James River Group sells casualty reinsurance unit to Fleming for $277M

James River Group Holdings, Inc.

Total estimated transaction value of $277M, including $139M pre-closing dividend and $138M cash at close.
Sale of JRG Reinsurance Company, Ltd. at 0.75x book value as of September 30, 2023.
JRG Re produced $85.2M gross written premiums in 2022; full exit from reinsurance business.
Transaction unanimously approved by both boards; expected close in Q1 2024 subject to regulatory approvals.
Aligns with strategy to focus on core E&S and fronting businesses; Fleming is portfolio company of Altamont Capital Partners.

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