詹姆斯河与州国民保险公司签署再保险协议

2024-07-10 04:34

James River Group (NASDAQ:JRVR) announced that two of its principal operating subsidiaries entered into a combined loss portfolio transfer and adverse development cover reinsurance agreement with State National Insurance Company.
Under agreement, State National will provide $160M of adverse development reinsurance coverage for James River’s Excess and Surplus Lines segment casualty portfolio for accident years 2010-2023, subject to a 15% co-participation by the company.
The reinsurance agreement was executed on July 2, 2024 and is effective January 1, 2024.
During Q3 2024, James River will recognize a $52.2M reduction in pre-tax income for the excess consideration paid over reserves ceded in connection with the agreement.
Once the transaction is recognized, should the Company experience adverse development on the subject business (as early as the January 1, 2024 effective date), it would be subject to the reinsurance agreement.
The agreement also includes a profit commission to James River for 50% of any favorable development on the business ceded to State National below 104.5% of carried reserves, capped at $87M.
Source: Press Release

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