OKLAHOMA CITY – Today, Oklahoma Insurance Commissioner Glen Mulready announced that the District Court of Oklahoma County approved Providence Washington Insurance Company (PWIC) to complete its Insurance Business Transfer (IBT) Plan.
With this approval by the Court, the Plan will transfer substantially all the insurance and reinsurance business underwritten by PWIC to Yosemite Insurance Company, an insurance company in Oklahoma. The transfer will include the liabilities associated with those policies as well as $38.5 million from PWIC to Yosemite as consideration for assuming those liabilities. Both PWIC and Yosemite are wholly owned subsidiaries of Enstar Group Limited.
