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James River News
James River in the News
The Bermuda carrier brought a winding-up petition earlier in October.
The reductions reflect a mix of programs being handed off and MGAs proactively switching.
The two executives join from Markel and Arch, respectively.
Lisa Binnie will succeed him as president of the company’s specialty admitted segment effective September 1.
James River said the court was right to dismiss the fraud case.
The company said the judge overlooked key issues in dismissing its fraud case.
The carrier’s US redomicile is expected for later this year and brings a one-time $10mn-$13mn benefit.
The Insurance Insider US news team runs you through the earnings results for the day.
He will serve as an independent non-executive member.
The judge ruled the deal relied too heavily on Bermuda law for US law to apply.
The company has reduced its exposure on large commercial auto and property.
Richard Schmitzer will retire as E&S president and CEO, and Todd Sutherland will succeed him.
The Insurance Insider US news team runs you through the earnings results for the day.
Shareholders say the stock has declined around 59% in the past year while book value has dropped ~30%.
On Monday, the firm reported a Q4 CoR of 155.1%, versus 98.1% a year ago.
Enacting SB 360 may have created a spike in construction claims in Florida.
Q4 net retention was impacted by the previously announced ADC.
Enstar and Gallatin’s move into the common equity is a bull sign, but it will take years to know if the ADC will hold.
The carrier’s shares declined over 17% this morning following Q3 earnings and strategic actions.
The firm announced Q3 results alongside strategic actions that included an ADC deal with Enstar.
James River also amended the convertible preferred equity held by Gallatin Point and closed its strategic review.
Sources said the E&S insurer is seeking to draw a line and trade forward as an independent business.
Fleming alleges fraud and misrepresentations on the part of James River.
Negotiations come after Insurance Insider US revealed that the Bermudian was running an auction.
James River will also oppose a Fleming motion to uncover additional documents.
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