James River Group has reported a fourth quarter 2020 net loss of $20.3 million, compared to net income of $20.5 million for the prior year period.
Adjusted net operating loss was $29 million , against an adjusted net operating income of $23.3 million for the same period in 2019.
Gross written premium stood at $359.7 million for the quarter, down from $375,170 million.
There was a 39% growth in core Excess and Surplus Lines Gross Written Premium and a 9.3% increase in E&S renewal pricing.
James River adds that the quarterly rate of growth in Core was the highest in 2020.
Meanwhile, net investment income of $22.2 million represented an increase of 7%, or $1.4 million
$62.3 million of unfavourable development in the E&S segment, inclusive of $75.8 million of unfavourable development in commercial auto and $13.5 million of favourable development in Core E&S.
Additionally, there was $24.7 million of james riv development in the Casualty Reinsurance segment.
“As we reported last week, we have meaningfully strengthened reserves in the Commercial Auto division of our E&S segment and our Casualty Reinsurance segment in response to a significant increase in reported losses,” said Frank D’Orazio, James River Chief Executive Officer.
“While our results for the fourth quarter and full year 2020 were very disappointing, the Company is extremely well positioned to take advantage of compelling market conditions across our segments.
“Our Core E&S business is operating in its most attractive rate environment in recent memory, and our fronting business within our Specialty Admitted Insurance segment continues to see new opportunities for profitable growth with new partners.
“Submission volume in E&S remains strong, and the 9.3% renewal rate increase was the 16th consecutive quarter of rate increases. Fee income in our fronting business grew 22% during 2020.”
