
AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of &#34;a-&#34; (Excellent) of Everspan Indemnity Insurance Company (Tempe, AZ) and its

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) of Everspan Indemnity Insurance Company (Tempe, AZ) and its affiliates, collectively referred to as Everspan Group. The outlook of these Credit Ratings (ratings) is stable. (See below for a listing of the companies and ratings.)


The ratings reflect Everspan Group’s 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 (ERM).


Everspan Group’s very strong balance sheet strength assessment is supported by a financial flexibility benefit received from its publicly traded ultimate parent, Octave Specialty Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/OSG">OSG</a>), in addition to its high-quality investment portfolio. These positive factors are partially offset by adverse development of reserves and volatility in both operating results and risk-adjusted capitalization in the most recent period.


AM Best assesses Everspan Group’s operating performance as adequate based on execution and implementation of its business plan during its formative stages. Operating performance is largely in line with that plan following operating profitability in the most recent two years. However, operating results did experience volatility in the first quarter of 2026 due to a large net loss that added approximately 39.6 percentage points to the group’s combined ratio. The group is expected to stabilize results by year-end, followed by a return to profitability.


AM Best views Everspan Group’s business profile as limited. This reflects the group’s position as a participating fronting carrier and specialty program writer operating within the competitive fronting space. Everspan Group provides services for a diverse mix of managing general agents aligned with highly rated reinsurance partners. The enterprise retains a strategic level of net premium on select programs and employs a gross lines approach to underwriting.


AM Best assesses Everspan Group’s ERM as appropriate. The ERM framework reflects a clearly defined risk appetite structure; it addresses the heightened risks inherent in the group’s business profile and was developed by its experienced management team.


The FSR of A- (Excellent) and the Long-Term ICRs of "a-" (Excellent) have been affirmed with stable outlooks for the following members of Everspan Group:

<ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
Everspan Indemnity Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Everspan Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Greenwood Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Consolidated Specialty Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Providence Washington Insurance Company

</li>
</ul>
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 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fratings.ambest.com%2Fratingeventdisclosures.aspx&amp;esheet=54589453&amp;newsitemid=20260814795921&amp;lan=en-US&amp;anchor=Recent+Rating+Activity&amp;index=1&amp;md5=dc955155151375dd07cf62c943c2b477" shape="rect">Recent Rating Activity</a> web page. For additional information regarding the use and limitations of Credit Rating opinions, please view <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww3.ambest.com%2Fambv%2Fratingmethodology%2FOpenPDF.aspx%3Fri%3D1944&amp;esheet=54589453&amp;newsitemid=20260814795921&amp;lan=en-US&amp;anchor=Guide+to+Best%27s+Credit+Ratings&amp;index=2&amp;md5=2d5659e3872d1462ddf02ce924bbd2d0" shape="rect">Guide to Best&#39;s Credit Ratings</a>. 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 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ambest.com%2Fratings%2Fguidetouse.pdf&amp;esheet=54589453&amp;newsitemid=20260814795921&amp;lan=en-US&amp;anchor=Guide+to+Proper+Use+of+Best%26%238217%3Bs+Ratings+%26amp%3B+Assessments&amp;index=3&amp;md5=cf90e3bf2476931de971fdd875ceb5fd" shape="rect">Guide to Proper Use of Best’s Ratings &amp; Assessments</a>.


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 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ambest.com%2F&amp;esheet=54589453&amp;newsitemid=20260814795921&amp;lan=en-US&amp;anchor=www.ambest.com&amp;index=4&amp;md5=5beaea5402c17aa8167df42cfc1dbe56" shape="rect">www.ambest.com</a>.


Copyright &#xA9; 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Michael Vallario 
 Financial Analyst 
 +1 908 882 2408 
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</a> 
 Edin Imsirovic 
 Director 
 +1 908 882 1903 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:edin.imsirovic@ambest.com" shape="rect">edin.imsirovic@ambest.com 
</a> 
 Christopher Sharkey 
 Associate Director, Public Relations 
 +1 908 882 2310 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:christopher.sharkey@ambest.com" shape="rect">christopher.sharkey@ambest.com 
</a> 
 Al Slavin 
 Senior Public Relations Specialist 
 +1 908 882 2318 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:al.slavin@ambest.com" shape="rect">al.slavin@ambest.com</a>

AM Best Affirms Credit Ratings of Everspan Indemnity Insurance Company and Its Affiliates

