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James River agrees to sell reinsurance unit to Fleming


James River Group Holdings Ltd. said Wednesday it will sell JRG Reinsurance Co. Ltd., its third-party casualty reinsurance business, to Fleming Insurance Holdings, a portfolio company of Altamont Capital Management LP, for an estimated $277 million.

That price comprises a $139 million pre-closing dividend and a $138 million cash payment from Fleming at close, according to a James River statement. The transaction is expected to close during the first quarter of 2024.

The deal includes the full insurance entity supporting the company’s casualty reinsurance segment, including remaining assets and liabilities, as well as the staff supporting the business, which produced $85.2 million of gross written premiums in 2022.

James River CEO Frank D’Orazio said in the statement the move “aligns with James River’s strategy to focus our resources on core businesses where we have meaningful scale, including our E&S (excess and surplus) and fronting businesses.”

Fleming CEO Eric Haller said in the statement the acquisition gives the company “complementary infrastructure and significant scale.”

A Fleming statement said JRG Re will bring Fleming “a strong balance sheet along with new potential client relationships.”

In that statement, Dan Linden, head of mergers and acquisitions at Fleming, said the JRG Re staff will be fully integrated into Fleming’s business.

Altamont Capital Partners has more than $4 billion of capital under management and “significant experience investing in the insurance sector,” according to the statement.