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.
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 Riverannounced 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.
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.
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