James River Group Holdings is owned by a hedge fund. And it kind of invests a little like a hedge fund. And it does some other potentially risky things, like insure Uber, which is a thing that hedge funds—and hedge fund managers—happen to enjoy. Still, it doesn’t want you to get the wrong idea, should you perhaps be interested in buying a couple of shares: James River Group is an insurer that cannot be pinned down or defined by a couple of stupid words, like "hedge" and "fund."
James River Group Holdings Ltd. outlined its strategy this way in a Dec. 2 prospectus: “We do not operate like a hedge fund, but we are comfortable allocating a portion of our assets to non-traditional investments….”
One area James River has developed is selling coverage to ride-sharing -- or transportation network -- companies, like Uber. Premiums for that business climbed to $18.7 million in the first nine months of this year from about $1.7 million in the same period in 2013, according to the prospectus.