James River
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Robert Myron is to retire on 31 July for health reasons related to the persisting effects of Lyme disease. -
New York-based Bernstein Litowitz Berger & Grossmann cited the $169mn reserve charge from loss creep James River disclosed on May 5 as a catalyst for the suit.
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Management should examine the relationship between company strategy, broader market cycles and short interest.
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The ratings agency says the carrier’s risk management framework must evolve "proactively".
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The charge from the run-off policies pushed the carrier’s Q1 combined ratio up 98.6 points to 199.2%.
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The specialty insurer now expects AM Best to demote the company’s financial strength rating to A- as a result of the losses.
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