James River Group downgraded to Market Perform from Outperform at Citizens

Citizens downgraded James River Group (JRVR) to Market Perform from Outperform without a price target The company’s Q1 results “disappointed” and used two-thirds of the remaining excess and surplus adverse development cover limit, leaving only $7.5M available for potential further adverse development, the analyst tells investors in a research note. Citizens says this removes the “sleep at night” protection the transactions had been intended to provide.