James River boosted by solid 2016 profits

James River Holdings has announced that it had a good 2016, with profits rising by 16.7 percent compared to the previous year.

The Pembroke-based company said that its full year 2016 net operating income was $71.3 million. In 2015 it posted net operating income of $61.1 million. Net income for the fourth quarter of 2016 doubled from the previous year, going from $12.6 million in the last three months of 2015 to $25.6 million in the same period of 2016.

Full year gross written premiums went from $572.2 million in 2015 to $737.4 million, a rise of 28.8 percent year on year.

However, the company said that its combined ratio had weakened slightly, going from 94 percent in 2015 to 94.3 percent in 2016.

“We are very pleased to report record results this quarter and for all of 2016,” J Adam Abram, chairman and CEO said in a statement on the results. “Our team continues to drive strong risk adjusted returns for our shareholders. Our full year 14.6 percent adjusted operating return on tangible equity and 94.3 percent combined ratio demonstrate the strength of our franchise. We believe we are well positioned for continued success in 2017.”