James River Assigned

A.M. Best Co. assigned an initial financial strength rating of “A-” (Excellent) to James River Insurance Company (James River). The rating outlook is stable. The company is the insurance subsidiary of James River Group Inc., a Delaware holding company organized in September 2002 for the purpose of capitalizing and acquiring an insurance company with the authorization to write property/casualty insurance on an excess and surplus lines (E&S) basis in multiple states.

On June 30 James River Group Inc. received approval from the state of Ohio to acquire Fidelity Excess and Surplus Insurance Co., a clean shell, formerly owned by Great American Financial Property & Casualty Group. Fidelity has been renamed James River Insurance Co.
The rating reflects James River’s strong initial capital base, the excellent track record of its management team in running an E&S lines company and its sound business plan to target specific segments of the E&S lines market place that may be currently underserved. The capital base for James River has been amassed through significant capital contributions of several primary investors that have not only provided the majority of the company’s initial financing but have explicitly expressed their desire to provide additional capital support if the opportunity arises.

James River Group Inc. is led by J. Adam Abram, president and CEO, who brings extensive insurance experience and a demonstrated track record of producing strong results. A.M. Best expects that Abram and the James River management team will establish strong underwriting, risk management and pricing controls to ensure pricing discipline and adherence to their plan to serve the small to middle E&S lines market.

Topics Excess Surplus