James River granted preliminary injunction against Fleming in M&A deal
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The Commercial Division of Supreme Court, New York County, has granted James River Group Holdings Ltd. a preliminary injunction against Fleming Intermediate Holdings, a portfolio company of private equity sponsor Altamont Capital Partners, ordering Fleming to complete its acquisition of JRG Reinsurance Co. Ltd. on or prior to April 16, 2024.
Judge Andrea Masley signed the order dated April 6, which stated that “the parties are directed to close within 10 days of the date of this order.”
James River in March sued Fleming to complete the sale of JRG Reinsurance Co. Ltd. to Fleming for $277 million, a deal announced in November 2022. The suit claimed that Fleming had at the last moment declined to complete the deal as agreed.
The court’s order rejected Fleming’s demand for increased reserves as “nothing more than Fleming’s impermissible demand for a lower purchase price” and that James River “has established a clear right to a mandatory injunction.”
