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New York court orders Fleming to complete deal for JRG Re

Frank D'Orazio, chief executive officer of James River Group Holdings Ltd (File photograph)

Bermudian-based James River Group Holdings Ltd has announced that the Supreme Court, New York County, Commercial Division has granted the company’s request for 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 Company Ltd on, or prior to, April 16.

James River announced last November that it had entered into a definitive agreement to sell JRG Re, its third-party casualty reinsurance business, to Fleming.

At the time, the company said the total estimated transaction value was $277 million, inclusive of a $139 million pre-closing dividend and a $138 million cash payment from Fleming at close.

However, James River said Fleming refused to complete the transaction, leading to the application to the court.

Frank D’Orazio, chief executive officer of James River, said: “We are pleased that the court has granted James River’s request for a preliminary injunction, compelling Fleming to complete the acquisition of JRG Re in accordance with the stock purchase agreement that the parties negotiated together and executed on November 8, 2023.

“We look forward to finalising the transaction.”

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Published April 09, 2024 at 7:00 pm (Updated April 09, 2024 at 6:52 pm)

New York court orders Fleming to complete deal for JRG Re

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