A.M. Best Affirms Credit Ratings of JRG Reinsurance Company, Ltd. and Its Affiliates
19 August 2017 - 1:14AM
Business Wire
A.M. Best has affirmed the Financial Strength Rating
(FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings
(Long-Term ICR) of “a” of JRG Reinsurance Company, Ltd. (JRG
Re) (Hamilton, Bermuda) and its U.S.–based affiliates.
Concurrently, A.M. Best has affirmed the Long-Term ICR of “bbb” of
James River Group Holdings, Ltd. (JRG
Holdings)(NASDAQ:JRVR). JRG Holdings and JRG Re are domiciled in
Pembroke, Bermuda, while the U.S. companies are based in Richmond,
VA and Raleigh, NC. The outlook of these Credit Ratings (ratings)
is stable. (See below for a detailed listing of the U.S.-based
affiliates.)
The rating affirmations reflect JRG Re’s solid business profile,
strategy execution under its experienced management team and strong
consolidated capitalization. This includes earnings from the
company’s position as a significant quota-share reinsurance
participant for its U.S.-based affiliates and as a provider of
third-party reinsurance for U.S.-based specialty insurers. These
positive rating factors are offset partially by the challenges
presented by a competitive casualty reinsurance market.
JRG Re has recorded favorable consolidated combined ratios in
support of the diversified premium writings. These results reflect
the impact of the company’s underwriting discipline. The excess and
surplus lines segment reinsurance portfolio produced by the
U.S.-based affiliates is focused on short- to intermediate-tail
casualty business. In terms of third-party business, the company
selectively utilizes existing relationships along with market
dynamics to generate a substantial flow of casualty reinsurance
opportunities.
The ratings could be impacted positively by the combined
insurance operations continuing to demonstrate improvement in
underwriting results across its segments, or continued advancement
in balance sheet strength. The ratings could be impacted negatively
by less-than-optimal underwriting results in any one segment (e.g.,
workers’ compensation) or balance sheet strength that does not
support the risk profile.
The U.S. affiliates’ ratings are correlated directly to the
ratings of JRG Re and receive full rating enhancement due to the
explicit and implicit support provided by JRG Re.
The FSR of A (Excellent) and the Long-Term ICRs of “a” of JRG
Reinsurance Company, Ltd. and its following U.S.-based
affiliates have been affirmed with a stable outlook:
- James River Insurance
Company
- James River Casualty
Company
- Falls Lake National Insurance
Company
- Stonewood Insurance Company
- Falls Lake General Insurance
Company
- Falls Lake Fire and Casualty
Company
This press release relates to Credit Ratings that have been
published on A.M. 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 A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings. For information on the proper media use of Best’s
Credit Ratings and A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating
Services, Inc. and/or its subsidiaries. ALL RIGHTS
RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20170818005378/en/
A.M. BestRobert Raber, +1-908-439-2200, ext.
5696Senior Financial
Analystrobert.raber@ambest.comorGreg Williams,
+1-908-439-2200, ext. 5815Senior
Directorgreg.williams@ambest.comorChristopher Sharkey,
+1-908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy,
+1-908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
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