James River
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Fleming files claims against James River, its CEO Frank D’Orazio and group CFO Sarah Doran. -
The backing represents a rare move from a collateralized reinsurer to take on risk in the legacy space.
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State National is providing $160mn of adverse development reinsurance coverage.
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The move comes as the wait for a deal for the whole group passes the six-month mark.
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During Q1, the firm’s E&S GWP dropped 6.6% to $213.7mn.
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The Insurance Insider US news team runs you through the earnings results for the day.
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CEO Joseph Brown said only that GBLI has had ‘conversations’ with James River.
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The parties completed the acquisition of JRG Re “at the previously agreed upon terms".
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Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal.
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Altamont-backed Fleming says it remains willing to acquire JRG Reinsurance.
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A cleaned-up combined entity could make for an attractive investment in a few years.
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Cove Street is 14th largest investor in Global Indemnity.
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