Welcome to our dedicated page for James River Group Holdings news (Ticker: JRVR), a resource for investors and traders seeking the latest updates and insights on James River Group Holdings stock.
James River Group Holdings, Ltd (NASDAQ: JRVR) is a Bermuda-based insurance holding company headquartered at 7130 Glen Forest Drive, Richmond, Virginia, United States. The company operates through a group of specialty insurance and reinsurance companies, organized into three core segments: Excess and Surplus Lines, Specialty Admitted Insurance, and Corporate and Other.
The Excess and Surplus Lines segment is the primary revenue generator for James River, offering commercial liability and excess property insurance products. This division caters to a wide range of risks, providing solutions that are often not available in the standard insurance market.
The Specialty Admitted Insurance segment focuses on niche classes within the standard insurance markets, with a particular emphasis on fronting business. This involves retaining a minority share of the risk while earning fee income by leveraging its licensure, ratings, and infrastructure to facilitate other carriers and producers.
The Corporate and Other segment includes the management and treasury activities of the holding companies, as well as equity compensation for the group's employees.
James River has been recognized for its performance and stability, with each of its U.S. regulated insurance subsidiaries receiving an “A-” (Excellent) rating from A.M. Best Company. This rating reflects the company's strong operating performance, solid capitalization, and robust risk management practices.
Recent achievements for James River include their focus on tangible equity and underwriting performance ratios, demonstrating effective financial management. Additionally, the company has been actively involved in legal proceedings, such as the recent court order requiring Fleming Intermediate Holdings to complete a transaction, highlighting James River's commitment to enforcing its contractual rights.
For investors, James River regularly provides updates and insights through press releases and conference calls, accessible via their investor website. The company's strategic focus on maintaining strong relationships with brokers, agents, and customers ensures a stable and diversified revenue stream.
James River's business model and strategic initiatives position it well in the specialty insurance market, poised for continuous growth and resilience in the ever-evolving insurance landscape.
James River Group Holdings (NASDAQ: JRVR) reported a net loss from continuing operations of $40.7 million ($1.07 per diluted share) in Q3 2024, compared to net income of $21.1 million in Q3 2023. The loss was primarily due to a $52.2 million excess consideration paid for E&S combined loss portfolio transfer and $19.2 million of additional adverse development. The E&S segment showed 6% premium growth with 8.6% renewal rate increase. The company announced strategic partnerships with Enstar Group, including a $12.5 million investment at $6.40 per share, and amended convertible preferred shares with Gallatin Point Capital. The company plans to redomicile to the United States in 2025.
James River Group Holdings, (NASDAQ: JRVR) has announced its schedule for the release of third quarter 2024 earnings. The company will disclose its financial results after the market closes on Monday, November 11, 2024. Following this, James River will host an earnings conference call on Tuesday, November 12, 2024, starting at 8:30 a.m. Eastern Time.
Interested parties can access the conference call by dialing (800) 715-9871 with the conference ID 6261499. Alternatively, the call can be accessed through the company's investor website at https://investors.jrvrgroup.com. For those unable to attend the live call, a replay will be made available on the same website.
James River Group Holdings, (NASDAQ: JRVR) reported second quarter 2024 results. Key highlights include:
- Net income from continuing operations of $11.9 million ($0.31 per diluted share)
- Adjusted net operating income of $12.7 million ($0.33 per diluted share)
- Group combined ratio of 99.3%
- E&S segment combined ratio of 95.4% with 9.1% positive renewal rate change
- Specialty Admitted Insurance segment combined ratio of 85.0%
- Net investment income increased 36.7% year-over-year
- Shareholders' equity per share increased 0.8% to $14.32
The company continues to focus on de-risking and generating attractive returns on capital. The Board of Directors is exploring strategic alternatives for the company.
James River Group Holdings, (NASDAQ: JRVR) has announced its schedule for the release of second quarter 2024 earnings. The company will disclose its financial results after the market closes on Monday, August 5, 2024. Following this, James River will host an earnings conference call on Tuesday, August 6, 2024, starting at 8:30 a.m. Eastern Time.
Interested parties can access the conference call by dialing (800) 715-9871 with the conference ID 8370409. Alternatively, the call can be accessed through the company's investor website at https://investors.jrvrgroup.com. For those unable to attend the live call, a replay will be made available on the same website.
AM Best has confirmed that the credit ratings of James River Group Holdings (NASDAQ: JRVR) and its subsidiaries remain unchanged following a reinsurance agreement with State National Insurance Company. Effective January 1, 2024, this agreement includes a combined loss portfolio transfer and adverse development cover, providing $160 million in reinsurance coverage for JRG Holdings' excess and surplus lines segment for accident years 2010-2023. The agreement excludes the company's former large commercial auto book. JRG Holdings will continue managing claims, with a 15% co-participation in the reinsurance structure.
James River Group Holdings (NASDAQ: JRVR) has announced a reinsurance agreement with State National Insurance Company. The deal provides $160 million in adverse development coverage for James River's Excess and Surplus Lines segment for accident years 2010-2023, with James River retaining a 15% co-participation. The reinsurance excludes certain large commercial auto exposures but covers most other liabilities, with no sublimits. Effective January 1, 2024, the agreement is expected to reduce James River's third-quarter pre-tax income by $52.2 million. A profit commission allows James River to benefit from favorable development under specific conditions. This transaction aims to de-risk the company's balance sheet and enhance financial stability.
James River Group Holdings (NASDAQ: JRVR) announced the appointment of Christine LaSala as an independent, non-executive member of its Board of Directors, effective immediately.
This addition increases the Board's size from seven to eight members. Ms. LaSala will join the Compensation and Human Capital Committee and the Nominating and Corporate Governance Committee.
Christine LaSala brings over 45 years of experience in the insurance industry, including leadership roles at Sedgwick, Beazley plc, Willis Towers Watson North America, WTC Captive Insurance Company, and Johnson & Higgins.
CEO Frank D’Orazio and Chairman Ollie L. Sherman, Jr. expressed their enthusiasm for her extensive expertise in corporate governance and the specialty property and casualty insurance sector.
Levi & Korsinsky announced a $30 million settlement fund for shareholders in a class action lawsuit against James River Group Holdings (NASDAQ: JRVR). The class includes those who bought JRVR stock from February 22, 2019, to October 25, 2021, and suffered damages. Eligible members must file a claim by June 25, 2024, to receive a share of the settlement. The firm, known for its success in high-stakes securities litigation, did not participate in the lawsuit but is providing this information to ensure timely filing. More details and claim forms are available at Levi & Korsinsky's website.
James River Group Holdings, announced its first quarter 2024 results, revealing net income from continuing operations available to common shareholders at $20.9 million ($0.53 per diluted share) and adjusted net operating income at $14.8 million ($0.39 per diluted share). The company closed the sale of JRG Reinsurance Company and demonstrated strong investment income and underwriting results, especially in the Excess and Surplus Lines segment. Key highlights include a group combined ratio of 95.3%, E&S segment combined ratio of 87.3%, and a renewal rate change of 10.7%.
James River Group Holdings, (NASDAQ: JRVR) will release first quarter 2024 earnings on May 8, 2024, followed by an earnings conference call on May 9, 2024. Investors can access the call through dial-in or the investor website.
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