AM Best Affirms Credit Ratings of James River Group Holdings, Ltd. and Its Subsidiaries
- January 30, 2025 03:18 PM (EST)
//BestWire// - AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) and the rated operating subsidiaries of James River Group Holdings, Ltd. (JRG Holdings) (Bermuda) [NASDAQ: JRVR]. In addition, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of JRG Holdings. The outlook of these Credit Ratings (ratings) is negative. (See below for a detailed listing of the subsidiaries.)
The ratings of JRG Holdings’ subsidiaries reflect their balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM).
This rating affirmations reflect JRG Holdings’ substantial efforts to protect its balance sheet, particularly through recent adverse development cover and loss portfolio transfer reinsurance transactions, as well as de-risking its operations via the sale of JRG Reinsurance Company, Ltd. Additionally, the rating affirmations consider the group’s ongoing dedication to and investment in its ERM initiatives. The negative outlooks reflect the execution risks associated with the group’s projections as presented to AM Best. Failure to meet these projections may result in downward rating pressure.
The FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) have been affirmed with negative outlooks for the following subsidiaries of JRG Holdings:
- James River Insurance Company
- James River Casualty Company
- Falls Lake National Insurance Company
- Stonewood Insurance Company
- Falls Lake Fire and Casualty Company
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.