James River

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.

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.

A quick roundup of this week’s biggest stories.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Trading at just 0.6x book, the firm is a cheap option for an insurer which is looking to enter E&S, or is underweight in the sector.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Two days ago, the company announced the sale of its casualty reinsurance subsidiary to Fleming for $277mn.

James River’s stock price plummeted more than 30% on Thursday, after the firm sustained downgrades from equity analysts over concerns around the insurer’s E&S casualty reserves.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The 0.75x book value of the recently announced casualty re sale reflected analysis of similar industry deals over roughly 15 years, the executive said.

The deal values the Bermuda casualty re subsidiary at 0.75x book with James River to receive $138mn in cash and a $139mn pre-closing dividend.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The fronting carrier space is seeing increased M&A activity due to a rise in private equity interest over the past two years.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The transaction includes the full operations, including underwriting, loss control and claims, along with transfer of the employees supporting the business.

The two subsidiaries, which together command less than 1% of the homeowners' market share in the Golden State, are the latest to flee amid persistent inflation, high cat losses and a strict regulatory environment.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The program accounted for approximately 7% of company-wide gross written premiums and 2% of net earned premiums over the last four quarters.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The Inside P&C news team runs you through the earnings results for the day.

Abram will not stand for re-election at the company’s 2023 annual meeting, according to the company, and will be succeeded by lead independent director Ollie Sherman.

E&S increases in high single to low-double digits and property rose by 45% in Q1.

Before his retirement in 2021, he had worked for Liberty Mutual for more than two decades, serving roles including president of global risk solutions and CFO.

Sutherland was previously head of the US central zone at Axa XL and spent 13 years as senior vice president, management liability at Allied World.

Despite the suspension of the casualty reinsurance business, CFO Sarah Doran told analysts that she expects the company’s total gross premium to grow in 2023.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The carrier’s loss ratio for its casualty reinsurance business declined to 74.5% from 380.7% in the prior-year period.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Howden Tiger Capital Markets again has a mandate to find a buyer for Bermuda-based JRG Reinsurance Company.

James River's board approved the appointment effective January 6, with a term expiring at the 2024 annual shareholder meeting.

Amid record high economic inflation, continuing supply chain issues and proliferating nuclear verdicts, carrier CEOs have emphasized the need to keep rate above loss costs during Q3 conference calls.

James River CEO Frank D’Orazio said the firm’s losses from Hurricane Ian will be contained in the third quarter, as he discussed the carrier’s Q3 earnings in a call with analysts.

The company reported a $5mn loss related to Hurricane Ian, which affected the specialist’s excess property underwriting division.

In addition, the executive was appointed to the audit committee of the board.

A total of 10 of the carrier’s 13 underwriting divisions experienced double-digit premium growth for the second consecutive quarter.

Gross written premium grew 5.1% year-on-year to $400mn, while net written premium rose 0.6% to $195mn.

Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.

Inside P&C’s News team runs you through the key highlights of the week

The executive said favorable market conditions that the E&S sector has enjoyed for several years should last throughout 2022 and likely beyond.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Overall, the firm reported a $6.8mn reserve charge, down from $170.1mn unfavorable development from Q1 2021.

The reinsurance deal will require James River to write off $6.8mn in Q1 2022.

The reserve charge reported in quarterly earnings may have opened the door for activists.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The ratings agency said it could revisit the ratings if James River’s loss portfolio transfer agreement with Fortitude Re does not go through.

CEO Frank D’Orazio said in an investor call that the company had entered a deal with Fortitude to protect against further reserve volatility.

The stock hit new lows after James River booked a $115mn reserve charge and posted a Q4 combined ratio of 140.6%.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The carrier will recognize a $6.8mn after-tax loss associated with the LPT agreement during the first quarter of 2022.