James River Provides Preliminary Information on Third Quarter Results

About this update from James River Group Holdings, Inc.

[{"type":"text","content":"PEMBROKE, Bermuda, Oct. 26, 2021 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (the \"Company\") (NASDAQ: JRVR) today announced preliminary financial results in advance of its full quarterly earnings to be released on November 2, 2021. The Company expects to report a Net Loss for the third quarter of 2021 of between $23 million and $26 million, and an Adjusted Net Operating Loss of between $25.5 million and $28.5 million. The Combined Ratio for the quarter is expected to be between 120-125%. The Combined Ratio for the Excess and Surplus Lines (“E&S”) segment would have been in the low 80s for the third quarter of 2021, an improvement as compared to the prior year quarter, absent catastrophe losses, additional reinstatement premiums for casualty treaties, and the previously announced Loss Portfolio Transfer (“LPT”), all impacting the E&S segment and detailed further below. Growth in the E&S segment Gross Written Premium was approximately 20% as compared to the prior year quarter, and approximately 10% across the Company. The above results are inclusive of the pre-tax impacts of catastrophe losses of $5.0 million related to Hurricane Ida, net of reinsurance recoveries, additional reinstatement premiums of $8.1 million for casualty treaties in the E&S segment, $29.6 million associated with the previously announced LPT, and adverse development of $15.1 million related to the Casualty Reinsurance segment. Because the Company purchases significant property catastrophe reinsurance, it does not expect any additional net catastrophe losses related to recent events in excess of the $5.0 million included in the quarter. 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, are referred to as non-GAAP measures. This non-GAAP measure may be defined or calculated differently by other companies. This measure should not be viewed as a substitute for those measures determined in accordance with GAAP. A reconciliations of such measure to the most comparable GAAP figure is included at the end of this press release. Forward-Looking Statements This press release contains forward-lo...

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