The credit ratings of Bermudian-based James River Group Holdings Ltd and its subsidiaries remain unchanged after news that the company has filed a complaint in the Supreme Court, New York County, Commercial Division against Fleming Intermediate Holdings LLC, AM Best said.

The agency said: “The action seeks specific performance of Fleming’s obligation to complete the acquisition of JRG Reinsurance Company Ltd in accordance with the stock purchase agreement executed between the parties as of November 8, 2023. JRG Holdings will seek expedited relief from the Court to require Fleming to close the transaction.

“This legal action, as stated in JRG Holdings’ lawsuit, is ‘a result of the refusal of Fleming to complete the fully negotiated transaction as executed in November’.

“JRG Holdings has confirmed that as long as it owns JRG Re, JRG Holdings will continue to operate and support JRG Re and its cedents as it has throughout its ownership.

“AM Best will closely monitor the progress of the legal action and its potential impact on ratings of JRG Holdings and its subsidiaries.”

James River Group has a financial strength rating with AM Best of A- (Excellent), and a long-term issuer credit rating of “a-” (Excellent).