Bermudian-based James River Group Holdings Ltd has reported third-quarter net income available to common shareholders of $16.9 million.

That compares with a net loss available to common shareholders of $7.2 million in the prior-year quarter.

Adjusted net operating income for the quarter was $18.3 million, which compares with adjusted net operating income of $15.5 million in the third quarter of 2022.

The group combined ratio was 96.2 per cent and the excess and surplus lines segment combined ratio was 88.4 per cent on business not subject to retroactive reinsurance accounting for loss portfolio transfers.

The company experienced no catastrophe losses during the quarter and the majority of underwriting units reported positive growth results. New business submissions increased 8.4 per cent, the strongest quarterly growth rate in more than three years.

Net investment income increased 52 per cent compared to the prior year quarter, with all asset classes reporting meaningfully higher income.

Frank D'Orazio, the chief executive, said: “During the quarter, we continued to execute on our strategy of refocusing our resources on businesses where we have meaningful scale and profitability, highlighted by the sale of the renewal rights of our individual risk workers' compensation business.

“The E&S segment continues to benefit from strong trading conditions, with renewal rate increases of 12 per cent and greater than 10 per cent premium growth in our Core E&S divisions.

“The continued exposure reductions in our commercial auto portfolio and increased new business opportunities we are seeing for SME insureds positions us well as we look to the remainder of 2023 and into 2024.”

The company is selling JRG Reinsurance Company Ltd, its third-party casualty reinsurance business, to Fleming Intermediate Holdings, with a total estimated transaction value of $277 million, inclusive of a $139 million pre closing dividend and a $138 million cash payment from Fleming at close.

The transaction includes the full insurance entity supporting the company’s casualty reinsurance segment, including the remaining assets and liabilities, as well as the staff supporting the business.

The segment produced $85.2 million of gross written premiums in 2022.