Business
James River Announces Fourth Quarter and Year End 2019 Results
Fourth Quarter 2019 Net Income of $20.5 million -- $0.67 per diluted share and Adjusted Net Operating Income of $23.3 million -- $0.76 per diluted share 65%
About this update from James River Group Holdings, Inc.
[{"type":"text","content":"Fourth Quarter 2019 Net Income of $20.5 million -- $0.67 per diluted share and Adjusted Net Operating Income of $23.3 million -- $0.76 per diluted share 65% growth in Core (Excluding Commercial Auto) Excess and Surplus Lines (\"E&S\") Gross Written Premium versus the prior year quarter, and 55% growth for the full year versus the prior year Fourth quarter Combined Ratio of 93.8%, a 2.7 percentage point improvement over the prior year quarter Underwriting Profit of $13.6 million, an increase of 91%, or $6.5 million, over the prior year quarter Tangible Equity per Share of $18.40, an increase of 20% from year-end 2018, inclusive of dividends PEMBROKE, Bermuda, Feb. 20, 2020 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (\"James River\" or the \"Company\") (NASDAQ: JRVR) today reported fourth quarter 2019 net income of $20.5 million ($0.67 per diluted share), compared to net income of $11.6 million ($0.38 per diluted share) for the fourth quarter of 2018. Adjusted net operating income for the fourth quarter of 2019 was $23.3 million ($0.76 per diluted share), compared to adjusted net operating income of $17.1 million ($0.56 per diluted share) for the same period in 2018.\n Earnings Per Diluted Share Three Months Ended December 31, 2019 2018 Net Income $0.67 $0.38 Adjusted Net Operating Income 1 $0.76 $0.56 1. See \"Reconciliation of Non-GAAP Measures\" below. J. Adam Abram, the Company’s Chairman and Chief Executive Officer, commented, “James River had a strong quarter, generating a 93.8% combined ratio, our lowest combined ratio in three years, and $13.6 million of underwriting profit, the highest quarterly number we have reported since becoming a public company in 2014. We have enjoyed twelve consecutive quarters of rate increases in our E&S segment. This quarter, renewal rates increased by 6.6%, which was the largest quarterly increase since the market began to improve. The strong rate environment, coupled with a 27% growth in submissions during the fourth quarter, positions us well for 2020.” Fourth Quarter 2019 Operating Results Gross written premium of $375.2 million, consisting of the following: Three Months Ended December 31, ($ in thousands)2019 2018 % Change Excess and Surplus Lines$234,449 $166,417 41% Specialty Admitted Insurance94,758 91,238 4% Casualty Reinsurance45,963 37,655 22% $375,170 $295,310 27% Net writ...