HAMILTON, Bermuda, November 8, 2023—(BUSINESS WIRE)–Fleming Insurance Holdings (“Fleming”), an innovative provider of capital solutions for P&C insurers worldwide, today announced that it has entered into an agreement to acquire JRG Reinsurance Company Ltd. (“JRG Re”) by James River Group Holdings, Ltd. This is a transformative transaction contributing to Fleming’s growth plan with the addition of additional infrastructure, a strong balance sheet and capital base, experienced reinsurance professionals and valuable cedant relationships.
Fleming is a leader in the reinsurance market, with particular expertise in termination and legacy reserve transactions and primarily focused on non-catastrophe liabilities. Fleming brings together the mechanics of traditional and retrospective reinsurance markets, introducing creative solutions to the industry. In particular, its proprietary PlannedLPT™ solution allows clients to recycle capital, at some time and cost, back into the company on a recurring basis for each signing year. JRG Re, as a specialist reinsurer, strengthens Fleming by providing a strong balance sheet together with new potential client relationships. Current cedants of JRG Re can benefit from Fleming’s suite of innovative capital and reinsurance solutions.
“This strategic transaction marks an important milestone in our journey, positioning us for even greater success and growth.” By integrating this transaction into our operations, we aim to enhance our capabilities, ultimately delivering even greater value to our customers and other stakeholders,” said Eric Haller, Fleming’s CEO. “This strategic move is a testament to our commitment to growth, innovation and serving our customers in the best possible way. We recognize the enormous potential of combined teams and are excited to leverage these strengths to drive future achievements. We would also like to thank the entire James River team for their professionalism and dedication throughout this process.”
“We were attracted to JRG Re’s diversified lines of business and the 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 a continuing partner to 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 single organization to take advantage of the significant opportunities Fleming sees in the reinsurance market.”
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 advisor.
About Fleming Insurance Holdings
Fleming Insurance Holdings is a provider of P&C insurance capital solutions. Fleming is experienced in providing a full range of reinsurance structures and legacy legacy solutions, as well as liquidity and risk transfer alternatives to the middle market insurance industry. Fleming and his management team have extensive experience working on capital strategies for insurance companies in the US, Bermuda, Cayman, the UK and the European Union. www.flemingih.com
About JRG Reinsurance Company Ltd.
JRG Reinsurance Company Ltd. is a Bermuda-based reinsurance company with a special focus on niche and specialist property and casualty reinsurance. Its target customers include small to medium specialty companies, specialty divisions of larger companies and regional carriers with defined competitive advantages and consistent performance.
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