James River Group Holdings, Inc. reports developments for a specialty property-casualty insurance holding company focused on U.S. excess and surplus lines and specialty admitted insurance. Its operating updates center on underwriting results, reserve development, segment premiums, investment portfolio performance, adjusted operating income and dividends.
Company news also covers leadership and distribution changes within the Excess and Surplus segment, including excess casualty underwriting, wholesale broker relationships and business-development roles. Historical updates reflect the company's completed domestication from Bermuda to Delaware and legal name change to James River Group Holdings, Inc.
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.
James River Group Holdings, Ltd. (NASDAQ: JRVR) announced that Brett Shirreffs has been appointed as Senior Vice President, Investments and Investor Relations, effective September 20, 2021. He will report to Chief Financial Officer Sarah Doran. Shirreffs brings substantial experience from Argo Group and previously held a Vice President position at Keefe, Bruyette & Woods, focusing on equity research in the property and casualty insurance sector. Doran expressed confidence in Shirreffs' ability to strengthen investor relations and enhance investment strategies.
James River Group Holdings (NASDAQ: JRVR) announced the appointment of Jim Gunson as Senior Vice President and Chief Claims Officer, effective September 2, 2021. With over 25 years in the property and casualty industry, Gunson previously held senior roles at CNA Financial and Chubb Corporation. CEO Frank D’Orazio expressed optimism about Gunson's technical expertise and leadership capabilities, expecting him to enhance the claims organization and further invest in risk management strategies.
James River Group Holdings reported a second quarter net income of $20.8 million or $0.60 per diluted share, down from $35.6 million or $1.16 per share last year. Adjusted net operating income was $18.8 million ($0.54 per diluted share), slightly up from $17.4 million ($0.56 per diluted share) in Q2 2020. The combined ratio improved to 89.7%, while the E&S segment achieved 77.2%. Gross written premiums rose 26% to $380.1 million, with excessive growth seen in the fronting business, which climbed 59%. A cash dividend of $0.30 per share was declared.
James River Group Holdings, Ltd. (NASDAQ: JRVR) announced the appointment of David Gelinne as Group Chief Actuary, effective in Q3 2021. Gelinne brings over 40 years of actuarial experience, including his previous role as Chief Actuary at Allied World Assurance Company. He will oversee the actuarial function and report to CEO Frank D’Orazio. This change comes as current Chief Actuary Jennifer Kish retires at Q3 2021, marking a significant transition for the company amid ongoing growth and focus on risk management.
James River (NASDAQ: JRVR) plans to release its earnings for Q2 2021 on August 4, 2021, after market close. A conference call for analysts and investors is scheduled for August 5, 2021, at 8:00 a.m. ET. Investors can join the call by dialing (877) 930-8055, using conference ID# 6974487, or via the internet at www.jrgh.net. A replay will be available until September 4, 2021. James River Group Holdings specializes in property-casualty insurance and reinsurance, focusing on small and medium-sized businesses.
James River Group Holdings (NASDAQ: JRVR) has announced the retirement of Robert P. Myron, President and COO, effective July 31, 2021, due to health issues from Lyme Disease. Myron has contributed over 11 years to the company and will continue a consulting relationship until December 31, 2021. CEO Frank D’Orazio expressed gratitude for Myron's leadership and contributions, assuring confidence in the company's future under the current management team. The company is recognized for its specialty insurance and reinsurance operations, each rated 'A-' by A.M. Best Company.
AM Best has downgraded the Financial Strength Rating (FSR) of James River Group Holdings, Ltd. (JRVR) from A to A-, with a negative outlook. The Long-Term Issuer Credit Ratings (ICR) for its operating subsidiaries have also dropped. This decision reflects weaknesses in the company's enterprise risk management following Q1 earnings, particularly in risk controls and culture. Despite a strong balance sheet assessment, concerns about adverse reserve development in commercial auto lines persist. The company quickly replenished capital via a stock offering, but long-term stability in reserves is needed.
James River Group Holdings, Ltd. (NASDAQ: JRVR) has priced its underwritten public offering of 5,650,000 common shares at $31.00 per share, totaling $175,150,000. The net proceeds will be used for general corporate purposes. This offering is expected to close on May 10, 2021, pending customary closing conditions. Underwriters have a 30-day option to purchase an additional 847,500 shares. Barclays and Keefe, Bruyette & Woods lead the offering, with additional managers involved. Details regarding the offering can be found in the filed prospectus supplements.
James River Group Holdings, Ltd. (NASDAQ: JRVR) announced an underwritten public offering of approximately $175 million of its common shares. The company plans to use the net proceeds for general corporate purposes. Additionally, it may grant underwriters a 30-day option to purchase around $26 million more in common shares. Barclays and Keefe, Bruyette & Woods are serving as joint book-running managers for the offering. Details will be available via a prospectus filed with the SEC.