AM Best Affirms Credit Ratings of James River Group Holdings, Ltd. and Its Subsidiaries
November 10 2022 - 11:11AM
Business Wire
AM Best has affirmed the Financial Strength Rating of A-
(Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR)
of “a-” (Excellent) of the rated operating subsidiaries of James
River Group Holdings, Ltd. (JRG Holdings) [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
stable. JRG Holdings is domiciled in Pembroke, Bermuda, while its
subsidiaries are based in Pembroke, Richmond, VA, and Raleigh, NC.
(See below for a detailed listing of the subsidiaries.)
The ratings reflect the group’s 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).
The very strong balance sheet assessment considers the company’s
risk-adjusted capital position and the financial flexibility
provided by JRG Holdings, as demonstrated by successful capital
raises in 2021 and 2022. Additionally, the group’s balance sheet
has been strengthened by the execution of two loss portfolio
transfer transactions over the past few years, which addressed the
recurring adverse reserve development within the commercial auto
lines and casualty reinsurance segment.
The group’s adequate operating performance assessment reflects
its consistently positive overall net income across consolidated
underwriting and investment results through 2020. Since 2021,
overall operating performance has been unbalanced with favorable
results in the surplus lines and specialty admitted segments offset
by unfavorable results in the casualty reinsurance segment.
The adequate business profile assessment reflects the group’s
solid market presence operating across three distinct market
segments, excess and surplus, specialty admitted, and casualty
reinsurance. The marginal ERM assessment reflects the need for the
current ERM framework and risk evaluation to evolve proactively
while demonstrating competencies necessary to mitigate any effect
on the organization’s balance sheet strength, operating performance
or business profile.
The FSR of A- (Excellent) and the Long-Term ICRs of “a-”
(Excellent) with stable outlooks have been affirmed for the
following subsidiaries of James River Group Holdings, Ltd.:
- James River Insurance Company
- James River Casualty Company
- Falls Lake National Insurance Company
- Stonewood Insurance Company
- Falls Lake Fire and Casualty Company
- JRG Reinsurance Company Ltd.
- Carolina Re, 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 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. For more
information, visit www.ambest.com.
Copyright © 2022 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221110005831/en/
Gordon McLean Senior Financial Analyst +1 908
439 2200, ext. 5487 gordon.mclean@ambest.com
Greg William Senior Director +1 908 439 2200,
ext. 5815 greg.williams@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Al Slavin Communications Specialist +1 908 439
2200, ext. 5098 al.slavin@ambest.com
James River (NASDAQ:JRVR)
Historical Stock Chart
From Mar 2024 to Apr 2024
James River (NASDAQ:JRVR)
Historical Stock Chart
From Apr 2023 to Apr 2024