James River Announces Retirement of Non-Executive Chairman
08 Junho 2023 - 5:05PM
James River Group Holdings, Ltd. (“James River” or the “Company”)
(NASDAQ: JRVR) today announced that Non-Executive Chairman, founder
and former Chief Executive Officer J. Adam Abram will not stand for
re-election at the Company’s 2023 Annual Meeting, and that the
Board has appointed Lead Independent Director Ollie L. Sherman, Jr.
as its next Non-Executive Chairman, effective upon conclusion of
Mr. Abram’s term as director, and contingent upon Mr. Sherman’s
re-election as a director at the Annual Meeting.
“Serving James River as CEO and Chairman has
been an honor," said Mr. Abram. "I am very proud of all the Company
has achieved, and excited for the future of the Company, as it is
well-positioned to continue executing on its transformation under
outstanding leadership.”
Frank D’Orazio, the Company’s Chief Executive
Officer, commented, “Adam and I have worked closely together during
my tenure as CEO, and I have appreciated his valuable counsel and
camaraderie. He has been instrumental to James River’s success
throughout his tenure serving as Chief Executive Officer and
Chairman. On behalf of the Board and the entire Company, I want to
extend my appreciation to Adam for his longstanding leadership and
the foundation he established during his twenty-year commitment to
James River.”
“I am very excited to continue to partner with
Ollie in his new leadership position,” continued Mr. D’Orazio. “He
has been a cogent and thoughtful presence on the Board, especially
through his leadership on the Nominating and Corporate Governance
and Audit Committees. I am thrilled that the Company will continue
to benefit from his insightful counsel in his new role.”
Mr. Sherman has served on the Company’s Board of
Directors since May 2016. Mr. Sherman retired as a Managing
Principal with Towers Watson in 2010. At Towers Watson, Mr. Sherman
functioned as a consulting actuary and practice manager for Tower
Watson’s property and casualty division for over 25 years. Prior to
joining Towers Watson, Mr. Sherman was employed by the Travelers
Insurance Company for ten years where he had overall responsibility
for countrywide workers’ compensation pricing. Mr. Sherman
graduated from the University of Virginia with a B.S. in Applied
Mathematics, and he is a Fellow of the Casualty Actuarial
Society.
Forward-Looking StatementsThis 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, and may be identified by terms such as believe, expect, seek,
may, will, should, intend, project, anticipate, plan, estimate or
similar words. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Additional
information about these risks and uncertainties, as well as others
that may cause actual results to differ materially from those in
the forward-looking statements, is contained in our filings with
the U.S. Securities and Exchange Commission (“SEC”), including our
most recently filed Annual Report on Form 10-K and our other
documents on file with the SEC. 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. The Company operates in three specialty
property-casualty insurance and reinsurance segments: Excess and
Surplus Lines, Specialty Admitted Insurance and Casualty
Reinsurance. 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.jrvrgroup.com.
For more information contact:
Brett ShirreffsSVP, Finance, Investments and
Investor Relations(919) 980-0524InvestorRelations@jrgh.net
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