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B. Riley FBR downgrades James River after insurer cancels ride-hailing account

B. Riley FBR analyst Randy Binner has downgraded his call on James River Group Holdings Ltd. to "sell" from "neutral," after the insurer disclosed that it will cancel all insurance policies issued to Uber Technologies Inc. affiliate Rasier LLC.

Binner said the expected topline decrease from the decision cancel the Uber-related account, margin compression from reduced scale and increased conservatism on reserve adequacy has lowered his EPS estimates to $1.00 from $2.60 for 2019 and to $2.25 from $2.65 for 2020.

In addition to the downgrade, he lowered his price target on the company to $40 from $45.