The deal must go on: Fleming forced into JRG RE buy from James River

Fleming Insurance Holdings went ahead with the contested purchase of JRG Reinsurance company from James River Group, despite having launched a legal defence of its last-minute move to avoid the deal. 

The sale, which had ended up in court when Fleming tried to alter the terms of the $277 million purchase, was completed at the previously agreed terms, James River said of the latest developments. 

“We are pleased to have successfully completed our sale of JRG Re to Fleming in accordance with the stock purchase agreement that the parties negotiated together and executed on November 8, 2023,” James River CEO Frank D’Orazio was quoted saying. 

Fleming Insurance Holdings had been moving to stave off the court-ordered execution of the forsaken acquisition, arguing to the court that the status-quo is the better quo while it proceeds with a fundamental court appeal.

Bermuda-based James River had taken the early court victory in its demand that Fleming be forced to proceed on the agreed deal to buy JRG Reinsurance for $277 million.

The court issuing the order hadn't sounded overly ambiguous. Contract breaches alleged by Fleming were “contrived and contrary” to the clear terms of the purchase agreement, the judge had written.  

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