AM Best Comments on Credit Ratings of James River Group Holdings, Ltd. and Its Subsidiaries Following Filed Complaint With NY State Supreme Court
13 Março 2024 - 5:44PM
Business Wire
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.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual
ratings referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information regarding the
use and limitations of Credit Rating opinions, please view Guide to
Best's Credit Ratings. For information on the proper use of Best’s
Credit Ratings, Best’s Performance Assessments, Best’s Preliminary
Credit Assessments and AM Best press releases, please view Guide to
Proper Use of Best’s Ratings & Assessments.
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. For more information,
visit www.ambest.com.
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Gordon McLean Senior Financial Analyst +1 908 882
2109 gordon.mclean@ambest.com
Edin Imsirovic Director +1 908 882 1903
edin.imsirovic@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com
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