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Best’s News & Research Service - July 10, 2024 04:23 PM (EDT)

AM Best Comments on Credit Ratings of James River Group Holdings, Ltd. and Its Subsidiaries Following Legacy Reinsurance Agreement with State National Insurance Company, Inc.

  • July 10, 2024 04:23 PM (EDT)
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//BestWire// - AM Best has commented that the Credit Ratings (ratings) of James River Group Holdings, Ltd. (JRG Holdings) [NASDAQ: JRVR] (Bermuda) and its subsidiaries remain unchanged following the announcement that its two principal operating subsidiaries have entered into a combined loss portfolio transfer and adverse development cover reinsurance agreement with State National Insurance Company, Inc. (State National). The reinsurance agreement was executed on July 2, 2024, and is effective Jan. 1, 2024.

Under the terms of the agreement, State National will provide $160.0 million of adverse development reinsurance coverage for JRG Holdings’ excess and surplus lines segment casualty portfolio for accident years 2010-2023 (both years inclusive), subject to a 15% co-participation by the company. The reinsurance structure has no coverage sublimits, but does exclude exposure to the JRG Holdings’ former large commercial auto book, with the vast majority of that exposure already subject to a previously executed loss portfolio transfer. JRG Holdings will retain claims management.

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.

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