Business
James River Announces Second Quarter 2024 Results
PEMBROKE, Bermuda, Aug. 05, 2024 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. ("James River" or the "Company") (NASDAQ: JRVR) today reported the
About this update from James River Group Holdings, Inc.
[{"type":"text","content":"PEMBROKE, Bermuda, Aug. 05, 2024 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (\"James River\" or the \"Company\") (NASDAQ: JRVR) today reported the following results for the second quarter 2024 as compared to the same period in 2023: Three Months EndedJune 30, Three Months EndedJune 30,($ in thousands, except for share data) 2024 per diluted share 2023 per diluted shareNet income from continuing operations available to common shareholders$11,853 $0.31 $9,504 $0.25Net (loss) income from discontinued operations (6,853) $(0.18) 3,785 $0.10Net income available to common shareholders 5,000 $0.13 13,289 $0.35Adjusted net operating income1 12,664 $0.33 6,647 $0.18 The Company closed the sale of JRG Reinsurance Company Ltd. (\"JRG Re\") on April 16, 2024. The full financials for our former Casualty Reinsurance segment have been reclassified to discontinued operations for all periods. Net income from continuing operations available to common shareholders was $11.9 million ($0.31 per diluted share). Adjusted net operating income1 of $12.7 million ($0.33 per diluted share) for the second quarter of 2024 reflected strong investment income and profitable underwriting results from continuing operations. Unless specified otherwise, all underwriting performance ratios presented herein are for our continuing operations and business not subject to retroactive reinsurance accounting for loss portfolio transfers (\"LPTs\"). Second Quarter 2024 Highlights: Group combined ratio of 99.3% and adjusted net operating return on tangible common equity1 of 14.9%.E&S segment combined ratio of 95.4% and positive renewal rate change of 9.1%, with the majority of the underwriting divisions reporting positive pricing increases.Specialty Admitted Insurance segment combined ratio of 85.0%, with fronting and program gross written premium growth of 12.3% excluding the non-renewed workers' compensation program.Net investment income increased 36.7% compared to the prior year quarter, with all asset classes reporting higher income.Shareholders' equity per share of $14.32 increased 0.8%2 sequentially from March 31, 2024, due to strong net income from continuing operations, while tangible common equity per share1 increased 0.2%2 sequentially. Frank D'Orazio, the Company’s Chief Executive Officer, commented on the second quarter, “James River has continued to exe...