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James River shares lose 22% after insurer cancels Uber affiliate account

Shares of James River Group Holdings Ltd. tumbled a day after the company said it would cancel all insurance policies issued to its largest customer.

The stock was down 22.22% at $38.06 as of 11:50 a.m. ET.

James River on Oct. 8 announced it would cancel all policies issued to Rasier LLC its affiliates, effective Dec. 31. Rasier LLC is an affiliate of ride-hailing giant Uber Technologies Inc.

James River said it was making the move because the account did not meet profitability expectations. The policies, most of which were due to expire Feb. 29, 2020, are included in James River's commercial auto line of business within its excess and surplus lines segment.

The company also disclosed that it anticipates pretax adverse development of $55 million to $60 million, net of reinsurance recoveries and reinstatement premiums, to hit third-quarter earnings results.