Our securities lawyers are investigating potential legal claims on behalf of investors of James River Group Holdings, Ltd. On October 8, after market hours, James River (NASDAQ: JRVR) announced plans to cancel all insurance policies issued to its largest customer, Uber’s Rasier LLC. On this news, James River shares dropped over 22% during intraday trading on October 9th.

Lost Money in James River Stock?

You may be eligible to recover your losses. Get a free and confidential consultation.

(Please provide number of shares, purchase date, and estimated losses.)

  • This field is for validation purposes and should be left unchanged.

1-866-511-6647

James River Stock News: Uber's Raiser LLC Gets Notice of Early Insurance Policy Cancellation

On October 8, 2019, James River Group Holdings, Ltd. confirmed that it would be cancelling all insurance policies with its largest customer, Uber’s commercial auto business, Rasier LLC. Raiser LLC, a wholly owned subsidary of Uber, had many policies with James River, most of which were due to expire on February 29, 2020.

J. Adam Abram, Chairman and Chief Executive Officer of James River Group Holdings, justified the move by stating:

This account has not met our expectations for profitability, and we think it best to terminate the underwriting relationship as of year end.

According to MarketWatch, the Rasier account comprises about 20% of the company’s trailing 12-months premiums and about 35% of trailing 12-month premiums in the e&s (excess and surplus) segment.  James River announced it has set aside $45mn to $55mn in reserve charges on its commercial auto book, relating to the 2016 and 2017 underwriting years.

Several analysts downgraded JRVR, including Randy Binner of B. Riley, who downgraded the JRVR stock from neutral to sell noting concerns about the adequacy of the company’s reserves, according to MarketWatch.

On this news, James River’s share price fell 22.6%, to close at $37.88 on October 9, 2019.

Our firm is investigating potential legal claims on behalf of investors concerning possible violations of federal securities laws by James River and its officers. Contact us to learn how you may recover your losses.

Our Securities Lawyers Have a Winning Record Against Companies Like James River

Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.

You “shouldn’t presume that powerful banks and other powerful interests can just get away with doing bad things. Good, qualified counsel that are committed to a cause can usually figure out how to prosecute such cases effectively and prevail.”

Eric Gibbs, award-winning securities attorney

Praise from the Courts

Federal judge in our AT&T class action:

“I’ve always found them to be extraordinary counsel in terms of their preparation and their professionalism.”

Federal judge in our Chase lawsuit (resulting in $100 million settlement):

They “fought tooth and nail, down to the wire” to achieve “the best settlement that they could under the circumstances.”

Read more about what judges say about us.

Michael Schrag

Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.

Eileen Epstein

Eileen works closely with investors in securities cases and has over a decade of experience in the legal world. She received her law degree from American University in 2005.

David Stein

David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.

Amanda Karl

Amanda is spearheading a securities lawsuit against NantHealth concerning fraudulent statements to investors about the success of its key product.

Gibbs Law Group's Financial Fraud Experience

Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.

We have fought some of the most complex cases brought under federal and state laws nationwide, and our attorneys have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).