James River
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A total of 10 of the carrier’s 13 underwriting divisions experienced double-digit premium growth for the second consecutive quarter. -
Gross written premium grew 5.1% year-on-year to $400mn, while net written premium rose 0.6% to $195mn.
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
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Inside P&C’s News team runs you through the key highlights of the week
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The executive said favorable market conditions that the E&S sector has enjoyed for several years should last throughout 2022 and likely beyond.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Overall, the firm reported a $6.8mn reserve charge, down from $170.1mn unfavorable development from Q1 2021.
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The reinsurance deal will require James River to write off $6.8mn in Q1 2022.
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The reserve charge reported in quarterly earnings may have opened the door for activists.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The ratings agency said it could revisit the ratings if James River’s loss portfolio transfer agreement with Fortitude Re does not go through.
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CEO Frank D’Orazio said in an investor call that the company had entered a deal with Fortitude to protect against further reserve volatility.
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