James River Grou Stock Price, News & Analysis

Fortitude Re, Bermuda’s leading multi-line reinsurer, has finalized a reinsurance agreement with JRG Reinsurance Company, a subsidiary of James River Group Holdings Ltd. (NASDAQ: JRVR). The deal provides JRG Re with up to $400 million in aggregate reinsurance protection for its casualty portfolio, at a premium of $335 million. The transaction is subject to regulatory approval and other customary conditions. Fortitude Re aims to deliver tailored solutions for legacy insurance lines and holds approximately $48 billion in invested assets as of December 31, 2021.

James River Group Holdings, Ltd. (NASDAQ: JRVR) reported a fourth quarter 2021 net loss of $66.3 million ($1.78 per diluted share), a significant decline from $20.3 million ($0.66 per diluted share) in Q4 2020. Adjusted net operating loss rose to $67.5 million ($1.81 per diluted share). Despite the losses, the Core Excess and Surplus Lines segment achieved 14.1% growth in gross written premium and 9.5% increase in renewal pricing. The company announced a loss portfolio transfer agreement with Fortitude Re, affecting approximately $335 million in liabilities, and has issued $150 million in Convertible Preferred Shares to bolster capital.

James River Group Holdings, Ltd. (NASDAQ: JRVR) will release its earnings for Q4 2021 on February 28, 2022. Following this, a conference call for analysts and investors is scheduled for March 1, 2022, at 8:30 a.m. ET. Investors can participate by calling (877) 930-8055 or via the internet through their investor relations page. The company is known for its specialty insurance and reinsurance services, categorized into three segments: Excess and Surplus Lines, Specialty Admitted Insurance, and Casualty Reinsurance. Each subsidiary holds an 'A-' rating from A.M. Best Company.

James River Group Holdings, Ltd. (JRVR) has appointed Mike Hoffmann as the Group Chief Underwriting Officer. In his new role, Hoffmann will oversee underwriting, enterprise risk, and ceded reinsurance strategies. He brings over 30 years of experience, previously serving at Everest and Allied World Assurance. CEO Frank D’Orazio expressed enthusiasm about Hoffmann's expertise in property and casualty underwriting, indicating a strong alignment with the company's strategic goals.

James River Group Holdings (NASDAQ: JRVR) reported a third-quarter 2021 net loss of $23.9 million ($0.64 per diluted share), down from a profit of $26.3 million ($0.85 per diluted share) a year prior. Adjusted net operating loss was $26.8 million ($0.72 per diluted share). The Excess and Surplus Lines segment achieved a 21.3% growth in gross written premium, with 8.7% rise in renewal pricing. The company also faced $5 million in net catastrophe losses from Hurricane Ida and a $29.6 million pre-tax reserve development related to a legacy transaction. A cash dividend of $0.30 per share was declared.

James River Group Holdings, Ltd. (NASDAQ: JRVR) announced the election of Patricia H. Roberts, Thomas L. Brown, and Kirstin M. Gould to its Board of Directors, increasing board size from 10 to 11 members. Roberts, previously President of General Star Management, and Brown, a former CFO of RLI Corp., bring extensive financial and governance expertise. Gould, former EVP and General Counsel at XL Group, adds legal and risk management experience. The appointments are anticipated to enhance the company's governance and operational capabilities in the specialty insurance sector.

James River Group Holdings, Ltd. (NASDAQ: JRVR) has released preliminary financial results for Q3 2021, anticipating a net loss of $23 million to $26 million and an adjusted net operating loss of $25.5 million to $28.5 million. The company expects a combined ratio of 120-125%. Despite facing $5 million in catastrophe losses from Hurricane Ida and other financial burdens, the Excess and Surplus Lines segment saw a 20% growth in gross written premiums compared to the previous year. Further results are expected to be detailed in the full earnings report on November 2, 2021.

James River Group Holdings, Ltd. (NASDAQ: JRVR) will release its earnings for Q3 2021 on November 2, 2021, after market close. A conference call for analysts and investors is scheduled for November 3, 2021, at 9:00 a.m. (ET) to discuss the results. Investors can participate by calling (877) 930-8055 with conference ID# 3487409 or via the company's website. James River operates in specialty insurance and reinsurance, with subsidiaries rated “A-” (Excellent) by A.M. Best Company.

James River Group Holdings, Ltd. (NASDAQ: JRVR) announced a significant loss portfolio transfer reinsurance transaction with Aleka Insurance, Inc., a captive insurer of Uber. The Company ceded approximately $345.1 million in commercial auto liabilities related to Uber's ridesharing business for policies from 2013 to 2019. James River will recognize an after-tax loss of about $23.5 million in Q3 2021, mainly due to claims handling costs. The transaction, effective July 1, 2021, allows James River to finalize its commercial auto run-off portfolio, enhancing focus on future business objectives.