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 18, 2018
JAMES RIVER GROUP HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)
| Bermuda | 001-36777 | 98-0585280 |
|
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer 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):
| o | Written Communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | 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 o
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. o
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On October 18, 2018, Steven J. Hartman, President and Chief Executive Officer of the Specialty Admitted Insurance segment of James River Group Holdings, Ltd. (the “Company”), left the Company.
| Item 8.01 | Other Events. |
On October 22, 2018, the Company issued a press release announcing the hiring of Terry McCafferty to replace Mr. Hartman as President and Chief Executive Officer of the Company’s Specialty Admitted Insurance segment. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release of the Company dated October 22, 2018 |
| 2 |
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 22, 2018 | By: | /s/ Sarah C. Doran |
| Sarah C. Doran | ||
| Chief Financial Officer | ||
| 3 |
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release of the Company dated October 22, 2018 |
| 4 |
Exhibit 99.1
James River Announces Appointment of President, Specialty Admitted Insurance Segment
Pembroke, Bermuda, October 22, 2018 – James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) today announced that Terry McCafferty has assumed the role of President, Specialty Admitted Insurance segment, effective October 19, 2018. He will report to Robert P. (Bob) Myron, President and Chief Executive Officer of the Company. Mr. McCafferty will replace outgoing Specialty Admitted Insurance segment President Steven J. Hartman, who left the Company on October 18, 2018.
Mr. McCafferty joins the Company from Zurich North America, where he was most recently Senior Vice President, Head of Group Captives and Alternative Risk. Mr. McCafferty has worked for Zurich in a variety of operational and finance roles over a twenty year career, and has over thirty years of experience in the property and casualty insurance industry. He received a BBA from Miami University and an MBA from Xavier University.
Bob Myron, President and Chief Executive Officer, said, “We are very pleased to have Terry join our company. He has a wealth of experience in the property and casualty business across a number of disciplines, especially within those lines directly related to our growing fronting and individual risk workers’ compensation businesses, and has a strong track record of success in delivering underwriting profit. I am very excited to work with him as we continue to build our franchise.”
Mr. Myron added, “I am very appreciative of the efforts of Steve Hartman, who over the last six plus years has grown our Specialty Admitted segment from basically a mono-line, single state workers’ compensation business to a well-diversified segment, including a profitable and growing fronting business. We wish him the very best.”
Mr. McCafferty added, “I am thrilled to be joining James River, and to have the opportunity to lead the Company’s Specialty Admitted segment. The Company has consistently delivered on its core strategy of building a well performing specialty underwriter, while generating superior returns for investors. I look forward to working with Bob and the rest of the leadership team to continue building the Specialty Admitted Insurance segment.”
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. 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 & Chief Investment Officer
InvestorRelations@jrgh.net
441-278-4573