Octave Specialty Group' Everspan Subsidiary Inks Agreement To Sell Its Redundant Admitted Shell Company Providence Washington Insurance Company To Falvey Insurance Group; Financial Terms Undisclosed
Benzinga Newsdesk 1 week ago
M&A
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
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.