Everspan Group Acquires Three Admitted Insurance Carriers
03 Janvier 2022 - 10:10PM
Business Wire
Everspan completes its first year of
operations with an established framework for its specialty property
and casualty platform
Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial
services holding company, today announced that its subsidiary,
Everspan Insurance Company (together with certain affiliates,
“Everspan Group”), has completed the acquisitions of 21st Century
Indemnity Insurance Company, 21st Century Pacific Insurance Company
and 21st Century Auto Insurance Company of New Jersey.
The acquisition of these carriers, in addition to the recently
completed acquisition of Providence Washington Insurance Company in
October 2021, materially broadens and enhances Everspan Group’s
(rated A- by AM Best) distribution capabilities and provides
greater optionality for its program partners. The acquired
companies will be renamed during the course of 2022. Legacy
liabilities of the three newly acquired carriers will remain with
the seller, a national insurance group.
“The expansion of Everspan’s carrier base will provide greater
capabilities to launch new admitted programs, develop innovative
products and provide us with enhanced flexibility to foster
strategic relationships with prospective program partners,” stated
Claude LeBlanc, Chief Executive Officer of Ambac and Everspan
Group.
About Ambac
Ambac Financial Group, Inc. (“Ambac” or “AFG”), headquartered in
New York City, is a financial services holding company. Ambac's
subsidiaries include: Ambac Assurance Corporation and Ambac
Assurance UK Limited, financial guarantee insurance companies
currently in runoff; Everspan Indemnity Insurance Company and
Everspan Insurance Company, specialty property & casualty
program insurers; and Xchange Benefits, LLC and Xchange Affinity
Underwriting Agency, LLC, property & casualty Managing General
Underwriters. Ambac’s common stock trades on the New York Stock
Exchange under the symbol “AMBC”. The Amended and Restated
Certificate of Incorporation of Ambac contains substantial
restrictions on the ability to transfer Ambac’s common stock.
Subject to limited exceptions, any attempted transfer of common
stock shall be prohibited and void to the extent that, as a result
of such transfer (or any series of transfers of which such transfer
is a part), any person or group of persons shall become a holder of
5% or more of Ambac’s common stock or a holder of 5% or more of
Ambac’s common stock increases its ownership interest. Ambac is
committed to providing timely and accurate information to the
investing public, consistent with our legal and regulatory
obligations. To that end, we use our website to convey information
about our businesses, including the anticipated release of
quarterly financial results, quarterly financial, statistical and
business-related information. For more information, please go to
www.ambac.com.
About Everspan Group
Everspan Group is a specialty property and casualty insurance
platform comprised of Everspan Insurance Company and Providence
Washington Insurance Company, admitted insurers, and Everspan
Indemnity Insurance Company, a surplus lines insurer. Everspan
Group operates nationwide on an admitted and non-admitted basis.
The companies which comprise the Everspan Group are wholly-owned
subsidiaries of Ambac Financial Group, Inc. (NYSE:AMBC), a
financial services holding company. For more information please
refer to www.everspangroup.com.
Source: Ambac Financial Group, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20220103005229/en/
Ambac Contact Lisa A. Kampf Managing Director, Investor
Relations (212) 208-3177 lkampf@ambac.com
Ambac Financial (NYSE:AMBC)
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