NEW YORK, Oct. 9, 2019 /PRNewswire/ — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating claims on behalf of investors who purchased shares of James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR).
On October 8, 2019, after the market closed, James River made the surprise announcement that it had delivered a notice of early cancellation of all insurance policies issued to its largest customer, Rasier LLC, an affiliate of Uber Technologies, Inc. The Company’s Chief Executive J. Adam Abram said in a statement that “[t]his account has not met our expectations for profitability, and we think it best to terminate the underwriting relationship as of year-end.”
James River also disclosed a “pre-tax, adverse development of between $55 million and $60 million, net of reinsurance recoveries and reinstatement premiums.” The Company said these losses are primarily related to its commercial auto line of business with its Excess and Surplus Lines segment for the 2016 and 2017 underwriting years.
On October 9, 2019, James River’s shares plummeted in midday trading by over 22% on heavier than usual volume.
If you purchased James River shares and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about your rights or interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
SOURCE Kaplan Fox & Kilsheimer LLP
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