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Everspan Group, a specialty property and casualty insurance platform, has entered into a definitive agreement to sell Providence Washington Insurance Company (PWIC) to Rhode Island-based Falvey Insurance Group.
The transaction is expected to increase Everspan’s tangible book value by roughly $11 million. The divestment of the admitted shell company is part of the company’s broader initiative to streamline operations and reduce overhead.
Considered one of the oldest property and casualty insurance companies in the United States, PWIC was incorporated in 1799. Domiciled in Rhode Island, it was acquired by Everspan in 2021, becoming one of five P&C companies owned by the insurance platform.
Everspan President Darwin Lucas commented: “This transaction reduces our operating costs without diminishing our capabilities. It also places PWIC with an organisation 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.”
The transaction is subject to customary closing conditions and required regulatory approvals.
McDermott Will & Schulte served as legal counsel to Everspan.
The post Everspan to sell its redundant admitted shell company to Falvey Insurance appeared first on ReinsuranceNe.ws.
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