreement to sell its redundant admitted shell company, Providence Washington Insurance Company (PWIC), to Rhode Island-based Falvey Insurance Group. The sale is part of Everspan’s ongoing initiatives to improve operational efficiencies and is expected to increase its tangible book value by approximately $11 million. The transaction is subject to customary closing conditions and required regulatory approvals.
PWIC is a Rhode Island-domiciled insurance company that Everspan acquired in 2021. It is one of five property and casualty companies owned by Everspan.
“This transaction reduces our operating costs without diminishing our capabilities,” Everspan President Darwin Lucas said. “It also places PWIC with an organization that sees meaningful strategic value in its Rhode Island roots, licenses and capabilities. We believe Falvey is a natural home for the company and are pleased to see its legacy continue.”
McDermott Will & Schulte served as legal counsel to Everspan.