James River Group Holdings, Inc. reports developments for a specialty property-casualty insurance holding company focused on U.S. excess and surplus lines and specialty admitted insurance. Its operating updates center on underwriting results, reserve development, segment premiums, investment portfolio performance, adjusted operating income and dividends.
Company news also covers leadership and distribution changes within the Excess and Surplus segment, including excess casualty underwriting, wholesale broker relationships and business-development roles. Historical updates reflect the company's completed domestication from Bermuda to Delaware and legal name change to James River Group Holdings, Inc.
James River Group Holdings (NASDAQ: JRVR) has appointed Dennis J. Langwell as an independent, non-executive member of its Board of Directors, increasing the board size from 9 to 10 members. Langwell brings a wealth of experience from his former role as Vice Chairman of Insurance Operations at Liberty Mutual, where he served in various leadership positions for over two decades. His extensive expertise in insurance operations and finance is seen as a significant asset to the company. The appointment is expected to enhance the Board’s capabilities and support the company's ongoing strategic initiatives aimed at generating positive momentum for shareholders.
James River Group Holdings, Ltd. (NASDAQ: JRVR) announced the appointment of Todd Sutherland as Senior Vice President of Underwriting for Management Liability. In this new position, he will establish the Management Liability Division within the Excess and Surplus Lines segment, focusing on excess directors and officers liability. With over 30 years of experience in property and casualty insurance, Sutherland previously led a significant book of business at AXA XL. His appointment aims to diversify the company's product offerings and strengthen its position in the Excess and Surplus lines market.
James River Group Holdings reported a substantial recovery in Q4 2022, with net income of $15.1 million ($0.40 per diluted share) compared to a loss of $66.3 million in Q4 2021. The adjusted net operating income rose to $20.2 million ($0.53 per diluted share), reversing a significant loss from the previous year. Highlights include a combined ratio of 91.7% and impressive premium growth of 11.3% in the E&S segment, with net investment income soaring 88.1%. The company aims to focus on its core insurance strengths by suspending the Casualty Reinsurance segment. A dividend of $0.05 per share was declared, payable on March 31, 2023.
James River Group Holdings, Ltd. (NASDAQ: JRVR) announced the release of its earnings for Q4 2022, scheduled for February 27, 2023, after market close. A conference call will follow on February 28, 2023, at 8:30 a.m. ET, for analysts and investors to discuss the results. The company operates in specialty insurance and reinsurance, with its subsidiaries rated 'A-' (Excellent) by A.M. Best. Interested participants can join the call at (800) 715-9871 or via the company’s website.
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of 'a-' (Excellent) for James River Group Holdings, Ltd. (NASDAQ: JRVR) and its subsidiaries, with a stable outlook. The ratings reflect the group's very strong balance sheet strength and adequate operating performance, although recent results have been mixed across segments. The company has enhanced its balance sheet through successful capital raises and loss portfolio transfer transactions. The Long-Term ICR of 'bbb-' (Good) for JRG Holdings has also been affirmed.
James River Group Holdings reported a third quarter 2022 net loss of $7.2 million ($0.19 per share), improved from a loss of $23.9 million in Q3 2021. Adjusted net operating income was $15.5 million ($0.41 per share), reversing a loss from the prior year. The Group combined ratio stood at 94.1%, with a strong E&S segment ratio of 88.2%. Net written premiums rose 20.3%, driven by increased retention and pricing. Despite $5 million in catastrophe losses from Hurricane Ian, net investment income grew 17.7% sequentially. The company declared a cash dividend of $0.05 per share.
James River Group Holdings (NASDAQ: JRVR) announced the election of Peter B. Migliorato to its Board of Directors during the Annual General Meeting. Alongside him, Ollie Sherman, Kirstin Gould, and Michael Oakes were re-elected, maintaining an eight-member board with one observer. J. Adam Abram, the Non-Executive Chairman, expressed optimism about Migliorato's expertise in innovation and strategy within the insurance sector. Previously a partner at Deloitte Consulting, Migliorato has extensive experience in the insurance industry. The company operates in specialty insurance and reinsurance segments.
James River Group Holdings, Ltd. (NASDAQ: JRVR) will announce its earnings for Q3 2022 on November 1, 2022, after market close. A conference call for analysts and investors is scheduled for November 2, 2022, at 8:00 a.m. ET. Investors can join the call by dialing (800) 715-9871, using conference ID 2262462, or by accessing the webcast via the company’s website. James River operates in specialty insurance and reinsurance, boasting an 'A-' (Excellent) rating from A.M. Best for each of its regulated subsidiaries.
James River Group Holdings reported a second quarter 2022 net income of $5.0 million ($0.13 per diluted share), a decline from $20.8 million ($0.60 per diluted share) in Q2 2021. Adjusted net operating income rose to $20.0 million ($0.52 per diluted share) from $18.8 million ($0.54 per diluted share) year-over-year. The Excess and Surplus Lines segment showed strong growth with a 24.6% increase in gross written premium, while overall gross written premium grew by 5% to $399.7 million. The combined ratio for the quarter was 91.0%, with a year-to-date ratio of 94.2%.
James River Group Holdings, Ltd. (NASDAQ: JRVR) will announce its earnings for Q2 2022 on August 1, 2022, after market close. A conference call for discussing these results will take place on August 2, 2022, at 8:30 a.m. ET. Investors can participate by dialing (866) 374-5140 with conference ID 28028506 or via the company's website. James River specializes in property-casualty insurance and reinsurance across three segments: Excess and Surplus Lines, Specialty Admitted Insurance, and Casualty Reinsurance, with each subsidiary rated “A-” (Excellent) by A.M. Best.