James River Group Holdings has reported a Q1 2021 net loss of $103.5 million compared to net loss of $36.8 million ($1.21 per diluted share) for the prior year period.
It also reported a combined ratio of 199.2% versus 100.6% in the prior year quarter.
The group suffered from an underwriting loss of $159.361 million compared to its loss of $948,000 in Q1 2020.
Frank D’Orazio, Chief Executive Officer, commented: “During the quarter, we continued to experience higher than expected reported losses in our large commercial auto account in runoff. In response, we meaningfully changed our actuarial methodology, resulting in a material strengthening of reserves.
“We believe this overhang has been eliminated, and that we are now fully able to focus on our prospective business and what continues to be a historically strong E&S marketplace. Core E&S gross written premiums increased 35.6% this quarter compared to the same period a year ago, and submission volume remains strong.
“We benefited from a 14.6% increase in E&S renewal rates, our 17th consecutive quarter in which E&S rates have increased. The compounded annual aggregated rate increase in our Core E&S renewal book has been 36.4% over those seventeen quarters.
“The fronting business of our Specialty Admitted Insurance segment continues to grow meaningfully, as segment premium increased by 23.6% and fee income increased by 21.8% during the quarter. Our franchise is well positioned for future success.”
