Robert Myron has stepped down as chief executive officer of James River Group Holdings Ltd due to ill health caused by Lyme disease.

He has taken on the positions of president and chief operating officer, and remains on the board of directors.

J. Adam Abram, a former CEO of the Bermudian-based company, will return to that role. The shift in management duties is effective from today and is expected to be permanent.

Mr Abram said: “The Company has performed extremely well under Bob’s skilful leadership. Indeed, the results from our most recent quarter demonstrate his success as CEO.

“However, lingering effects from a case of Lyme disease make it impossible for Bob to perform all the duties of CEO to his satisfaction.

“In consultation with the board of directors, he has asked me to return as CEO. Bob and I, and the broader management team, have worked together in this configuration before, and we return to this arrangement with confidence. Our focus will remain on continuing to seek to deliver strong underwriting results, profitable growth and earning industry leading returns on equity.”

Mr Myron said: “I have enjoyed being CEO of James River and have great confidence in our future. I look forward to working with Adam and our team to build on our momentum.”

On Wednesday, the company reported a $20.3 million profit, or 66 cents per diluted share, for the second quarter. That was up from the $17 million net income achieved for the same period last year.

Adjusted net operating income for the quarter was $20.2 million.

Mr Myron said: “James River had another strong quarter, generating a 95.2 per cent combined ratio while our largest business, core E&S [excess and surplus], experienced an increase in gross written premium of 81 per cent with every division growing.

“Our core E&S gross written premium was $247 million for the first six months of 2019, which represents a 42 per cent increase over the $175 million of premium we wrote during the first six months of 2018.

“For the ninth consecutive quarter, we were able to achieve rate increases on our core E&S renewals, which were up 5.4 per cent in the quarter year over year, and submissions increased 20 per cent. New business pricing was also very strong.”