AM Best has assigned a Financial Strength Rating of A- and a Long-Term Issuer Credit Rating of “a-” to four subsidiaries of the Everspan Group.
Providence Washington Insurance Company is considered part of the Everspan Group rating unit based on its role and importance to the group’s strategy, shared day-to-day operations, and financial support provided through a quota share reinsurance treaty and capital maintenance agreement.
Greenwood Insurance Company, Consolidated National Insurance Company, and 21st Century Auto Insurance Company of New Jersey are considered part of the Everspan Group rating unit based on their role and importance to the group’s strategy, common ownership, common management, shared day-to-day operations, and financial support provided through a pooling agreement.
The Everspan Group acquired 21st Century Auto Insurance Company of New Jersey in January earlier this year, alongside two other insurance companies, renaming them during the course of 2022.
The acquisition was expected to broaden and enhance Everspan Group’s distribution capabilities and provides greater optionality for its program partners.
The recent ratings have affirmed this, reflecting Everspan Group’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
