secwatch.observer — SEC 8-K summary
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Issuer:     James River Group Holdings, Inc. (JRVR)
CIK:        0001620459
Form:       8-K
Filed at:   2024-11-13T23:59:59+00:00
Accession:  0001104659-24-117680
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 3.02, 3.03, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

James River Group restructures preferred shares, raises $12.5M, and secures $75M adverse development cover
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- Exchanged 37,500 Series A Preferred for 5.9M common shares at $6.40/share; private placement of 1.95M shares to Cavello Bay for $12.5M.
- Entered ADC reinsurance with Cavello Bay covering 100% of losses above $1.1837B retention, up to $75M limit; premium $52.8M.
- Series A Preferred conversion price reset to $8.32 (130% of $6.40); mandatory conversion if stock exceeds $16.64 for 20 days.
- Dividend on Series A Preferred stays 7% until Sept 2029, then resets to 5-yr Treasury plus 5.2%, capped at 8%.
- Closings subject to Bermuda Monetary Authority approval and satisfaction of ADC conditions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1620459/000110465924117680/0001104659-24-117680-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1620459/000110465924117680/tm2428256d1_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-117680

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer