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Posted 29 December, 2023

James River Group Holdings, Ltd. appointed new CEO

CEO Change detected for ticker Nasdaq:JRVR in a 8-K filed on 29 December, 2023.


  As previously announced, Terence M. McCafferty, President and Chief Executive Officer of the Specialty Admitted Insurance segment of James River Group Holdings, Ltd. (the "Company"), left the Company effective December 2, 2023 (the "Separation Date").  

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Overview of James River Group Holdings, Ltd.
Financial Services • Non-Life Insurance
James River Group Holdings Ltd. engages in the ownership and operation of a group of specialty insurance and reinsurance companies. It operates through the following segments: Excess and Surplus Lines, Specialty Admitted Insurance, Casualty Reinsurance, and Corporate and Other. The Excess and Surplus Lines segment offers E&S commercial lines liability and property insurance products. The Specialty Admitted Insurance segment focuses on s workers’ compensation insurance coverage as well as specialty admitted fronting and program business. The Casualty Reinsurance segment deals with commercial liability and non-catastrophe property reinsurance to U.S. insurance companies and to the Company’s U.S.-based insurance subsidiaries. The Corporate and Other segment comprises of management and treasury activities of James River Group, James River UK, and JRG Holdings as well as interest expense associated with senior debt and Junior Subordinated Debt, and investment income from investments classified as other invested assets. The company was founded on May 30, 2007 and is headquartered in Hamilton, Bermuda.
Market Cap
$363M
View Company Details
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


As previously announced, Terence M. McCafferty, President and Chief Executive Officer of the Specialty Admitted Insurance segment of James River Group Holdings, Ltd. (the "Company"), left the Company effective December 2, 2023 (the "Separation Date").

On December 26, 2023, the Company's subsidiary, James River Group, Inc., and the Company's subsidiaries engaged in the specialty admitted insurance business (collectively, the "James River Parties") entered into a Separation and Release Agreement with Mr. McCafferty (the "Separation Agreement"). Pursuant to the Separation Agreement, Mr. McCafferty is entitled to receive the benefits under the Company's short-term incentive plan ("STIP") and long-term incentive plan ("LTIP") consistent with a qualified retirement from the Company. Such benefits consist of (i) a pro-rated cash incentive award under the STIP based upon the level of achievement of the performance goals for the 2023 fiscal year, and (ii) pro-rata settlement of the performance-based LTIP Award granted in 2023 in an amount of shares determined based upon actual performance during the three year performance period ended December 31, 2025. Pro-rated amounts will be determined based upon the period that Mr. McCafferty was employed by the Company during the applicable performance period, and payments of the applicable award will be made at the same time that payment is made in the ordinary course following completion of the applicable performance periods. Additionally, Mr. McCafferty will be entitled under the LTIP to receive settlement of the number of service-based RSUs awarded in 2023 that vest on the next annual vesting date if he had not separated from the Company, and any other remaining service-based RSUs will be forfeited. The service-based RSUs will be settled within 30 days of the Separation Date. Mr. McCafferty is also entitled under the Separation Agreement to receive a payment of $110,000 as an expense reimbursement. 

The Separation Agreement also contains mutual general releases between Mr. McCafferty and the James River Parties and their affiliates. In accordance with applicable law, Mr. McCafferty may revoke the Separation Agreement for a period of seven-days after the date of execution of his agreement. The Separation Agreement will not become effective or enforceable until the seven-day revocation period has ended.