James River Group sells JRG Reinsurance to Fleming Intermediate for up to $279.5M

James River Group Holdings, Inc.

Total consideration: $138M cash at closing, $139M pre-closing dividend/return of capital, plus up to $2.5M contingent payment.
Closing expected Q1 2024; subject to Bermuda Monetary Authority approval and customary conditions.
Sale includes disposition of casualty reinsurance business and related assets; JRG Re is a Class 3B Bermuda insurer.
KeyBank and BMO consented; will amend credit facilities to release JRG Re as borrower and collateral.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.3

James River Group Holdings, Inc. entered into Stock Purchase Agreement with Fleming Intermediate Holdings LLC valued at $277 million (effective 2023-11-08).

Action: entry
Agreement: asset purchase
Counterparty: Fleming Intermediate Holdings LLC
Value: $277 million
Effective: 2023-11-08

Exact text from the filing

On November 8, 2023, James River Group Holdings, Ltd. (the “Company”) entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Fleming Intermediate Holdings LLC, a Cayman Islands limited liability company (the “Buyer”).

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James River Group Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001620459-23-000128

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