AM Best Affirms Everspan Ratings; Octave’s Support Highlights OSG Link

<section class="insight" data-version="1">
 <section data-block="information">
 <h3>Information</h3>
 AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of &amp;#34;a-&amp;#34; (Excellent) of Everspan Indemnity Insurance Company (Tempe, AZ) and its
 </section>

 <section data-block="ai-summary-paragraph">
 <h3>AI Summary</h3>
 AM Best affirmed Everspan Group&#039;s FSR A- and Long-Term ICR a- with a stable outlook, citing a very strong balance sheet and adequate operating performance. The strength is supported by a financial flexibility benefit from Octave Specialty Group (NYSE: OSG). However, reserve development and Q1 2026 volatility weighed on results, with expectations for stabilization and profitability by year-end.
 </section>

 <section data-block="ai-summary-bullets">
 <h3>Key Points</h3>
 <ul><li>AM Best affirms Everspan FSR A- and ICR a-; stable outlook.</li><li>Balance sheet strength very strong; aided by Octave Specialty Group&#039;s flexibility (OSG).</li><li>Q1 2026 net loss widened the combined ratio by 39.6 points; stabilization by year-end.</li><li>Operating profile limited; ERM deemed appropriate; fronting carrier and specialty writer.</li></ul>
 </section>

 <section data-block="companies-mentioned">
 <h3>Companies Mentioned</h3>
 <ul><li>Everspan Indemnity Insurance Company: Part of Everspan Group; rating affirmed by AM Best.</li><li>Everspan Insurance Company: Part of Everspan Group; rating affirmed by AM Best.</li><li>Greenwood Insurance Company: Part of Everspan Group; rating affirmed by AM Best.</li><li>Consolidated Specialty Insurance Company: Part of Everspan Group; rating affirmed by AM Best.</li><li>Providence Washington Insurance Company: Part of Everspan Group; rating affirmed by AM Best.</li><li>Octave Specialty Group, Inc. (OSG): Publicly traded parent; provides financial flexibility benefiting Everspan&#039;s rating strength.</li></ul>
 </section>

 <section data-block="category">
 <h3>Industry News</h3>
 Category: Industry News. The piece reports a credit-rating affirmation for an insurance group and underscores a link to its publicly traded parent, framing potential indirect implications for OSG&#039;s investor perception and capital flexibility.
 </section>

 <section data-block="market-moving">
 <h3>Market-Moving</h3>
 <ul><li>AM Best rating affirmation reinforces OSG&#039;s financial flexibility narrative.</li><li>Q1 2026 volatility in Everspan&#039;s results could influence sentiment around affiliated insurers.</li><li>No direct Everspan earnings impact; reaction may hinge on stabilization.</li></ul>
 </section>

 <section data-block="key-facts">
 <h3>Key Facts</h3>
 <ul><li>AM Best affirmed Everspan Group&#039;s FSR A- and Long-Term ICR a- with a stable outlook.</li><li>Everspan Group members: Everspan Indemnity Insurance Co, Everspan Insurance Co, Greenwood Insurance Co, Consolidated Specialty Insurance Co, Providence Washington Insurance Co.</li><li>Q1 2026: net loss caused approximately 39.6 percentage-point increase in combined ratio.</li><li>Balance sheet strength rated very strong; supported by financial flexibility from Octave Specialty Group.</li><li>Public parent Octave Specialty Group, Inc. trades on NYSE as OSG.</li></ul>
 </section>

 <section data-block="trading-thesis">
 <h3>Trading Thesis</h3>
 Indirect upside for OSG over 6–12 months as Everspan’s stable ratings reflect parent flexibility.
 </section>
</section>



AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) of Everspan Indemnity Insurance Company (Tempe, AZ) and its affiliates, collectively referred to as Everspan Group. The outlook of these Credit Ratings (ratings) is stable. (See below for a listing of the companies and ratings.)


The ratings reflect Everspan Group’s 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 (ERM).


Everspan Group’s very strong balance sheet strength assessment is supported by a financial flexibility benefit received from its publicly traded ultimate parent, Octave Specialty Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/OSG">OSG</a>), in addition to its high-quality investment portfolio. These positive factors are partially offset by adverse development of reserves and volatility in both operating results and risk-adjusted capitalization in the most recent period.


