Business
James River Announces Second Quarter 2022 Results
Second quarter 2022 net income available to common shareholders of $5.0 million ($0.13 per diluted share). Adjusted net operating income1 of $20.0 million
About this update from James River Group Holdings, Inc.
[{"type":"text","content":"Second quarter 2022 net income available to common shareholders of $5.0 million ($0.13 per diluted share). Adjusted net operating income1 of $20.0 million ($0.52 per diluted share) resulted in an adjusted net operating return on tangible common equity1 of 19.9% for the second quarter of 2022.The second quarter 2022 Group combined ratio was 91.0%. The Company's largest segment, Excess and Surplus Lines (\"E&S\"), produced a combined ratio of 83.8%.E&S segment gross written premium grew 24.6% compared to the prior year quarter, buoyed by resurgent renewal pricing increases of 14.1%, with broad strength across the segment's underwriting divisions.Year to date combined ratio of 94.2% and adjusted net operating return on tangible common equity1 of 15.5%. PEMBROKE, Bermuda, Aug. 01, 2022 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (\"James River\" or the \"Company\") (NASDAQ: JRVR) today reported second quarter 2022 net income available to common shareholders of $5.0 million ($0.13 per diluted share), compared to $20.8 million ($0.60 per diluted share) for the second quarter of 2021. Adjusted net operating income1 for the second quarter of 2022 was $20.0 million ($0.52 per diluted share), compared to $18.8 million ($0.54 per diluted share) for the same period in 2021. ____________________1 Adjusted net operating income 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. Earnings Per Diluted ShareThree Months EndedJune 30, 2022 2021 Net Income$0.13 $0.60Adjusted Net Operating Income1$0.52 $0.54 1 See \"Reconciliation of Non-GAAP Measures\" below. Frank D'Orazio, the Company’s Chief Executive Officer, commented, “Our strong start to 2022 continued in the second quarter, as our results reflect an acute focus on underwriting profitability and risk management, as well as our leadership position in the E&S market. Robust performance across our underwriting segments, and investments, contributed to an adjusted net operating return on tangible common equity of 19.9% this quarter. Our E&S segment results were particularly strong with accelerating premium growth supported by renewal rate increases, and continued attractive underwriting margins. We remain disciplined in managing...