reinsurer News

MNK Group Launches Labuan, Malaysia-Based Reinsurance Unit

MNK Group has launched a specialty reinsurance subsidiary in Labuan, Malaysia, called Pt Mekong Re. The business will offer flexible reinsurance solutions across Asia Pacific in addition to South Asia, the Gulf Cooperation Council (CGC) and Eastern Europe, providing additional …

The Fidelis Partnership Launches Specialty Reinsurance MGA

Pine Walk Capital Ltd., the specialist MGA incubator platform and wholly owned subsidiary of The Fidelis Partnership (TFP), announced the launch of Silverflame Re, a new specialty reinsurance MGA. Silverflame Re will complement The Fidelis Partnership’s existing specialty reinsurance book, …

AM Best Puts SCOR’s Credit Ratings Under Review After L&H Reserve Announcement

AM Best has placed the credit ratings of SCOR, the Paris-based reinsurer, under review with developing implications. The ratings were placed under review as a result of SCOR’s July 15 publication of an update on its second-quarter 2024 and full-year …

New London-Based Specialty Reinsurer, Stability Re, Launched

The Connect Group announced the launch of a London-based specialty reinsurer, Stability Re. This follows the formation in September 2023 of Stability Risk, an MGA created to allow Connect Underwriting Ltd. (a specialist reinsurance MGA) to focus on its core …

Fleming Files Lawsuit Against James River, Alleging Fraud During JRG Re Acquisition

Fleming Intermediate Holdings filed a lawsuit against James River Group Holdings Ltd., alleging it had been defrauded during its $300 million acquisition of JRG Reinsurance Co. Once the deal agreement was signed in November 2023, “James River immediately began depriving …

Fleming Acquires James River’s Casualty Reinsurance Business, Ending Legal Dispute

James River Group Holdings Ltd. announced that Fleming Intermediate Holdings has completed the $277 million acquisition of James River’s casualty reinsurance business – ending a period of legal wrangling that had threatened to derail the deal. The transaction, which was …

Hannover Re Combines Cyber, Digital Underwriting Expertise in New Reinsurance Unit

Hannover Re will combine its global business in the areas of cyber and digital, creating a new specialty reinsurance business unit, effective April 1, 2024. Hannover Re said the new business unit aims to enhance Hannover Re’s position as a …

Update: James River Files Suit Against Fleming for Failing to Close Purchase of JRG Re

James River Group Holdings Ltd. announced it has filed a lawsuit against Fleming Intermediate Holdings for its failure to complete the $277 million acquisition of its casualty reinsurance subsidiary, JRG Reinsurance Co. – a deal that was first announced on …

AM Best Downgrades Ratings of JRG Re; James River Group Gets Negative Outlook

AM Best has downgraded the financial strength rating of JRG Reinsurance (JRG Re) to B++ (Good) from A- (Excellent) and the long-term issuer credit rating to “bbb+” (Good) from “a-” (Excellent), while placing JRG Re’s credit ratings under review with …

Update: James River to Exit Reinsurance, Agreeing to Sell JRG Re to Fleming for $277M

James River Group Holdings Ltd. announced it has entered into a definitive agreement to sell JRG Reinsurance Co. Ltd., its casualty reinsurance business, to Fleming Intermediate Holdings. The total estimated transaction value is $277 million, inclusive of a $139 million …