Business
James River Announces Second Quarter 2023 Results
PEMBROKE, Bermuda, Aug. 07, 2023 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. ("James River" or the "Company") (NASDAQ: JRVR) today reported second
About this update from James River Group Holdings, Inc.
[{"type":"text","content":"PEMBROKE, Bermuda, Aug. 07, 2023 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (\"James River\" or the \"Company\") (NASDAQ: JRVR) today reported second quarter 2023 net income available to common shareholders of $21.1 million ($0.54 per diluted share), compared to net income available to common shareholders of $5.0 million ($0.13 per diluted share) for the second quarter of 2022. Adjusted net operating income1 for the second quarter of 2023 was $20.6 million ($0.53 per diluted share), compared to adjusted net operating income1 of $20.0 million ($0.52 per diluted share) for the second quarter of 2022. Second Quarter 2023 Highlights: Group combined ratio of 94.6% and Excess and Surplus Lines (\"E&S\") segment combined ratio of 87.8% 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 (\"LPTs\").Core E&S (excluding commercial auto) gross written premium growth of 9.0% compared to the prior year quarter, and E&S segment gross written and net earned premium growth of 7.3% and 15.3% compared to the prior year quarter, respectively, due to strong growth from our larger underwriting divisions, broad based renewal rate increases and increased net retention in excess casualty. Fronting and Program gross written premium growth of 11.0% compared to the prior year quarter.E&S segment renewal rate change increased 11.0% from the prior year quarter, with nearly all underwriting divisions reporting positive pricing increases.Net investment income increased 71.2% compared to the prior year quarter, with most asset classes reporting meaningfully higher income.Shareholders' equity per share of $15.84 increased 1.1%2 sequentially from March 31, 2023. Tangible common equity per share1 excluding accumulated other comprehensive loss (\"AOCI\") increased 4.4%2 sequentially and 15.9%2 from the prior year quarter.Adjusted net operating return on tangible common equity excluding AOCI1 of 14.8% for the second quarter and 15.5% for the six months ended June 30, 2023. ________________________1 Adjusted net operating income, tangible common equity per share, and adjusted net operating return on tangible common...