Specialty insurer James River Group (NASDAQ: JRVR) is having a terrible day on Wednesday, with the stock down by 22% as of 11:30 a.m. EDT. The company didn't issue a bad earnings release or anything like that -- instead, the reason for the slide was the company's decision to drop its largest customer: Uber (NYSE: UBER).
Specifically, James River has decided to end its relationship with Rasier LLC, which is Uber's commercial auto insurance business and James River's largest account. Uber works with Farmers Insurance, Progressive, and Allstate as well, and James River provides insurance for Uber drivers in 20 states, Puerto Rico, and Washington, D.C. Uber says that it will replace James River with another insurer in these markets, but it's not clear what company that will be.
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