Everspan Sells Rhode Island Shell Carrier to Falvey Insurance Group
Everspan Group, the fronting carrier platform owned by Octave Specialty Group, has agreed to sell Providence Washington Insurance Company (PWIC) to Rhode Island-based Falvey Insurance Group. Terms of the deal, which still require regulatory approval, remain confidential.
PWIC is a Rhode Island-domiciled admitted insurer acquired by Everspan in 2021. Described by Everspan as a "redundant shell," it is one of Everspan’s five property and casualty carriers. The sale is expected to increase Everspan's tangible book value by approximately $11 million.
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