James River Q2 earnings rise
Bermudian-based James River Group Holdings Ltd has reported second-quarter net income available to common shareholders of $21.1 million.
That compares with net income available to common shareholders of $5.0 million for the second quarter of 2022.
The company said adjusted net operating income for the quarter was $20.6 million compared with adjusted net operating income of $20 million for the second quarter of 2022.
The group combined ratio was 94.6 per cent and the excess and surplus lines segment combined ratio was 87.8 per cent on business not subject to retroactive reinsurance accounting for loss portfolio transfers.
Net investment income increased 71.2 per cent compared with the prior year quarter, with most asset classes reporting meaningfully higher income, the company said.
Frank D'Orazio, the company’s chief executive, said: “Our results continue to demonstrate our focus on generating strong, consistent earnings for shareholders and an ability to take advantage of sustained robust E&S market conditions, while managing our portfolio for optimal risk and return.
“Rising E&S renewal rates of 11 per cent in the second quarter provide encouraging signs of persistent market strength in our core business.”