Business
James River Announces First Quarter 2022 Results
First quarter 2022 net income available to common shareholders of $9.3 million ($0.25 per diluted share). Adjusted net operating income1 of $13.9 million
About this update from James River Group Holdings, Inc.
[{"type":"text","content":"First quarter 2022 net income available to common shareholders of $9.3 million ($0.25 per diluted share). Adjusted net operating income1 of $13.9 million ($0.37 per diluted share).The Group combined ratio of 97.4% was elevated by 6.1 percentage points associated with the previously announced Casualty Reinsurance loss portfolio transfer (\"Retrocession Transaction\"). The Company's largest segment, Excess and Surplus Lines (\"E&S\"), produced a combined ratio of 83.7%.Growth in E&S gross written premium of 12.6% and an increase in E&S renewal pricing of 8.4%.Group expense ratio improved to 26.0% from 28.9% in the first quarter of 2021.Net investment income increased 7.8% versus the prior year quarter due to strong results from renewable energy investments. PEMBROKE, Bermuda, May 09, 2022 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (\"James River\" or the \"Company\") (NASDAQ: JRVR) today reported first quarter 2022 net income available to common shareholders of $9.3 million ($0.25 per diluted share), compared to a net loss of $103.5 million ($3.37 per diluted share) for the first quarter of 2021. Adjusted net operating income1 for the first quarter of 2022 was $13.9 million ($0.37 per diluted share), compared to an adjusted net operating loss1 of $108.8 million ($3.54 per diluted share) for the same period in 2021. _____________________1 Adjusted net operating income (loss) is a non-GAAP financial measure. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release. Earnings (Loss) Per Diluted ShareThree Months EndedMarch 31, 2022 2021 Net Income (Loss)$0.25 $(3.37)Adjusted Net Operating Income (Loss)1$0.37 $(3.54) 1 See \"Reconciliation of Non-GAAP Measures\" below. Frank D'Orazio, the Company’s Chief Executive Officer, commented, “The first quarter represented a strong start to the year, highlighted by continued attractive market conditions for our E&S segment allowing us to produce broad-based growth in an attractive underwriting environment. Our E&S renewal pricing reflected the twenty-first consecutive quarter of positive rate, compounding to 52% over that period. During the quarter, we also grew fee income in our Specialty Admitted segment by 8%, while premium in our workers' compensation unit and Casualty Reinsurance segment declined as we remain disciplin...