Legacy
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Dickerson has spent over three years at the reinsurance broker. -
The second half of the year was significantly more active for the legacy market.
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The restructuring arrangement is designed to protect creditors.
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Syndicate 609 will cede net loss reserves of approximately $196mn.
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The carrier tapped the run-off market in Q4 for a US casualty insurance-focused portfolio.
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The three lines add up to 80% of the deal.
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The transaction mostly covers casualty portfolios of 2021 and prior underwriting years.
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The carrier’s shares declined over 17% this morning following Q3 earnings and strategic actions.
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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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The UK and Ireland have also seen “increased activity”, with four deals announced.
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Nicola Gaisford joined RiverStone from R&Q last year.
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RiverStone is assuming $1.2bn of a $1.6bn legacy deal.
Related
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James River seeks to close strategic review with final legacy deal
October 31, 2024 -
North American market most active for legacy deals: PwC
September 09, 2024 -
Enstar/Sixth Street go-shop period ends with no alternative offers
September 04, 2024 -
Accelerant executes $150mn legacy transaction with Compre
August 22, 2024