James River

The Insurance Insider US news team runs you through the earnings results for the day.

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.

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.

A quick roundup of today’s need-to-know news.

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.

Altamont-backed Fleming says it remains willing to acquire JRG Reinsurance.

A cleaned-up combined entity could make for an attractive investment in a few years.

Cove Street is 14th largest investor in Global Indemnity.

Sources said that the E&S carriers are now poised to enter due diligence.

Shares had fallen over 20% since Monday.

The all-stock indicative proposal values the business at more than 2x the share price.

James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit.

James River is suing Flemming Intermediate while a potential sale of the company is ongoing.

Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.

Parties will be invited to submit bids again later this month.

The company’s board continues evaluating strategic options, including a full sale.

The carrier’s sales process is ongoing, and it will provide an update “in due course”.

Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.

Given a number of complexities, the landing zone on a take-out price is small.

Earlier in the process, sources linked Sentry Insurance with a bid for the E&S insurer.

Sources said that the Citi and Ardea-run sale process is being angled to potential strategic buyers in its initial stages.

The actions follow James River’s recent announcement that it has identified a material weakness in its internal control over financial reporting and will sell JRG Re.

The suspension of Global Indemnity’s effort to sell its E&S arm is likely specific to the franchise rather than an indicator of a dealmaking slowdown.

The executive joined the firm in 2019 as senior vice president of program management and has since led the program and fronting business within the specialty admitted insurance segment.

James River’s potential sale could be an opportunity for an investor looking to tap the E&S market, but reserving noise means making a deal might not be easy.

Insurance Insider US’s morning summary of the key stories to get you up to speed fast.