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, with effect from October 1, 2021.
The acquisition of PWIC will strengthen the capabilities of the Everspan Group to launch new admitted programs, develop innovative products and provide increased flexibility to foster strategic relationships with potential program partners.
Incorporated in 1799, PWIC is the second oldest insurance company in the United States and is headquartered in Rhode Island. PWIC holds Certificates of Authority in 47 additional states and territories. All liabilities inherited from PWIC remain with Enstar.
Claude LeBlanc, CEO of Ambac and Everspan Group, said: âOur acquisition of PWIC reinforces Everspan Group’s goal of creating a leading specialty program insurance company where we can provide viable solutions to our distribution partners. Mr. LeBlanc continued: “Along with Ambac’s other strategic initiatives in 2021, Ambac is pursuing its objective of developing specialized insurance activities with high capital returns that we believe will create long-term value for our clients. shareholders and propel our company into its next phase of growth. “
Wyatt Blackburn, President of Everspan Group, said: âWe are delighted that PWIC is part of Everspan. Mr. Blackburn continued, âThis new admitted platform will increase our current licensing capabilities and further differentiate Everspan as we seek to grow the business. “
Everspan Group was launched in February 2021 after receiving an AM Best Financial Strength Rating of âA-â (Excellent). Throughout 2021, Everspan Group has forged partnerships to expand its program business capabilities while continuing to invest in its infrastructure and resources. EIC has also launched regulatory dossiers in connection with the acquisition of a few other approved carriers in order to further increase the group’s capacities; these transactions should be concluded as early as the fourth quarter.