James River sees losses narrow backed by E&S business
James River, a Bermuda-based specialty insurer, reversed its third-quarter fortunes with major changes to underwriting and expenses, moving from significant losses a year earlier to achieving a favourable combined ratio.
Q3 2025 saw a combined ratio of 94.0% compared to a painful 135.5% from the same period last year. This improvement is largely due to a positive income of $8.9 million in underwriting income in comparison to the $56.8 million loss seen for the prior year, same quarter.
Net losses also saw an improvement to $948,000 loss for Q3 2025, compared to $42 million in Q3 2025.
Gross written premiums decreased 28% to $237.3 million, down from $330.4 million at Q3 end last year.
These shifts show that the leadership transitions seen earlier this year are beginning to bear fruit.
The Excess and Surplus (E&S) segment led the recovery, achieving a combined ratio of 88.3%, a marked improvement from 136.1% a year ago. Net earned premium rose slightly to $140.2 million, despite an 8.9% fall in gross written premium to $209.8 million.
Frank D’Orazio (pictured), CEO of James River, said: “The Company’s third quarter results provide strong returns for our shareholders and demonstrate our underwriting discipline across a casualty-focused small and medium enterprise portfolio that is delivering solid performance, especially in the most recent accident years following our significant underwriting changes.
“With the E&S leadership reorganisation complete and our portfolio repositioning well underway, we have achieved lasting expense reductions and enter the fourth quarter with renewed energy to capitalise on market opportunities and further drive profitability.”
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