7 November 2019Insurance

James River reports Q3 loss

Bermuda-based insurance holding company James River has reported A Q3 2019 net loss of $25.2 million ($0.83 per diluted share), compared to net income of $19.6 million ($0.64 per diluted share) for the third quarter of 2018.

Adjusted net operating loss for the third quarter of 2019 was $22.2 million ($0.73 per diluted share), compared to adjusted net operating income of $19.4 million ($0.64 per diluted share) for the same period in 2018.reported a Q3 net loss of $25.2

The company reported 72 percent growth in core (non-commercial auto) excess and surplus lines (E&S) gross written premium versus the prior year quarter. Tangible equity per share was $18.09, an increase of 16 percent from year-end 2018, inclusive of dividends.

Net Investment Income was $17.9 million, an increase of 9 percent, or $1.5 million, over the prior year quarter

During the quarter, there was $50 million of unfavourable development in the excess and surplus lines segment, driven by one large account (Rasier LLC) in two prior underwriting years and $8 million of unfavourable development in the casualty reinsurance segment

The company announced that its board of directors declared its regular quarterly cash dividend of $0.30 per common share payable on Tuesday, December 31, 2019 to all shareholders of record on December 16, 2019

J. Adam Abram, the company’s chairman and CEO, said: “At the beginning of October, we announced the early termination, effective December 31, 2019, of all insurance policies issued to our largest client. The results from this account were not consistent with our focus on underwriting profit. Our core excess and surplus lines business, where we have earned compelling returns for many years, and our fronting business within our specialty admitted segment present us with superior opportunities to put capital to work.

“The most recent quarter was the 10th consecutive quarter in which we enjoyed renewal rate increases in the core E&S book (up 3.2 percent). New business pricing has also been strong. We also have attractive opportunities to grow our fronting business within our Specialty Admitted segment.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

Property-casualty premiums rise sharply at Munich Re

Zurich’s top line for the nine months shows good growth

Reshuffle at Lockton as new CEO named

AXA XL suffers high charges in reinsurance

Generali’s operating results rise

Lancashire Insurance appoints new CEO

Swiss Re confirms mulling investment in  China Pacific Insurance

SCOR Global Life launches wellness wearables underwriting solution

Sirius Group combined ratio rises to 123% on cat losses

ProAssurance sees growth in Q3 but combined ratio rises

ProSight reports strong Q3 growth

Atlanta Group licenses Willis Towers Watson’s  Radar Live

Feature:  10 ways insurers are using insurtech to drive new business

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
24 February 2020   The company’s combined ratio reached 101.2 percent in 2019.
Insurance
22 January 2020   James River has withdrawn its coverage of Uber because changes in its business model and regulatory changes in California in particular made the account unprofitable. But other insurers are stepping in – and technology may hold the key to making such business profitable for insurers long term.
Insurance
9 October 2019   Bermuda-based James River Group Holdings has given notice of early cancellation of all insurance policies issued to Rasier - its largest customer and an affiliate of ridesharing company Uber Technologies.