Bermuda domiciled insurance holding company, James River Group Holdings Ltd., has reported a total net income of $15.1 million for the fourth quarter of 2022, compared to a $66.3 million net loss from the prior year quarter.
Adjusted net operating income for Q4 was $20.2 million, representing a substantial improvement from Q421’s adjusted net operating loss of $67.5 million.
Gross written premium (GWP) for the quarter was $378.4 million, a 7% decrease from $407.2 million from the same period last year.
GWP in the casualty reinsurance segment decreased 77% from $72.5 million to $16.8 million during the quarter. However the Excess & Surplus (E&S) Lines segment showed improvement during Q4 as it increased 11% from $220.6 million to $245.4 million.
Net written premium (NWP) for Q4 was $187.7 million, representing a 14% decrease from $218 million from Q421.
NWP within the casualty reinsurance segment also saw a huge decrease, as it shrunk from $70.3 million from last years quarter to $12.4 million, representing an 82% decrease.
Additionally, James River reported a 91.7% combined ratio for Q4, a substantial improvement from last year’s 140.6%
Meanwhile, for the full-year James River reported a net income of $22.2 million, compared to a net loss of $173 million from 2021.
GWP for the full-year came in at $1.50 billion, while NWP came in at $748.4 million.
Combined ratio for the full-year came in at 93.5%, representing a strong improvement from 2021’s 136.9%.
Frank D’Orazio, Chief Executive Officer, commented: “The fourth quarter of 2022 capped a year of significant progress and profitable momentum for James River, while positioning the Company extremely well for the future. We continue to take advantage of compelling underwriting conditions in our insurance businesses, generating attractive growth, and validating the strength of our underwriting franchise. Moreover, we have decided to suspend underwriting activities in our Casualty Reinsurance segment, which we believe repositions the Company around its core strengths.”
