OCTOBER 17, 2019 02:50 PM (EDT)
AM Best Comments on Credit Ratings of James River Group Holdings, Ltd. and Subsidiaries
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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 17, 2019 02:50 PM (EDT)
AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of the rated operating entities of James River Group Holdings, Ltd. (JRG Holdings) [NASDAQ: JRVR], along with the Long-Term ICR of “bbb” of JRG Holdings, remain unchanged following the disclosure of relevant public information. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the subsidiaries.)
The comment follows the Oct. 8, 2019, announcement by JRG Holdings that the organization has delivered a notice of early cancellation to its largest customer, Rasier LLC, which is a subsidiary of the ride-sharing service Uber Technologies, Inc.
AM Best does not expect any significant impact to JRG Holdings’ balance sheet strength, operating performance, business profile or enterprise risk management from the disclosure of this information and the implementation of this action. Nonetheless, as this is a very recent announcement, AM Best will continue to monitor the situation through discussions with management and a further analysis of the upcoming nine-month financial results.
This comment applies to the FSR of A (Excellent) and the Long-Term ICRs of “a” of the following subsidiaries of James River Group Holdings, Ltd.:
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry.