Insurer James River slumps after surprise Q3 loss

James River group

12/11/2024 16:08

** Shares of insurer James River Group  JRVR.O  slide as
much as 19.6%, last down 16.9% at $5.50
    ** JRVR late Monday reported Q3 net loss of 74 cents/shr,
compared with Wall Street expectations of a profit of 15
cents/shr - LSEG data
    ** Q3 results included $57 mln of unfavorable reserve
development in JRVR's excess and surplus lines segment
    ** Reserves are funds set aside by insurers to meet any
future claims it may have to payout
    ** Q3 combined ratio was 135.5%, higher than Street
expectations of 121.8%
    ** Combined ratio measures the underwriting profitability of
an insurer
    ** A ratio above 100% indicates the insurer is paying out
more money than it is receiving in premiums
    ** As of last close, JRVR shares were down 28.4 YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))