AM Best assesses Everspan Group’s operating performance as adequate based on execution and implementation of its business plan during its formative stages. Operating performance is largely in line with that plan following operating profitability in the most recent two years. However, operating results did experience volatility in the first quarter of 2026 due to a large net loss that added approximately 39.6 percentage points to the group’s combined ratio. The group is expected to stabilize results by year-end, followed by a return to profitability.


AM Best views Everspan Group’s business profile as limited. This reflects the group’s position as a participating fronting carrier and specialty program writer operating within the competitive fronting space. Everspan Group provides services for a diverse mix of managing general agents aligned with highly rated reinsurance partners. The enterprise retains a strategic level of net premium on select programs and employs a gross lines approach to underwriting.


AM Best assesses Everspan Group’s ERM as appropriate. The ERM framework reflects a clearly defined risk appetite structure; it addresses the heightened risks inherent in the group’s business profile and was developed by its experienced management team.


The FSR of A- (Excellent) and the Long-Term ICRs of "a-" (Excellent) have been affirmed with stable outlooks for the following members of Everspan Group:

<ul xmlns="http://www.w3.org/1999/xhtml" class="bwlistdisc">
<li xmlns="http://www.w3.org/1999/xhtml">
Everspan Indemnity Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Everspan Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Greenwood Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Consolidated Specialty Insurance Company

</li>
<li xmlns="http://www.w3.org/1999/xhtml">
Providence Washington Insurance Company

</li>
</ul>
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 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fratings.ambest.com%2Fratingeventdisclosures.aspx&amp;esheet=54589453&amp;newsitemid=20260814795921&amp;lan=en-US&amp;anchor=Recent+Rating+Activity&amp;index=1&amp;md5=dc955155151375dd07cf62c943c2b477" shape="rect">Recent Rating Activity</a> web page. For additional information regarding the use and limitations of Credit Rating opinions, please view <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww3.ambest.com%2Fambv%2Fratingmethodology%2FOpenPDF.aspx%3Fri%3D1944&amp;esheet=54589453&amp;newsitemid=20260814795921&amp;lan=en-US&amp;anchor=Guide+to+Best%27s+Credit+Ratings&amp;index=2&amp;md5=2d5659e3872d1462ddf02ce924bbd2d0" shape="rect">Guide to Best&#39;s Credit Ratings</a>. 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 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ambest.com%2Fratings%2Fguidetouse.pdf&amp;esheet=54589453&amp;newsitemid=20260814795921&amp;lan=en-US&amp;anchor=Guide+to+Proper+Use+of+Best%26%238217%3Bs+Ratings+%26amp%3B+Assessments&amp;index=3&amp;md5=cf90e3bf2476931de971fdd875ceb5fd" shape="rect">Guide to Proper Use of Best’s Ratings &amp; Assessments</a>.


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 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ambest.com%2F&amp;esheet=54589453&amp;newsitemid=20260814795921&amp;lan=en-US&amp;anchor=www.ambest.com&amp;index=4&amp;md5=5beaea5402c17aa8167df42cfc1dbe56" shape="rect">www.ambest.com</a>.


Copyright &#xA9; 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

<img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260814795921r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img>View source version on businesswire.com: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260814795921/en/" rel="nofollow">https://www.businesswire.com/news/home/20260814795921/en/</a>
Michael Vallario 
 Financial Analyst 
 +1 908 882 2408 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:michael.vallario@ambest.com" shape="rect">michael.vallario@ambest.com 
</a> 
 Edin Imsirovic 
 Director 
 +1 908 882 1903 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:edin.imsirovic@ambest.com" shape="rect">edin.imsirovic@ambest.com 
</a> 
 Christopher Sharkey 
 Associate Director, Public Relations 
 +1 908 882 2310 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:christopher.sharkey@ambest.com" shape="rect">christopher.sharkey@ambest.com 
</a> 
 Al Slavin 
 Senior Public Relations Specialist 
 +1 908 882 2318 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:al.slavin@ambest.com" shape="rect">al.slavin@ambest.com</a>

AM Best affirmed Everspan Group's FSR A- and Long-Term ICR a- with a stable outlook, citing a very strong balance sheet and adequate operating performance. The strength is supported by a financial flexibility benefit from Octave Specialty Group (NYSE: OSG). However, reserve development and Q1 2026 volatility weighed on results, with expectations for stabilization and profitability by year-end.

News insight

AM Best Affirms Credit Ratings of Everspan Indemnity Insurance Company and Its Affiliates

AI summary

Sentiment rationale

Key facts

Industry News