James River exploring 'strategic alternatives'
Bermuda-based James River Group is exploring strategic alternatives including a possible sale, the company has announced.
James River’s board said it had retained Citi and Ardea Partners as financial advisors, adding it was exploring all options, including sale or a merger.
The announcement came two days after James River announced it was selling its third-party casualty reinsurer JRG Reinsurance to Fleming Intermediate Holdings for $277 million.
“Over the past three years, James River’s executive leadership team and board of directors have taken decisive actions to focus resources on core businesses where we have meaningful scale, de-risk the organisation, reduce volatility and meaningfully strengthen the balance sheet,” said Ollie Sherman, chairman of the board of directors.
“The board now believes it is appropriate to explore a range of potential strategic alternatives to maximize shareholder value.”
The company added that there was no assurance that the process would result in the company pursuing a particular transaction, or any transaction. Nor had a timetable been set for the process.
IT said it does not intend to disclose further developments unless and until it determines that further disclosure is appropriate or necessary.