AM Best Comments on Credit Ratings of James River Group Holdings, Ltd. and Its Subsidiaries
AM Best has commented that the Credit Rating (ratings) of James River Group Holdings, Ltd. (JRG Holdings) [NASDAQ: JRVR] (Bermuda) and its subsidiaries remain unchanged at this time following the announcement that its board of directors will explore strategic business alternatives. As part of this process, the board stated that it will consider a wide range of options including, among other things, a potential sale, merger or other strategic action.
AM Best plans to conclude the analysis of JRG Holdings' ratings this month and will consider the group's recent announcement that it has entered into a stock purchase agreement to sell JRG Reinsurance Company Ltd., as well as the error in accounting for reinstatement premium in the company's previously issued results through June 30, 2023. Accordingly, AM Best is aware that the second quarter 10Q/A and the third quarter 10Q results are expected to be filed later this week.
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
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