Everspan Announces Sale of Admitted Shell Company to Falvey Insurance Group
Key Highlights
- ➤Everspan agreed to sell PWIC to Falvey Insurance Group.
- ➤Transaction expected to increase tangible book value by approximately $11 million.
- ➤Sale requires customary closing conditions and regulatory approvals.
- ➤Deal reduces operating costs without diminishing Everspan’s capabilities.
Expert Statements
Darwin Lucas, President of Everspan
“This transaction reduces our operating costs without diminishing our capabilities.”
Darwin Lucas, President of Everspan
“It also places PWIC with an organization that sees meaningful strategic value in its Rhode Island roots, licenses and capabilities.”
Darwin Lucas, President of Everspan
“We believe Falvey is a natural home for the company and are pleased to see its legacy continue.”
Everspan Announces Sale of Admitted Shell Company to Falvey Insurance Group
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.
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