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Jun 30, 2024
James River Q2 2024 Earnings Report
James River reported strong investment income and profitable underwriting results from continuing operations.
Key Takeaways
James River Group Holdings reported a net income from continuing operations available to common shareholders of $11.9 million, or $0.31 per diluted share. The company's adjusted net operating income was $12.7 million, or $0.33 per diluted share, reflecting strong investment income and profitable underwriting results from continuing operations. The Group combined ratio was 99.3%, and the adjusted net operating return on tangible common equity was 14.9%.
Group combined ratio of 99.3% and adjusted net operating return on tangible common equity of 14.9%.
E&S segment combined ratio of 95.4% and positive renewal rate change of 9.1%.
Specialty Admitted Insurance segment combined ratio of 85.0%, with fronting and program gross written premium growth of 12.3% excluding the non-renewed workers' compensation program.
Net investment income increased 36.7% compared to the prior year quarter, with all asset classes reporting higher income.
Revenue by Segment
Forward Guidance
The E&S LPT and ADC is effective January 1, 2024, but closed on July 2, 2024. As such, any applicable recoveries will be recognized beginning in the third quarter of 2024. As a result of the E&S LPT and ADC, the Company expects to recognize a reduction in pre-tax income of approximately $44.0 million in the third quarter of 2024.
Challenges Ahead
- The Company expects to recognize a reduction in pre-tax income of approximately $44.0 million in the third quarter of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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