James River is a holding company that owns and operates a group of specialty insurance and reinsurance companies. Its largest segment, Excess and Surplus (“E&S”) Lines insurance, focuses on insureds that generally cannot purchase insurance from standard lines insurers due to perceived risks related to their businesses. Included in this E&S Lines segment is James River’s Commercial Auto Division. In 2014, James River ramped up its Commercial Auto Division by underwriting a new type of insurance policy that covered
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) James River had not adequately reserved for its Uber policies; (2) James River was using an incorrect methodology for setting reserves that materially understated its true exposure to Uber claims; (3) as a result, the Company was forced to increase its unfavorable reserves in subsequent quarters, even after cancelling the Uber policies; and (4) as a result of the foregoing, Defendants’ statements about James River’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
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