UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT 

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

 

 

Date of Report (Date of earliest event reported):   October 16, 2017

 

 

JAMES RIVER GROUP HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)

 

 

Bermuda 001-36777 98-0585280
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)

 

 

Wellesley House, 2nd Floor, 90 Pitts Bay Road, Pembroke Bermuda HM 08
(Address of principal executive offices) (Zip Code)

 

 

Registrant’s telephone number, including area code:   +1-441-278-4580

 

 

 
(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

 

¨ Written Communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x 

 

 

 

 

 

  

Item 2.02 Results of Operations and Financial Condition.

  

On October 16, 2017, James River Group Holdings, Ltd. (the “Company”) issued a press release announcing its initial estimated pretax loss from Hurricanes Harvey, Irma and Maria. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information in Item 2.02 and Exhibit 99.1 furnished herewith shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act unless specifically stated by the Company.

 

Item 9.01 Financial Statements and Exhibits.

  

  (d) Exhibits

 

The following Exhibit is furnished as a part of this Form 8-K:

  

Exhibit No.   Description
     
99.1   Press Release of the Company dated October 16, 2017

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  JAMES RIVER GROUP HOLDINGS, LTD.
   
   
Dated:  October 16, 2017 By: /s/ Sarah C. Doran
  Name: Sarah C. Doran
  Title:    Chief Financial Officer

  

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
     
99.1   Press Release of the Company dated October 16, 2017

 

 

 

Exhibit 99.1

 

 

James River Announces Initial Estimate of Hurricane Losses

 

Pembroke, Bermuda, October 16, 2017 – James River Group Holdings, Ltd. (“James River”; NASDAQ: JRVR) announced today that its initial pretax loss estimate from Hurricanes Harvey, Irma and Maria is expected to be approximately $10 million, net of reinsurance and reinstatement premiums.

 

James River’s loss estimates are based on its current evaluation of the impacted contracts and are subject to change due to, among other factors, the complexity of the claims and preliminary nature of the information available to prepare the estimates.

 

“Our expected loss of $10 million in the face of industry losses that are likely to exceed $100 billion is an affirmation of our low volatility model. This loss will affect our earnings for the quarter and the year. However, we continue to anticipate earning a 12% or better return on tangible equity for the full year,” said J. Adam Abram, Chairman and Chief Executive Officer of James River.

 

 

Forward-Looking Statements

 

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include statements regarding the intent, belief or current expectations of James River and its management team.  Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important information regarding such risks and uncertainties can be found in in our filings with the U.S. Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K filed with the SEC on March 10, 2017. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

 

 

About James River Group Holdings, Ltd.

 

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company which owns and operates a group of specialty insurance and reinsurance companies founded by members of our management team. The Company operates in three specialty property-casualty insurance and reinsurance segments: Excess and Surplus Lines, Specialty Admitted Insurance and Casualty Reinsurance. The Company tends to focus on accounts associated with small or medium-sized businesses in each of its segments. Each of the Company's regulated insurance subsidiaries are rated "A" (Excellent) by A.M. Best Company.

 

 

Visit James River Group Holdings, Ltd. on the web at www.jrgh.net

  

 

For more information contact:

 
Kevin Copeland

SVP Finance and Chief Investment Officer

InvestorRelations@jrgh.net

441-278-4573