Fortitude Re strikes $400m P&C reinsurance deal with James River

Bermuda-based multi-line reinsurer  Fortitude Re has entered into a property and casualty (P&C) loss portfolio transfer reinsurance deal with insurance group  James River.

Under the agreement, Fortitude Reinsurance Company (FRL) will provide JRG Reinsurance Company (JRG Re), a subsidiary of James River Group Holding, with up to $400 million of aggregate reinsurance protection on certain segments of JRG Re’s casualty reinsurance portfolio for a premium of $335 million.

The closing of the transaction is contingent on receipt of regulatory non-disapproval and satisfaction of other customary conditions.

“We are very pleased to partner with JRG Re on crafting this transaction and to be able to quickly deliver a solution for the company,” said James Bracken (pictured), Fortitude Re chief executive officer.

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