AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Providence Washington Insurance Company (PWIC) (Providence, RI).
The under review with developing implications status following the announcement that Everspan Group (Everspan) has entered into a definitive agreement to sell PWIC to Falvey Insurance Group, Ltd. Everspan characterizes this transaction as part of its ongoing initiatives to improve operational efficiencies without diminishing the group’s capabilities. The sale is expected to have a positive impact on Everspan’s tangible book value with no material impact on the group’s operations. The rating action reflects AM Best’s expectation of changes to PWIC’s relationship with and rating support from Everspan upon closing.
These Credit Ratings (ratings) will remain under review with developing implications pending the close of the transaction, which is expected to be in the first quarter of 2027, subject to regulatory approvals and customary closing conditions. AM Best will continue discussions with management throughout this period.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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