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FOR IMMEDIATE RELEASE
OLDWICK - MARCH 13, 2024 03:26 PM (EDT)
AM Best has commented that the Credit Rating (ratings) of James River Group Holdings, Ltd. (JRG Holdings) [NASDAQ: JRVR] (Bermuda) and its subsidiaries remain unchanged at this time following the announcement that JRG Holdings has filed a complaint in the Supreme Court, New York County, Commercial Division against Fleming Intermediate Holdings LLC (Fleming), a portfolio company of private equity sponsor, Altamont Capital Partners. The action seeks specific performance of Fleming’s obligation to complete the acquisition of JRG Reinsurance Company Ltd. (JRG Re) in accordance with the Stock Purchase Agreement executed between the parties as of Nov. 8, 2023. JRG Holdings will seek expedited relief from the Court to require Fleming to close the transaction.
This legal action, as stated in JRG Holdings’ lawsuit, is “a result of the refusal of Fleming to complete the fully negotiated transaction as executed in November.” JRG Holdings has confirmed that as long as it owns JRG Re, JRG Holdings will continue to operate and support JRG Re and its cedents as it has throughout its ownership. AM Best will closely monitor the progress of the legal action and its potential impact on ratings of JRG Holdings and its subsidiaries.
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AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.