Everspan Partners with Branch to Enhance Branch’s Geographic Expansion

Rhea-AI Summary

Everspan Insurance Company announces a partnership with Branch Financial to underwrite insurance policies in eleven new states. Rated A- (Excellent) by AM Best, Everspan aims to leverage Branch's innovative technology to simplify the insurance purchasing process. Since its launch in 2019, Branch has helped members save an average of $548 annually and has expanded rapidly. This collaboration is positioned to enhance customer service and drive growth for both companies.

Positive

• Everspan's partnership with Branch allows entry into eleven new states, expanding market reach.
• Branch's innovative technology enhances customer experience and accelerates the insurance purchasing process.
• Since its inception, Branch has enabled average savings of $548 per year for its customers.

Negative

• None.

Everspan will underwrite Branch policies in eleven new states

NEW YORK--(BUSINESS WIRE)-- Everspan Insurance Company ("Everspan"), Rated A- (Excellent) by AM Best and part of Everspan Group, today announced a partnership with Branch Financial (“Branch”). Branch, which uses data, technology, and automation to make home and auto insurance simpler to buy and less expensive, will offer these products in select states throughout the U.S.

Wyatt Blackburn, President of Everspan Group, stated "We are proud to partner with Branch on our first personal lines program." Mr. Blackburn continued, "Not only are we attracted to the innovative consumer experience Branch’s technology delivers, but Branch’s goal of having insurance be a force for good aligns with our corporate values."

“Everspan has the insurance expertise and financial backing that will enable Branch to continue our record growth, providing industry-leading service to new customers,” said Steve Lekas, Cofounder and CEO of Branch. “Our goal is to use our insurance products to do good across the country, and Everspan will help us meet that goal.”

Since launching in 2019, Branch has expanded at an unprecedented speed while helping members save an average of $548 a year. Branch’s revolutionary two-questions-to-bind sales process leverages technology and automation to let consumers bundle their home and auto insurance quicker than ever before.

About Everspan Group

Everspan Group is a specialty property and casualty insurance platform which 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.

About Branch

Branch is home and auto insurance that’s simple to buy and built for savings. Through its revolutionary instant-bind capability, Branch removes all of the friction associated with getting covered, helping consumers bundle their home and auto with ease. Built as a reciprocal exchange, Branch taps into the power of community to make insurance more accessible and affordable for everyone. Branch was launched in 2019 by insurance veteran Steve Lekas and tech entrepreneur Joe Emison, and is headquartered in Columbus, Ohio. Branch is underwritten by the Branch Insurance Exchange, Everspan Group and General Security National Insurance Company (GSNIC) and backed by SCOR SE. To learn more, visit OurBranch.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220222005043/en/

Lisa A. Kampf

Managing Director, Investor Relations

(212) 208-3177

lkampf@ambac.com

Source: Everspan Group

FAQ

What does Everspan's partnership with Branch mean for AMBC shareholders?

The partnership can potentially increase market reach and revenue, benefiting AMBC shareholders.

How does Branch's technology impact the insurance market?

Branch's technology simplifies the buying process, which may attract more customers and increase sales.

What states will Everspan underwrite Branch's policies?

Everspan will underwrite policies in eleven new states as part of their partnership with Branch.

What are the financial ratings of Everspan Insurance Company?

Everspan Insurance Company is rated A- (Excellent) by AM Best.

When was Branch founded and what is its growth trajectory?

Branch was founded in 2019 and has experienced unprecedented growth since its launch.