4.61
1.32%
0.06
After Hours:
4.61
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Why is James River Group Holdings Ltd (JRVR) Stock down?
We've noticed a 7.26% decline in James River Group Holdings Ltd (JRVR) stock during the 2024-11-13 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
09 Nov, 2023:
James River Group Holdings, Ltd Stock (JRVR) dropped by 32.78% from $13.15 to $8.84 in the trading on Thursday November 9, 2023. The reasons why JRVR stock down today include:
- Worse-than-expected Q3 FY23 results: The company reported EPS of $0.48, beating the consensus of $0.47, and net earned premiums of $202.63 million missed the street view of $226.47 million.
- Error in accounting: JRVR identified an error in accounting for reinstatement premium on a specialty casualty reinsurance treaty in its E&S segment. This led to understatements of ceded written premium and overstatements of net written premium and net earned premium of $9.4 million and $12.3 million, respectively, in Q2.
- Agreement disclosure: The company disclosed an agreement with Fleming Intermediate Holdings to sell casualty reinsurance business for $277 million.
- Downgrade from analyst: Truist downgraded the stock to Hold from Buy on increased risk that the insurer will have to set more money aside for reserves at its core Excess & Surplus Lines business.
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