Bermuda domiciled insurance holding company, James River Group Holdings Ltd., has reported a total net income of $7.0 million for the first quarter of 2023, and a combined ratio of 94.9%
This year’s Q1 net income was a lower figure compared to the $9.3 million reported in the same period last year; the company’s combined ratio showed improvement as it went down from the 97.4% reported in Q1 2022.
Adjusted net operating income for this year’s first quarter was $21.6 million, representing an improvement from Q1 2022’s adjusted net operating loss of $13.9 million.
Gross written premium (GWP) for the quarter was $363.9 million, compared to the $359.9 million reported in the same period last year.
GWP in the casualty reinsurance segment decreased 65% from $29.9 million to $10.4 million during the quarter. The segment’s combined ratio saw great improvement as it went from 122.5% in Q1 2022 to 99.2% in Q1 2023.
For its Excess and Surplus Lines, James River reported GWP of $ 228.9 million, a 12% improvement compared to the $204.2 million reported in Q1 2022. According to the group, this was due to strong growth from its larger underwriting divisions, broad based renewal rate increases and increased net retention.
The segment’s combined ratio this first quarter was 86.8% compared to the 83.7% reported in the same period last year.
For its Specialty Admitted Insurance GWP, James River only saw a 1% improvement, to $124.5 million from $125.7 million reported in Q1 2022. The segment had a combined ratio of 102.3% compared to last year’s 98.9%.
“Buoyed by strong growth and attractive renewal rates in our E&S segment, solid underwriting profitability and meaningful contributions from our investment portfolio, James River produced another outstanding quarter of attractive returns, including our strongest quarterly adjusted net operating income in more than three years,” Frank D’Orazio, the company’s Chief Executive Officer, commented on the year’s first quarter.
“With the company repositioned around its core strengths, we believe James River is well poised to continue to deliver excellent underwriting performance and compelling shareholder returns,” he added.
