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PEMBROKE, Bermuda - James River Group Holdings, Ltd. (NASDAQ:JRVR), a specialty insurance company with a market capitalization of $262 million, announced Thursday the appointment of Joel Cavaness to its Board of Directors as an independent, non-executive member, effective immediately. According to InvestingPro data, the company’s stock has gained over 17% year-to-date, despite facing some financial headwinds.
Cavaness, who will also serve on the Board’s Compensation and Human Capital Committee, brings nearly four decades of specialty property-and-casualty distribution experience to the Bermuda-based insurance holding company. This appointment comes at a crucial time, as InvestingPro analysis indicates the company is expected to return to profitability this year, with analysts forecasting positive earnings.
Most recently, Cavaness served as Chairman, Americas Specialty at Arthur J. Gallagher & Co. He previously was President of Risk Placement Services, Inc., which he co-founded in 1997. His earlier career included leadership roles at Arthur J. Gallagher & Co., where he rose to Corporate Vice President and Division President of the Wholesale Brokerage Operation.
"Joel is an accomplished executive in the wholesale brokerage space and has successfully built high-performing distribution platforms throughout his career," said Christine LaSala, Chair of James River’s Board of Directors, in a press release statement.
Cavaness began his insurance career as an underwriter with Crum & Forster Insurance Company and has served on the Board of Directors of the Wholesale & Specialty Insurance Association for more than a decade.
James River Group Holdings operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. The company’s regulated insurance subsidiaries are rated A- (Excellent) by A.M. Best Company. While maintaining its dividend payments for 11 consecutive years, the company currently shows a weak overall financial health score, according to InvestingPro metrics. Investors should note that the company’s next earnings report is scheduled for August 4, which could provide important insights into its financial recovery efforts.
In other recent news, James River Group Holdings reported its first-quarter results, revealing an operating earnings per share (EPS) of $0.19, which was below the expectations of JMP Securities and the consensus estimate. JMP Securities maintained a Market Outperform rating for the company, with a price target of $8.00, suggesting a potentially stable year ahead despite the earnings shortfall. The company’s accident year loss ratio was better than anticipated, but its expense ratio and net investment income did not meet projections. In leadership changes, James River announced Todd Sutherland as the new President of its Excess and Surplus Lines segment, succeeding Richard Schmitzer, who will retire at the end of July. Additionally, Valdean Langenburg was appointed as Group Chief Information Officer, replacing the retiring Thomas Peach, while Justin Zaharris was promoted to Group Chief Claims Officer. In legal matters, a lawsuit against James River Group was dismissed by the U.S. District Court for the Southern District of New York, which was related to the purchase of JRG Reinsurance Company Ltd. The company disclosed the court’s decision in a recent SEC filing.
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