James River Group Holdings has released its financial results for the second quarter of 2024, posting a net income of $11.9 million and a group combined ratio of 99.3%.
These results compared to last years second quarter where the company posted a net income of $9.5 million, and a combined ratio of 98.9%.
At the same time, James River’s core second quarter underwriting profit fell to $9.84 million, from $10.42 million in the prior year.
Gross written premium (GWP) for Q2 2024 sat at $412.2 million, while net written premium came in at $181.4 million, and net earned premium stood at $163.2 million.
James River’s Excess and Surplus Lines (E&S) segment posted a combined ratio of 95.4% and positive renewal rate change of 9.1%, with the majority of the underwriting divisions reporting positive pricing increases.
The company noted that across the E&S segment, GWP climbed 2.3% to reach $292.8 million, compared to the prior year quarter as most casualty underwriting divisions reported stable growth rates and continued strong submission flows.
Furthermore, at $119.4 million, the Specialty Admitted Insurance’s GWP fell 12.8% to $119.4 million. The segment also generated a combined ratio of 85%, compared to 98.4% from the prior year quarter.
James River stated that the reduction in GWP within the Specialty Admitted Insurance segment was due to the impact of the non-renewed workers’ compensation program and the sale of the renewal rights of the individual risk workers’ compensation business during the third quarter of 2023.
The Bermuda domiciled insurance holding company also noted that due to the closing of the sale of JRG Reinsurance Company Ltd. (JRG Re) on April 16, 2024, the full results of its former Casualty Reinsurance segment have been reclassified to discontinued operations for all periods.
Frank D’Orazio, the Company’s Chief Executive Officer, commented on the company’s results: “James River has continued to execute on its strategic priorities of de-risking the organization and generating attractive returns on our capital. E&S market conditions remain favorable amid accelerating submission growth and a strong rate environment during the second quarter as we continue to re-profile segments of our portfolio.
“While we executed an attractive retroactive reinsurance transaction last month, our Board of Directors continues its exploration of strategic alternatives for the Company that was announced in November of 2023.”
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