AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of the rated operating subsidiaries of James River Group Holdings, Inc. (Delaware) [NASDAQ: JRVR]. In addition, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of James River Group Holdings, Inc. The outlook of these Credit Ratings (ratings) is negative. (See below for a detailed listing of the subsidiaries.)

The ratings of James River Group Holdings, Inc.’s subsidiaries reflect their balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM).

The affirmation of the ratings reflects James River Group Holdings, Inc.’s substantial efforts to protect its balance sheet through adverse development cover and loss portfolio transfer reinsurance transactions, while refocusing operations to provide sustainable earnings. The rating affirmations also consider the group’s ongoing focus to enhance overall ERM capabilities. Despite these positive attributes, the negative outlooks reflect the execution risks associated with achieving the group’s near-term operating, underwriting, and balance sheet expectations (including projected capitalization and leverage metrics) as presented to AM Best.

The FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) have been affirmed with negative outlooks for the following subsidiaries of James River Group Holdings, Inc.:

• James River Insurance Company
• James River Casualty Company
• Falls Lake National Insurance Company
• Stonewood Insurance Company
• Falls Lake Fire and Casualty Company

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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