The Commercial Division of the Supreme Court, New York County, has granted James River Group Holdings Ltd. a preliminary injunction against Fleming Intermediate Holdings, a portfolio company of private equity sponsor Altamont Capital Partners, ordering Fleming to complete its acquisition of JRG Reinsurance Co. Ltd. . On or before April 16, 2024.
Judge Andrea Masley signed the April 6 order, stating that “the parties are directed to close within 10 days of the date of this order.”
James River in March filed a lawsuit against Fleming was to complete the sale of JRG Reinsurance Co., Ltd. for $277 million, a deal that was announced in November 2022. The lawsuit claimed that Fleming had refused to complete the deal as agreed at the last minute.
The court order rejected Fleming’s demand for increased reserves as “nothing more than Fleming’s unacceptable demand for a lower purchase price” and that James River “has established a clear right to a mandatory injunction.”
