Business
James River Announces First Quarter 2020 Results
First Quarter 2020 Net Loss of $36.8 million -- $1.21 per diluted share and Adjusted Net Operating Income of $15.4 million -- $0.50 per diluted shareThe Net
About this update from James River Group Holdings, Inc.
[{"type":"text","content":"First Quarter 2020 Net Loss of $36.8 million -- $1.21 per diluted share and Adjusted Net Operating Income of $15.4 million -- $0.50 per diluted shareThe Net Loss was driven by investment volatility, primarily in the Company’s $202.9 million senior secured bank loan portfolio. In connection with the Company’s adoption of an accounting change, the assets are measured at fair value with changes reported through the income statement as of January 1, 2020. The portfolio, which had previously been carried at amortized cost net of allowance for any credit losses, experienced an unrealized loss during the quarter, a substantial amount of which has been recovered subsequent to the end of the first quarter. 37% growth in Core (Excluding Commercial Auto) Excess and Surplus Lines (\"E&S\") Gross Written Premium versus the prior year quarter Year-to-date 2020 annualized Adjusted Net Operating Return on Average Tangible Equity of 11.6% Net Investment Income of $20.8 million, an increase of 7%, or $1.4 million, over the prior year quarter PEMBROKE, Bermuda, April 29, 2020 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (\"James River\" or the \"Company\") (NASDAQ: JRVR) today reported first quarter 2020 net loss of $36.8 million ($1.21 per diluted share), compared to net income of $22.7 million ($0.75 per diluted share) for the first quarter of 2019. Adjusted net operating income for the first quarter of 2020 was $15.4 million ($0.50 per diluted share), compared to adjusted net operating income of $21.7 million ($0.71 per diluted share) for the same period in 2019.\n Earnings Per Diluted ShareThree Months Ended March 31, 2020 2019 Net (Loss) Income$(1.21) $0.75 Adjusted Net Operating Income 1$0.50 $0.71 1 See \"Reconciliation of Non-GAAP Measures\" below. J. Adam Abram, the Company’s Chairman and Chief Executive Officer, commented, “I am pleased to report that all of our colleagues are safe and healthy and that we have been able to operate efficiently as a team while moving to remote work. Despite the disruptions, uncertainties and the concerns brought on by the spread of the coronavirus, our team delivered a very strong start to the year. Gross written premiums in the core E&S business grew by 37%, renewal pricing was up by 13% and submission flow increased 20%. This was the 13th consecutive quarter in which rates increased in core E&S. ...