James River
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Overall, the firm reported a $6.8mn reserve charge, down from $170.1mn unfavorable development from Q1 2021. -
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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The stock hit new lows after James River booked a $115mn reserve charge and posted a Q4 combined ratio of 140.6%.
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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 carrier will recognize a $6.8mn after-tax loss associated with the LPT agreement during the first quarter of 2022.
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Stock prices fluctuated, and InsurTech short-sellers took some profits.
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The company seems to be retrenching to a core business strategy as its new management team looks to land the turnaround.
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With the commercial auto noise behind it, the firm is set to benefit from E&S tailwinds, but casualty re remains a concern and new management will need to bed in.
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