James River

Howden Tiger Capital Markets again has a mandate to find a buyer for Bermuda-based JRG Reinsurance Company.

James River's board approved the appointment effective January 6, with a term expiring at the 2024 annual shareholder meeting.

Amid record high economic inflation, continuing supply chain issues and proliferating nuclear verdicts, carrier CEOs have emphasized the need to keep rate above loss costs during Q3 conference calls.

James River CEO Frank D’Orazio said the firm’s losses from Hurricane Ian will be contained in the third quarter, as he discussed the carrier’s Q3 earnings in a call with analysts.

The company reported a $5mn loss related to Hurricane Ian, which affected the specialist’s excess property underwriting division.

In addition, the executive was appointed to the audit committee of the board.

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.

Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.

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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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