News Summary

• On May 19, UBS downgraded James River Group Holdings, Inc.
• (NASDAQ:JRVR) to Neutral from Buy and reduced its price target to $4.75 from $8.00.
• The firm cited a higher cost of equity capital stemming from increased risks related to adverse reserve development.
• UBS also noted that intensifying competition within the small- to middle-market excess and surplus lines sector could make it more difficult for the company to achieve meaningful growth, leading the analyst to adopt a more cautious stance on the shares.