James River
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Sources said that the E&S carriers are now poised to enter due diligence. -
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.
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Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.
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Parties will be invited to submit bids again later this month.
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The company’s board continues evaluating strategic options, including a full sale.
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The carrier’s sales process is ongoing, and it will provide an update “in due course”.
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Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.
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Given a number of complexities, the landing zone on a take-out price is small.
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Earlier in the process, sources linked Sentry Insurance with a bid for the E&S insurer.
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