AM Best Affirms Credit Ratings of James River Group Holdings, Ltd. and Its Subsidiaries
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of the rated operating subsidiaries of James River Group Holdings, Ltd. (JRG Holdings) [NASDAQ: JRVR]. In addition, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of JRG Holdings. The outlook of these Credit Ratings (ratings) is stable. JRG Holdings is domiciled in Pembroke, Bermuda, while its subsidiaries are based in Pembroke, Richmond, VA, and Raleigh, NC
OLDWICK, N.J.--(BUSINESS WIRE)--Nov 10, 2022--
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of the rated operating subsidiaries of James River Group Holdings, Ltd. (JRG Holdings) [NASDAQ: JRVR]. In addition, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of JRG Holdings. The outlook of these Credit Ratings (ratings) is stable. JRG Holdings is domiciled in Pembroke, Bermuda, while its subsidiaries are based in Pembroke, Richmond, VA, and Raleigh, NC. (See below for a detailed listing of the subsidiaries.)
The ratings reflect the group’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM).
The very strong balance sheet assessment considers the company’s risk-adjusted capital position and the financial flexibility provided by JRG Holdings, as demonstrated by successful capital raises in 2021 and 2022. Additionally, the group’s balance sheet has been strengthened by the execution of two loss portfolio transfer transactions over the past few years, which addressed the recurring adverse reserve development within the commercial auto lines and casualty reinsurance segment.
