NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, a financial services holding company, today announced that its subsidiary, Everspan Insurance, has completed the acquisition of Providence Washington Insurance from a subsidiary of Enstar Group Limited, effective October 1, 2021.
The acquisition of PWIC will enhance the Everspan Group’s capabilities to launch new admitted programs, develop innovative products, and provide enhanced flexibility to foster strategic relationships with prospective program partners.
Incorporated in 1799, PWIC is the second oldest insurance company in the United States and is domiciled in Rhode Island. PWIC holds certificates of authority in 47 additional states and territories. All of PWIC’s legacy liabilities remain with Enstar.
Claude LeBlanc, CEO of Ambac and Everspan Group, stated, "Our acquisition of PWIC furthers Everspan Group’s goal to build a leading specialty program insurance business where we can provide viable solutions for our distribution partners.” Mr. LeBlanc continued, “Together with Ambac’s other strategic initiatives during 2021, Ambac is progressing its goal of developing capital efficient specialty insurance businesses that we believe will create long term value for our shareholders and propel our business forward into its next phase of growth.”
Wyatt Blackburn, President of Everspan Group, stated, “We are pleased to have PWIC as part of Everspan.” Mr. Blackburn continued, “This new admitted platform will augment our current licensing capabilities and further differentiate Everspan as we look to scale the business.”
Everspan Group was launched in February of 2021 following its receipt of an AM Best Financial Strength Rating of “A-” (Excellent). Throughout 2021, Everspan Group has been building partnerships to expand its program business capabilities while continuing to invest in its infrastructure and resources. EIC has also initiated regulatory filings in connection with the acquisition of a few other admitted carriers to further augment the group’s capabilities; such transactions are expected to close as early as the fourth quarter.