James River
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Enstar and Gallatin’s move into the common equity is a bull sign, but it will take years to know if the ADC will hold. -
The carrier’s shares declined over 17% this morning following Q3 earnings and strategic actions.
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The firm announced Q3 results alongside strategic actions that included an ADC deal with Enstar.
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James River also amended the convertible preferred equity held by Gallatin Point and closed its strategic review.
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Sources said the E&S insurer is seeking to draw a line and trade forward as an independent business.
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Fleming alleges fraud and misrepresentations on the part of James River.
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Negotiations come after Insurance Insider US revealed that the Bermudian was running an auction.
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James River will also oppose a Fleming motion to uncover additional documents.
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The firm’s submission flow rose 10%, driven by environmental and general casualty.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The Longtail Re deal buys the specialty insurer time to secure its future, or an exit for shareholders.
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