James River
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Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal. -
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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Sources said that the E&S carriers are now poised to enter due diligence.
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Shares had fallen over 20% since Monday.
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The all-stock indicative proposal values the business at more than 2x the share price.
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James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit.
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James River is suing Flemming Intermediate while a potential sale of the company is ongoing.
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Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.
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Parties will be invited to submit bids again later this month.
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The company’s board continues evaluating strategic options, including a full sale.
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