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Everspan Sells Providence Washington Insurance Company for $11M
Everspan Group signed a definitive agreement to sell its redundant admitted shell company, Providence Washington Insurance Company to Rhode Island-based Falvey Insurance Group. The sale is part of Everspan's ongoing initiatives to improve operational efficiencies and is expected to increase its tangible book value by approximately $11M. 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.
Pivix Launches New Monoline Commercial Property Program
Pivix Specialty Insurance Services, part of Octave Specialty Group, announced the launch of a new monoline commercial property program. The program is available in 20 states and distributed exclusively through wholesale brokers.
Pivix Launches Monoline Assault and Battery Insurance Program with $1M Coverage
Pivix Specialty Insurance Services has launched a monoline assault and battery program designed to meet the insurance requirements of accounts needing this important coverage. The program is supported by an A+ AM Best rated insurer and available nationwide on an E&S basis. Distributed exclusively through wholesale brokers, the new program targets apartment complexes, condominium associations, homeowner associations, lessor's risk properties, hotels, restaurants and bars, and retail stores. The Pivix program provides limits of $1M per occurrence and $2M aggregate to meet market needs.
Octave Specialty Group Appoints Philip Stefano as Head of Investor Relations
Octave Specialty Group announced that Philip Stefano has joined the company as Managing Director, Head of Investor Relations. Stefano joins from Essent Group, where he was Vice President of Investor Relations and Corporate Development for the last five years
Octave Reports Q2 Revenue of $82.995M
Reports Q2 revenue $82.995M, consensus $84.28M. Claude LeBlanc, President and Chief Executive Officer of Octave, said "Our core Insurance Distribution business delivered another quarter of strong performance led by revenue growth of 77% and organic revenue growth of 44%. Our Insurance Distribution top-line success translated to a near fourfold increase in Adjusted EBITDA to shareholders during the second quarter of 2026 compared to 2025. These results reflect the successful 2025 acquisition of ArmadaCare and the diversification of our portfolio of MGAs against the backdrop of increasingly soft property market conditions."
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