James River Completes Sale of Casualty Reinsurance Business to Fleming Holdings

Rhea-AI Summary

James River Group Holdings, announced the completion of the sale of JRG Reinsurance Company, to Fleming Intermediate Holdings. The acquisition was finalized as per the agreed terms in the Stock Purchase Agreement. James River will now concentrate on its core U.S. insurance operations, such as E&S and fronting businesses.

PEMBROKE, Bermuda, April 16, 2024 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) today announced that Fleming Intermediate Holdings (“Fleming”) has completed its acquisition of JRG Reinsurance Company, Ltd. (“JRG Re”) at the previously agreed upon terms.

Frank D’Orazio, the Company’s Chief Executive Officer, commented, “We are pleased to have successfully completed our sale of JRG Re to Fleming in accordance with the Stock Purchase Agreement that the parties negotiated together and executed on November 8, 2023. James River will continue to focus its resources on its core U.S. insurance businesses where we have meaningful scale, including our E&S and fronting businesses.”

About James River Group Holdings, Ltd.

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated U.S. insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company. Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com.

James River Investor Contact:
Brett Shirreffs
SVP, Finance, Investments and Investor Relations
+1-919-980-0524
Investors@jrvrgroup.com

James River Media Contact:
Adam Pollack / Kaitlin Kikalo / Michael Reilly
Joele Frank, Wilkinson Brimmer Katcher
+1-212-355-4449

Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the intent, belief or current expectations of James River and its management team, and may be identified by terms such as believe, expect, seek, may, will, intend, project, anticipate, plan, estimate or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the ongoing litigation between the Company and Fleming Intermediate Holdings and the inherent uncertainty thereof. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those in the forward-looking statements, is contained in our filings with the U.S. Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

FAQ

What did James River Group Holdings announce regarding JRG Reinsurance Company, ?

James River Group Holdings announced the completion of the sale of JRG Reinsurance Company, to Fleming Intermediate Holdings.

Who completed the acquisition of JRG Re?

Fleming Intermediate Holdings completed the acquisition of JRG Re.

When was the Stock Purchase Agreement executed?

The Stock Purchase Agreement was negotiated and executed on November 8, 2023.

What will James River focus on after the sale of JRG Re?

James River will now concentrate on its core U.S. insurance businesses, including E&S and fronting operations.