07:44 AM EDT, 07/10/2024 (MT Newswires) -- James River Group Holdings ( JRVR ) said late Tuesday that two of its principal subsidiaries entered a reinsurance agreement with State National Insurance to provide $160 million of reinsurance coverage for James River's Excess and Surplus Lines segment for accident years 2010 to 2023, with James River co-participating at 15%.

The deal executed on July 2, is effective Jan. 1, 2024, the company said.

James River said it would see a $52.2 million pre-tax income reduction in Q3 due to excess consideration paid over reserves. The agreement includes a profit commission for James River on favorable developments, capped at $87 million.