Everspan Announces Sale of Admitted Shell Company to Falvey Insurance Group
Everspan Group, a wholly owned subsidiary of Octave Specialty Group (NYSE: OSG), agreed to sell its admitted shell company Providence Washington Insurance Company to Rhode Island-based Falvey Insurance Group. The divestiture is expected to increase tangible book value by approximately $11 million and reduce operating costs; PWIC was acquired in 2021 and is one of five P&C companies Everspan owns.
Key figures
- Deal Value Usd
- 0
- Pwic acquired year
- 2021
- Pwic share of pc companies
- one of five
- Tangible book value increase
- $11 million
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