Fleming Insurance Holdings (Fleming) is to acquire specialty reinsurer JRG Reinsurance Company (JRG Re) from James River Group Holdings.
Fleming is a Bermuda-based reinsurer, with particular specialisms in run-off and legacy reserve transactions.
As part of the mandate, JRG Re will bring a strong balance sheet to strengthen Fleming. The specialty reinsurer’s current cedants will also be able to tap into Fleming’s suite of capital and reinsurance solutions.
Fleming says it’s “merging the mechanics of the traditional and retrospective reinsurance markets by introducing solutions to the industry.”
In particular, its proprietary PlannedLPT solution allows clients to recycle capital, with known timing and pricing, back into the company on a repeatable basis for each underwriting year.
Dan Linden, head of mergers and acquisitions at Fleming, comments: “We were attracted to JRG Re’s diversified lines of business and close alignment of their areas of interest with those of 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.”
