Insurer nets Q1 profit of $9.3 million – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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James River nets Q1 profit of $9.3 million

James River Group Holdings Ltd, the insurance holding company based in Bermuda, has reported first quarter net income available to common shareholders of $9.3 million compared with a net loss of $103.5 million for the first quarter of 2021.

Adjusted net operating income was $13.9 million compared with an adjusted net operating loss of $108.8 million for the same period last year.

The group combined ratio of 97.4 per cent was elevated by 6.1 percentage points associated with the previously announced casualty reinsurance loss portfolio transfer.

The company's largest segment, excess and surplus lines, produced a combined ratio of 83.7 per cent.

Gross written premium was $359.9 million.

Net written premium was $175.9 million and net earned premium was $189.8 million.

Net investment income was $16.3 million, an increase of 7.8 per cent compared with $15.1 million for the same period in 2021.

The board of directors declared a cash dividend of $0.05 per common share payable on June 30 to all shareholders of record on June 13.

Frank D'Orazio, the company’s chief executive officer, said: “The first quarter represented a strong start to the year, highlighted by continued attractive market conditions for our E&S segment allowing us to produce broad-based growth in an attractive underwriting environment.

“Our E&S renewal pricing reflected the 21st consecutive quarter of positive rate, compounding to 52 per cent over that period.

“During the quarter, we also grew fee income in our specialty admitted segment by eight per cent, while premium in our workers' compensation unit and casualty reinsurance segment declined as we remain disciplined in our plan to deliver underwriting profitability.”

Frank D’Orazio, James River Group Holdings Ltd chief executive officer (Photograph supplied)

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Published May 11, 2022 at 7:46 am (Updated May 11, 2022 at 7:46 am)

James River nets Q1 profit of $9.3 million

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