Everspan Insurance Company Acquires Providence Washington Insurance Company
Ambac Financial Group, Inc. (AMBC)
US:NASDAQ Investor Relations:
ir.ambac.com/investor-relations
Company Research
Source: Business Wire
NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services holding company, today announced that its subsidiary, Everspan Insurance Company (“EIC”), has completed the acquisition of Providence Washington Insurance Company (“PWIC”) from a subsidiary of Enstar Group Limited (NASDAQ: ESGR) (“Enstar”), effective October 1, 2021.The acquisition of PWIC will enhance the Everspan Group’s (rated A- by AM Best) 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
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