Business
James River Announces Third Quarter 2021 Results
Third Quarter 2021 Net Loss of $23.9 million - ($0.64 per diluted share) and Adjusted Net Operating Loss1 of $26.8 million - ($0.72 per diluted share).21.3%
About this update from James River Group Holdings, Inc.
[{"type":"text","content":"Third Quarter 2021 Net Loss of $23.9 million - ($0.64 per diluted share) and Adjusted Net Operating Loss1 of $26.8 million - ($0.72 per diluted share).21.3% growth in Excess and Surplus Lines (\"E&S\") Gross Written Premium and 8.7% increase in E&S renewal pricing, each versus the prior year quarter, with nearly all underwriting divisions reporting positive growth and rate increases. The segment experienced its nineteenth consecutive quarter of renewal rate increases, compounding to 45.9% over the same period.Net catastrophes losses were $5.0 million in the third quarter and related to Hurricane Ida. Because the Company purchases significant property catastrophe reinsurance, it does not expect any additional net catastrophe losses from events during the quarter. The losses were primarily related to the Excess Property book in the E&S segment.As previously announced, third quarter results include a pre-tax loss of $29.6 million recognized as adverse loss and loss adjustment expense reserve development in the E&S segment. This is associated with the loss portfolio transfer (\"LPT\") reinsurance transaction executed during the third quarter that reinsures substantially all of the legacy portfolio of commercial auto policies.Absent the catastrophe losses, an additional $8.1 million of reinstatement premiums related to casualty treaties and the LPT impact, the combined ratio for the E&S segment would have been 83.4%, which compares to 85.2% in the prior year quarter.Fronting Gross Written Premium within the Specialty Admitted segment grew 11.6% driven by the expansion of recently added programs, while gross fee income increased 21.5% over the prior year quarter. PEMBROKE, Bermuda, Nov. 02, 2021 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (\"James River\" or the \"Company\") (NASDAQ: JRVR) today reported a third quarter 2021 net loss of $23.9 million ($0.64 per diluted share), compared to net income of $26.3 million ($0.85 per diluted share) for the third quarter of 2020. Adjusted net operating loss1 for the third quarter of 2021 was $26.8 million ($0.72 per diluted share), compared to adjusted net operating income1 of $17.4 million ($0.56 per diluted share) for the same period in 2020. (Loss) Earnings Per Diluted ShareThree Months EndedSeptember 30, 2021 2020 Net (Loss) Income$(0.64) $0.85Adjusted Net Operating (Loss) Income...