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James River News
James River in the News
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.
The firm’s submission flow rose 10%, driven by environmental and general casualty.
The Insurance Insider US news team runs you through the earnings results for the day.
The Longtail Re deal buys the specialty insurer time to secure its future, or an exit for shareholders.
Fleming files claims against James River, its CEO Frank D’Orazio and group CFO Sarah Doran.
The backing represents a rare move from a collateralized reinsurer to take on risk in the legacy space.
State National is providing $160mn of adverse development reinsurance coverage.
The move comes as the wait for a deal for the whole group passes the six-month mark.
During Q1, the firm’s E&S GWP dropped 6.6% to $213.7mn.
The Insurance Insider US news team runs you through the earnings results for the day.
CEO Joseph Brown said only that GBLI has had ‘conversations’ with James River.
The parties completed the acquisition of JRG Re “at the previously agreed upon terms".
Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal.
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