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