James River Group Holdings, Ltd. Enters into Multiple Agreements in Connection with Preferred Shares and Reinsurance Contracts

On November 11, 2024, James River Group Holdings, Ltd. (“Company”) entered into several significant agreements as disclosed in a recent 8-K filing with the Securities and Exchange Commission.

One of the key agreements mentioned in the filing was the First Amendment to the Investment Agreement with an affiliate of Gallatin Point Capital LLC, which modifies the restrictions on the Preferred Investor’s ability to transfer Series A Preferred Shares and common shares of the Company issued upon conversion of the Series A Preferred Shares to third parties.

Moreover, the Company entered into the First Amendment to the Registration Rights Agreement with the Preferred Investor, clarifying that the definition of Registrable Securities includes the Common Shares issued in the Exchange.

Additionally, a Subscription Agreement was signed with Cavello Bay Reinsurance Limited for the issuance and sale of 1,953,125 of the Company’s common shares in a Private Placement, subject to certain closing conditions.

Furthermore, the Company and Cavello Bay entered into an Adverse Development Cover Reinsurance Contract, which applies to the Ceding Companies’ Excess & Surplus Lines segment portfolio losses attaching to premium earned during 2010-2023.

In connection with these agreements, the Company also executed the Amended and Restated Certificate of Designations of the 7% Series A Perpetual Cumulative Convertible Preferred Shares, detailing terms of conversion, dividends, and other related aspects.

The Company indicated that the agreements and contracts are subject to various closing conditions and regulatory approvals. The full details of these agreements are included in the respective exhibits attached to the Form 8-K filing.

Concerns over intellectual property rights, regulatory compliance, and business risks related to the evolving legislative landscape were also highlighted in the filing, emphasizing the Company’s proactive approach to ensuring compliance and protection of its assets.

Investors and stakeholders are advised to refer to the complete 8-K filing for a comprehensive understanding of the recent developments at James River Group Holdings, Ltd.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read James River Group’s 8K filing here.

James River Group Company Profile

James River Group Holdings, Ltd., through its subsidiaries, provides specialty insurance services. It operates through Excess and Surplus Lines, and Specialty Admitted Insurance segments. The Excess and Surplus Lines segment underwrites liability and property insurance in the United States Puerto Rice, and the United States Virgin Islands.