James River

Trading at just 0.6x book, the firm is a cheap option for an insurer which is looking to enter E&S, or is underweight in the sector.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Two days ago, the company announced the sale of its casualty reinsurance subsidiary to Fleming for $277mn.

James River’s stock price plummeted more than 30% on Thursday, after the firm sustained downgrades from equity analysts over concerns around the insurer’s E&S casualty reserves.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The 0.75x book value of the recently announced casualty re sale reflected analysis of similar industry deals over roughly 15 years, the executive said.

The deal values the Bermuda casualty re subsidiary at 0.75x book with James River to receive $138mn in cash and a $139mn pre-closing dividend.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The fronting carrier space is seeing increased M&A activity due to a rise in private equity interest over the past two years.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The transaction includes the full operations, including underwriting, loss control and claims, along with transfer of the employees supporting the business.

The two subsidiaries, which together command less than 1% of the homeowners' market share in the Golden State, are the latest to flee amid persistent inflation, high cat losses and a strict regulatory environment.