Negotiations by Global Indemnity Group, LLC (NYSE:GBLI) to buy Bermuda-based re/insurer James River Group Holdings, Ltd. (NasdaqGS:JRVR) are "on pause at this point", according to the Chief Executive Officer of the US insurer. Joseph Brown told analysts on Global Indemnity's first quarter earnings call that the specialty insurer had "conversations" with James River but there were no talks at the moment. "Those conversations are on pause at this point," he said.

"We may re-examine that later on if there's continued interest on both parties' part to pursue something." It was reported in March that Global Indemnity had made an indicative offer of $15 a share for James River, valuing the excess and surplus re/insurer at about $550 million. Asked by an unnamed analyst whether Global Indemnity would use its own stock to pay for a possible deal, Brown said a stock offer would be "very unusual". "As to any comments about a transaction that was at or was potentially discussed with James River, I can't offer any commentary," he said.