Business
James River Announces Fourth Quarter And Full Year 2022 Results
PEMBROKE, Bermuda, Feb. 27, 2023 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. ("James River" or the "Company") (NASDAQ: JRVR) today reported fourth
About this update from James River Group Holdings, Inc.
[{"type":"text","content":"PEMBROKE, Bermuda, Feb. 27, 2023 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (\"James River\" or the \"Company\") (NASDAQ: JRVR) today reported fourth quarter 2022 net income available to common shareholders of $15.1 million ($0.40 per diluted share), compared to a net loss available to common shareholders of $66.3 million ($1.78 per diluted share) for the fourth quarter of 2021. Adjusted net operating income1 for the fourth quarter of 2022 was $20.2 million ($0.53 per diluted share), compared to an adjusted net operating loss1 of $67.5 million ($1.81 per diluted share) for the fourth quarter of 2021. Fourth Quarter 2022 Highlights: Group combined ratio of 91.7% and Excess and Surplus Lines (\"E&S\") segment combined ratio of 84.5% on business not subject to retroactive reinsurance accounting for loss portfolio transfers (the \"combined ratio\"). Unless specified otherwise, all underwriting performance ratios presented herein are for our business not subject to retroactive reinsurance accounting for loss portfolio transfers.E&S segment gross and net written premium growth of 11.3% and 20.5%, respectively, due to broad based growth, renewal rate increases and increased net retention.Net investment income increased 88.1% compared to the prior year quarter, and 31.9% sequentially compared to the third quarter of 2022, due to stronger returns from all asset classes.Adjusted net operating return on tangible common equity1 of 23.5%. Full Year 2022 Highlights: Group combined ratio of 93.5% was the lowest since 2014, and E&S segment combined ratio of 85.1% was the lowest since 2016.E&S segment gross and net written premium growth of 10.5% and 17.5%, respectively, with renewal rate increases averaging 10%.Underwriting profit of $49.6 million is the highest in the Company's history and compares to the previous high of $29.5 million in 2016.Adjusted net operating return on tangible common equity1 of 17.4%. _______________________1 Adjusted net operating income (loss) and adjusted net operating return on tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release. Frank D'Orazio, the Company’s Chief Executive Officer, commented, “The fourth quarter of 2022 capped a year of significant progress and profitable momentum f...