{"id":1013107,"date":"2026-10-23T08:33:02","date_gmt":"2026-10-23T12:33:02","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/everspan-announces-sale-of-admitted-shell-company-to-falvey-insurance-group\/"},"modified":"2026-10-23T08:33:02","modified_gmt":"2026-10-23T12:33:02","slug":"everspan-announces-sale-of-admitted-shell-company-to-falvey-insurance-group","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/everspan-announces-sale-of-admitted-shell-company-to-falvey-insurance-group\/","title":{"rendered":"Everspan Announces Sale of Admitted Shell Company to Falvey Insurance Group"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Everspan Announces Sale of Admitted Shell Company to Falvey Insurance Group<\/b><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nEverspan Group (\u201cEverspan\u201d), 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\u2019s 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.<\/p>\n<p>\nPWIC is a Rhode Island-domiciled insurance company that Everspan acquired in 2021. It is one of five property and casualty companies owned by Everspan.<\/p>\n<p>\n\u201cThis transaction reduces our operating costs without diminishing our capabilities,\u201d Everspan President Darwin Lucas said. \u201cIt 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.\u201d<\/p>\n<p>\nMcDermott Will &amp; Schulte served as legal counsel to Everspan.<\/p>\n<p><b>About Everspan Group:<\/b><\/p>\n<p>\nEverspan Group is a specialty property and casualty insurance platform that operates nationwide on an admitted and non-admitted basis. The companies that comprise the Everspan Group are wholly owned subsidiaries of Octave Specialty Group, Inc. (NYSE: OSG), a global specialty insurance firm. For more information, please refer to <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.everspangroup.com&amp;esheet=54626855&amp;newsitemid=20261023338845&amp;lan=en-US&amp;anchor=www.everspangroup.com&amp;index=1&amp;md5=2c49019cd0ca395d1f8c0895946f1bd0\">www.everspangroup.com<\/a>.<\/p>\n<p>\nSource: Everspan Group<\/p>\n<p>\nSource: Octave Specialty Group, Inc.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20261023338845r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20261023338845\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20261023338845\/en\/<\/a><\/span><\/p>\n<p><b>Investors:<br \/>\n<\/b><br \/>Philip Stefano<br \/>\n<br \/>Managing Director, Investor Relations<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:pstefano@octavegroup.com\">pstefano@octavegroup.com<br \/>\n<\/a><\/p>\n<p><b>Media:<br \/>\n<\/b><br \/>Kate Smith<br \/>\n<br \/>Director, Corporate Communications<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:ksmith@octavegroup.com\">ksmith@octavegroup.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Rhode Island New York United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Insurance Professional Services<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20261023338845\/en\/1498134\/3\/Everspan_Logo_Color.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Everspan Announces Sale of Admitted Shell Company to Falvey Insurance Group NEW YORK&#8211;(BUSINESS WIRE)&#8211; Everspan Group (\u201cEverspan\u201d), 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\u2019s 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. PWIC is a Rhode Island-domiciled insurance company that Everspan acquired in 2021. It is one of five property and casualty companies owned by Everspan. \u201cThis &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/everspan-announces-sale-of-admitted-shell-company-to-falvey-insurance-group\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Everspan Announces Sale of Admitted Shell Company to Falvey Insurance Group&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1013107","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Everspan Announces Sale of Admitted Shell Company to Falvey Insurance Group - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/everspan-announces-sale-of-admitted-shell-company-to-falvey-insurance-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Everspan Announces Sale of Admitted Shell Company to Falvey Insurance Group - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Everspan Announces Sale of Admitted Shell Company to Falvey Insurance Group NEW YORK&#8211;(BUSINESS WIRE)&#8211; Everspan Group (\u201cEverspan\u201d), 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\u2019s 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. PWIC is a Rhode Island-domiciled insurance company that Everspan acquired in 2021. It is one of five property and casualty companies owned by Everspan. \u201cThis &hellip; Continue reading &quot;Everspan Announces Sale of Admitted Shell Company to Falvey Insurance Group&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/everspan-announces-sale-of-admitted-shell-company-to-falvey-insurance-group\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-23T12:33:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20261023338845r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/everspan-announces-sale-of-admitted-shell-company-to-falvey-insurance-group\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/everspan-announces-sale-of-admitted-shell-company-to-falvey-insurance-group\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Everspan Announces Sale of Admitted Shell Company to Falvey Insurance Group\",\"datePublished\":\"2026-10-23T12:33:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/everspan-announces-sale-of-admitted-shell-company-to-falvey-insurance-group\\\/\"},\"wordCount\":304,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/everspan-announces-sale-of-admitted-shell-company-to-falvey-insurance-group\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20261023338845r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/everspan-announces-sale-of-admitted-shell-company-to-falvey-insurance-group\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/everspan-announces-sale-of-admitted-shell-company-to-falvey-insurance-group\\\/\",\"name\":\"Everspan Announces Sale of Admitted Shell Company to Falvey Insurance Group - 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