AM Best Maintains James River Group Ratings
AM Best said the Credit Rating of James River Group Holdings, Ltd. and its subsidiaries remain unchanged at this time following the announcement that its board of directors will explore strategic business alternatives.
A spokesperson said, “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.”
