Everspan acquires Providence Washington Insurance

New York-based financial services holding company Ambac Financial Group Inc. said Monday that its subsidiary Everspan Insurance Co. has acquired Providence Washington Insurance Co. from a subsidiary of Enstar Group Ltd.

Providence’s legacy liabilities remain with Enstar, New York-based Ambac said in a statement.

Providence, domiciled in Rhode Island, holds certificates of authority in 47 additional states and territories. It was incorporated in 1799 and is the second-oldest insurance company in the United States, according to the statement.

Wyatt Blackburn, president of Everspan, said the deal will augment its current licensing capabilities.

Everspan Group, which includes Everspan Insurance,  is a specialty property and casualty insurance platform launched in February of this year.

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