James River
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Casualty rates in Q3 rose 6.1% driven by increases in commercial auto, energy and excess liability. -
The Insurance Insider US news team runs you through the earnings results for the day.
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The Bermuda carrier brought a winding-up petition earlier in October.
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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.
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James River will also oppose a Fleming motion to uncover additional documents.
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The firm’s submission flow rose 10%, driven by environmental and general casualty.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The Longtail Re deal buys the specialty insurer time to secure its future, or an exit for shareholders.
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Fleming files claims against James River, its CEO Frank D’Orazio and group CFO Sarah Doran.
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The backing represents a rare move from a collateralized reinsurer to take on risk in the legacy space.
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State National is providing $160mn of adverse development reinsurance coverage.
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The move comes as the wait for a deal for the whole group passes the six-month mark.
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During Q1, the firm’s E&S GWP dropped 6.6% to $213.7mn.
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The Insurance Insider US news team runs you through the earnings results for the day.
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CEO Joseph Brown said only that GBLI has had ‘conversations’ with James River.
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The parties completed the acquisition of JRG Re “at the previously agreed upon terms".
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Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal.
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Altamont-backed Fleming says it remains willing to acquire JRG Reinsurance.
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A cleaned-up combined entity could make for an attractive investment in a few years.
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Cove Street is 14th largest investor in Global Indemnity.
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Sources said that the E&S carriers are now poised to enter due diligence.
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Shares had fallen over 20% since Monday.
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The all-stock indicative proposal values the business at more than 2x the share price.
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James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit.
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James River is suing Flemming Intermediate while a potential sale of the company is ongoing.
