PEMBROKE, Bermuda, July 09, 2024 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) today announced that two of its principal operating subsidiaries entered into a combined loss portfolio transfer and adverse development cover reinsurance agreement with State National Insurance Company, Inc. (“State National”).
Under the terms of the agreement, State National will provide $160.0 million of adverse development reinsurance coverage for James River’s 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 Company’s former large commercial auto insured, with the vast majority of that exposure already subject to a previously executed loss portfolio transfer. James River will retain claims management. State National is rated “A” (Excellent) by AM Best.
Frank D’Orazio, the Company’s Chief Executive Officer, commented, “We are pleased to have successfully completed a significant legacy reinsurance transaction with a highly rated carrier that is consistent with the Company’s track record of de-risking the organization while bolstering the balance sheet and providing improved certainty to our stakeholders.”
