James River
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Bermuda-based James River has appointed Mike Hoffman to the newly created role of group chief underwriting officer. -
With its costly exit from its Uber book in the rearview mirror, James River is now looking to drive its casualty reinsurance portfolio in a better direction.
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James River reports strong GWP growth for Q3, but operating income slumps amid Uber policy sale.
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The Bermudian insurer has also elected Patricia Roberts as chairperson of the compensation committee.
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James River stock tumbles, Brown & Brown slips, RenRe sees modest gains on Q3 results.
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The carrier expects losses of $5mn from Hurricane Ida net of reinsurance recoveries, and adverse development of $15.1mn in casualty reinsurance.
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Investors pile into James River stock after the Bermudian sells off its loss-riddled legacy portfolio of Uber policies.
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James River ceded approximately $345mn of commercial auto liabilities relating to business written for Uber’s ridesharing business.
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The former KBW banker will oversee investments, investor relations, and rating agency activity, and will report directly to chief financial officer Sarah Doran.
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Industry veteran Gunson will report to James River CEO Frank D’Orazio and be based in Richmond, Virginia.
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The (re)insurer generated what it said was a record quarterly underwriting profit, boosted by a 67% spike in E&S underwriting income to $27mn.
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Gelinne, who had a more than 30-year career at AIG before Allied World, takes over after a series of reserve charges.
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