James river announces transfer of legacy commercial auto portfolio to aleka insurance, inc.

Pembroke, bermuda, sept. 30, 2021 (globe newswire) -- james river group holdings, ltd. (“james river” or the “company”) (nasdaq: jrvr) today announced that two of its principal operating subsidiaries have entered into a loss portfolio transfer reinsurance transaction with aleka insurance, inc. (“aleka”), a wholly owned captive insurer of uber technologies, inc. (“uber”), under which aleka will reinsure substantially all of james river's legacy portfolio of commercial auto policies related to uber's ridesharing business. under the terms of the transaction, james river ceded to aleka approximately $345.1 million of commercial auto liabilities relating to business written for uber's ridesharing business in the years 2013-2019. the coverage being provided by aleka is fully collateralized and not subject to an aggregate limit.
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