NEW YORK (MarketWatch) -- Insurance firm James River Group Inc. (JRVR) on Friday increased its estimate for Hurricane Katrina losses to $14-$16 million, or $1-$1.18 a share. While the company believes it has "sufficient financial flexibility to withstand these losses" and to support growth in its casualty business, James River Group does not expect to meet its previously announced targets for underwriting profit or for return on equity for 2005. The company is suspending its underwriting activity in the property market, "until we are convinced that there is an opportunity to make consistent underwriting profits in this area." James River sees "a significant opportunity" in the casualty market, where it will focus its attention. Shares rose 16 cents to $20.25 on Thursday.
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