James River Announces Director Appointment
09 Julho 2024 - 5:20PM
James River Group Holdings, Ltd. (“James River” or the “Company”)
(NASDAQ: JRVR) today announced that Christine LaSala has been
appointed to its Board of Directors (the “Board”) as an
independent, non-executive member, effective immediately. With the
appointment of Ms. LaSala, the Board has increased its size from
seven to eight directors. Ms. LaSala was appointed to the
Compensation and Human Capital Committee and the Nominating and
Corporate Governance Committee.
“I am thrilled to welcome Christine to our
Board,” said Frank D’Orazio, the Company’s Chief Executive Officer.
“She has deep knowledge of the specialty property and casualty
insurance industry and extremely valuable corporate governance
expertise.” Chairman Ollie L. Sherman, Jr., added, “We are
fortunate to be adding an independent director with Christine’s
wealth of experience to the Board as we continue to carefully
evaluate opportunities as part of our strategic review.”
Ms. LaSala has over 45 years of management,
client leadership and financial experience in the insurance
industry in underwriting and insurance broking roles. She currently
serves as a director of Sedgwick, a leading provider of claims
management, loss adjusting and technology-enabled risk, benefit and
business solutions. She served as a director of Beazley plc for
eight years, including in a variety of board leadership roles such
as Interim Chair, prior to stepping down in April 2024. Ms. LaSala
retired as Chair of Willis Towers Watson North America in 2016.
Prior to joining Willis in early 2014, she served for 10 years as
the President and CEO of the WTC Captive Insurance Company, a U.S.
government-funded, not-for-profit corporation providing liability
insurance to the City of New York and over 100 private contractors.
Prior to her service to the WTC Captive Insurance Company, Ms.
LaSala had a long and successful career at Johnson & Higgins,
where she was the firm’s only woman partner and, among other roles,
served as President of Johnson & Higgins New York, providing
broking advice and consultation to many of the firm’s largest
clients.
Forward Looking Statements
This press release contains forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. In some cases, such forward-looking
statements may be identified by terms such as believe, expect,
seek, may, will, should, intend, project, anticipate, plan,
estimate, guidance 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.
Although it is not possible to identify all of these risks and
uncertainties, they include, among others, the following: the
inherent uncertainty of estimating reserves and the possibility
that incurred losses may be greater than our loss and loss
adjustment expense reserves; inaccurate estimates and judgments in
our risk management may expose us to greater risks than intended;
downgrades in the financial strength rating of our regulated
insurance subsidiaries impacting our ability to attract and retain
insurance business that our subsidiaries write, our competitive
position, and our financial condition; uncertainty regarding the
outcome and timing of our exploration of strategic alternatives,
and the impacts that it may have on our business; the potential
loss of key members of our management team or key employees and our
ability to attract and retain personnel; adverse economic factors
resulting in the sale of fewer policies than expected or an
increase in the frequency or severity of claims, or both; the
impact of a persistently high inflationary environment on our
reserves, the values of our investments and investment returns, and
our compensation expenses; exposure to credit risk, interest rate
risk and other market risk in our investment portfolio; reliance on
a select group of brokers and agents for a significant portion of
our business and the impact of our potential failure to maintain
such relationships; reliance on a select group of customers for a
significant portion of our business and the impact of our potential
failure to maintain, or decision to terminate, such relationships;
our ability to obtain reinsurance coverage at prices and on terms
that allow us to transfer risk, adequately protect our company
against financial loss and that supports our growth plans; losses
resulting from reinsurance counterparties failing to pay us on
reinsurance claims, insurance companies with whom we have a
fronting arrangement failing to pay us for claims, or a former
customer with whom we have an indemnification arrangement failing
to perform its reimbursement obligations, and our potential
inability to demand or maintain adequate collateral to mitigate
such risks; inadequacy of premiums we charge to compensate us for
our losses incurred; changes in laws or government regulation,
including tax or insurance law and regulations; changes in U.S. tax
laws and the interpretation of certain provisions of Public Law No.
115-97, informally titled the 2017 Tax Cuts and Jobs Act (including
associated regulations), which may be retroactive and could have a
significant effect on us including, among other things, by
potentially increasing our tax rate, as well as on our
shareholders; in the event we do not qualify for the insurance
company exception to the passive foreign investment company
(“PFIC”) rules and are therefore considered a PFIC, there could be
material adverse tax consequences to an investor that is subject to
U.S. federal income taxation; the Company or its foreign subsidiary
becoming subject to U.S. federal income taxation; a failure of any
of the loss limitations or exclusions we utilize to shield us from
unanticipated financial losses or legal exposures, or other
liabilities; losses from catastrophic events, such as natural
disasters and terrorist acts, which substantially exceed our
expectations and/or exceed the amount of reinsurance we have
purchased to protect us from such events; potential effects on our
business of emerging claim and coverage issues; the amount of the
final post-closing adjustment to the purchase price received in
connection with the sale of our casualty reinsurance business; the
potential impact of internal or external fraud, operational errors,
systems malfunctions or cyber security incidents; our ability to
manage our growth effectively; failure to maintain effective
internal controls in accordance with the Sarbanes-Oxley Act of
2002, as amended (“Sarbanes-Oxley”); changes in our financial
condition, regulations or other factors that may restrict our
subsidiaries’ ability to pay us dividends; and an adverse result in
any litigation or legal proceedings we are or may become subject
to. 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
Quarterly Report on 10-Q. 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 that owns and operates a
group of specialty insurance companies. The Company operates in two
specialty property-casualty insurance segments: Excess and Surplus
Lines and Specialty Admitted Insurance. 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 Shirreffs
SVP, Finance, Investments and Investor Relations
(919) 980-0524
Investors@jrvrgroup.com
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