James River

The carrier’s sales process is ongoing, and it will provide an update “in due course”.

Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.

Given a number of complexities, the landing zone on a take-out price is small.

Earlier in the process, sources linked Sentry Insurance with a bid for the E&S insurer.

Sources said that the Citi and Ardea-run sale process is being angled to potential strategic buyers in its initial stages.

The actions follow James River’s recent announcement that it has identified a material weakness in its internal control over financial reporting and will sell JRG Re.

The suspension of Global Indemnity’s effort to sell its E&S arm is likely specific to the franchise rather than an indicator of a dealmaking slowdown.

The executive joined the firm in 2019 as senior vice president of program management and has since led the program and fronting business within the specialty admitted insurance segment.

James River’s potential sale could be an opportunity for an investor looking to tap the E&S market, but reserving noise means making a deal might not be easy.

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