Everspan to sell admitted insurer to Falvey

Everspan Group  has agreed to sell Providence Washington Insurance Company (PWIC), an admitted insurance shell, to Rhode Island-based Falvey Insurance Group. Financial terms were not disclosed.

Everspan, a subsidiary of Octave Specialty Group, expects the sale to increase its tangible book value by approximately $11 million and reduce operating costs. The transaction remains subject to regulatory approvals and customary closing conditions.

PWIC is domiciled in Rhode Island and is one of five property and casualty insurers owned by Everspan, which acquired the company in 2021. Everspan described it as a redundant entity within its platform.

“This transaction reduces our operating costs without diminishing our capabilities. 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.” – Everspan President Darwin Lucas.