Bermuda domiciled insurance holding company, James River Group Holdings Ltd., has posted a net income of $16.9 million for third quarter of 2023, compared to net loss of $7.2 million for the third quarter of 2022.
Adjusted net operating income for the quarter sat at $18.3 million, compared to adjusted net operating income of $15.5 million from the same period last year.
James River’s core E&S (excluding commercial auto) gross written premium (GWP) increased 10.3% compared to the prior year quarter, with the majority of underwriting units reporting positive growth results.
While new business submissions increased 8.4% from the prior year quarter, the strongest quarterly growth rate the company has seen in more than three years.
James River’s GWP for it’s Specialty Admitted Insurance segment increased 1.9% compared to the prior year quarter.
At the same time, GWP within the Casualty Reinsurance segment was solely related to premium adjustments and was slightly negative during the third quarter of 2023.
As announced earlier this year, James River has suspended underwriting business in it’s Casualty Reinsurance segment and have not written or renewed any treaties this year.
Overall, James River’s GWP for Q3 was $342.5 million, compared to last year’s $358.5 million.
Net written premium came in at $149.5 million, a 21% decrease from last year’s $190.2 million.
Whereas, net earned premium for Q3 sat at $202.6 million, a 7% increase from the previous year’s $190.1 million.
James River also posted a combined ratio of 96.2% for the quarter, compared to 94.1% from last year.
Frank D’Orazio, the Company’s Chief Executive Officer, commented: “During the quarter we continued to execute on our strategy of re-focusing 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% and greater than 10% 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.”
