HAMILTON, BERMUDA – Fleming Insurance Holdings (“Fleming”), an innovative provider of capital solutions to P&C insurers globally, today announced that it has entered into an agreement to acquire JRG Reinsurance Company Ltd. (“JRG Re”) from James River Group Holdings, Ltd. This is a transformational transaction contributing to Fleming’s growth plan with the addition of complementary infrastructure, a strong balance sheet and capital base, experienced reinsurance professionals, and valuable cedant relationships.
Fleming is a reinsurance market leader, with particular expertise in run-off and legacy reserve transactions, and primarily focused on non-catastrophe liabilities. Fleming is merging the mechanics of the traditional and retrospective reinsurance markets by introducing creative solutions to the industry. In particular, its proprietary PlannedLPTTM solution allows clients to recycle capital, with known timing and pricing, back into the company on a repeatable basis for each underwriting year. JRG Re, as a specialty reinsurer, strengthens Fleming by bringing a strong balance sheet along with new potential client relationships. JRG Re’s current cedants can tap into Fleming’s suite of innovative capital and reinsurance solutions.
“This strategic transaction marks a significant milestone in our journey, positioning us for even greater success and growth. By integrating this transaction into our operations, we aim to enhance our capacity, ultimately delivering even greater value to our customers and other stakeholders,” said Eric Haller, CEO of Fleming, “this strategic move is a testament to our commitment to growth, innovation, and serving our clients to the best of our abilities. We recognize the immense potential of the combined teams and are excited to leverage these strengths to drive future accomplishments. We would also like to thank the entire team at James River for their professionalism and dedication during this process.”
“We were attracted to JRG Re’s diversified lines of business and close alignment of their areas of interest with those of Fleming,” said Dan Linden, Head of M&A at Fleming, “we believe Fleming is the ideal acquirer of the business and continuing partner of JRG Re’s current counterparties. The JRG Re team will be fully integrated into our business and the Fleming and JRG Re teams will work closely together as a unified organization to capitalize on the significant opportunities Fleming sees in the reinsurance market.”
The closing of the transaction is subject to customary regulatory approvals. Fleming was advised on the transaction by RBC Capital Markets LLC as financial advisor and Sidley Austin LLP as legal counsel.
About Fleming Insurance Holdings
Fleming Insurance Holdings is a P&C insurance capital solutions provider. Fleming has built a track record of providing a full range of reinsurance structures and finality solutions for legacy liabilities, as well as liquidity and risk transfer alternatives to the middle market insurance industry. Fleming and its management team have extensive experience working on capital strategies for insurance companies in the U.S., Bermuda, Cayman, the U.K., and European Union. www.flemingih.com
About JRG Reinsurance Company Ltd.
JRG Reinsurance Company Ltd. is a Bermuda based reinsurance company with a special emphasis on niche and specialty property and casualty reinsurance. Its target clients include small to medium sized specialty companies, specialty divisions of larger companies, and regional carriers with defined competitive advantages and consistent results.
