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) 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.
James River Group Holdings reported a first quarter 2021 net loss of $103.5 million ($3.37 per diluted share), a significant decline from the $36.8 million loss in Q1 2020. Adjusted net loss was $108.8 million compared to a profit of $15.4 million in 2020. Despite these losses, core Excess and Surplus Lines (E&S) gross written premium rose 35.6% year-over-year, with a 14.6% increase in renewal pricing. The company's expense ratio improved to 28.9%, from 34.2% in the previous year, signaling better operational efficiency.
James River (NASDAQ: JRVR) will announce its earnings for Q1 2021 on May 5, 2021, after market close. A conference call for analysts and investors will follow on May 6, 2021, at 8:00 AM ET. This Bermuda-based insurance holding company operates in specialty property-casualty insurance and reinsurance, focusing on small and medium-sized businesses. All regulated insurance subsidiaries hold an 'A' (Excellent) rating from A.M. Best Company.
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