Legacy
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The carrier’s shares declined over 17% this morning following Q3 earnings and strategic actions. -
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.
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Sources said the E&S insurer is seeking to draw a line and trade forward as an independent business.
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Future deal flow in the US could come from more adequately reserved liability lines.
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The take-private is expected to close by mid-2025.
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Civil case, nuclear verdict and claims count data show worrying trends.
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The deal covered US and European P&C liabilities for Accelerant's 2020-2021 underwriting years.
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The legacy firm said the deal would strengthen its Bermuda operations.
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The ratings agency said Sixth Street provides flexibility through long-dated capital.
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