James River (NASDAQ: “JRVR”) Provides Preliminary Information on Fourth Quarter and Full Year 2020 Results

About this update from James River Group Holdings, Inc.

[{"type":"text","content":"PEMBROKE, Bermuda, Feb. 17, 2021 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (the \"Company\") (NASDAQ: “JRVR”) today announced preliminary financial results in advance of its full quarterly and full year earnings to be released on February 25, 2021. The Company expects to report full year 2020 Net Income of between $4 million and $5 million, and full year 2020 Adjusted Net Operating Income of between $18 million and $22 million. The Combined Ratio for the full year is expected to be between 105-107%. Growth in Core (Non-Commercial Auto) Excess and Surplus Lines (“E&S”) Gross Premium Written is 29% as compared to the prior year. Tangible Book Value per Share increased 9% from December 31, 2019, before the deduction of dividends. The above results are inclusive of unfavorable development of prior year loss reserves of between $85 million and $90 million during the fourth quarter. The unfavorable development is concentrated in the Company’s Commercial Auto division within its E&S segment and its Casualty Re segment, with an offset of positive development in its Core E&S and Specialty Admitted Insurance segment. “We experienced a significant increase in reported losses in two areas of our Company – one large Commercial Auto account in runoff, and in our Casualty Reinsurance segment – and have meaningfully strengthened reserves in response”, said James River CEO Frank D’Orazio. “With this strengthening of prior year reserves, I believe our franchise is extremely well positioned to continue to take advantage of compelling market conditions across our business. Our Core E&S business, where we have earned attractive returns for many years, and our fronting business within our Specialty Admitted Insurance segment, present us with very attractive opportunities to put capital to work, driven by a continued attractive rate environment.” Non-GAAP Financial Measures In presenting James River Group Holdings, Ltd.’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). Such measures, including adjusted net operating income, tangible equity, and pre-dividend tangible equity per share, are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies....

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