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.

OLDWICK, N.J.--(BUSINESS WIRE)--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.

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