James River Group Holdings, Ltd., has delivered a notice of early cancellation, effective December 31, 2019, of all insurance policies issued to its largest customer, Rasier LLC and its affiliates.
Raiser is a wholly owned subsidiary of Uber Technologies, Inc.
In a statement, James River explained that all insurance policies related to Raiser were included in its commercial auto line of business within its excess and surplus lines segment, and a majority of the insurance policies were due to expire on February 29, 2020.
"This account has not met our expectations for profitability, and we think it best to terminate the underwriting relationship as of year end," said J. Adam Abram, chair and chief executive officer of James River.
Learn more: www.jrgh.net.
Steven A. Meyerowitz
Steven A. Meyerowitz, a Harvard Law School graduate, is the founder and president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. He may be contacted at [email protected].