James River net income swells as E&S segment improves

James River Group’s improved performance in excess and surplus lines drove it to quadruple its net income in the second quarter.

Bermuda-based James River, which has exited its casualty reinsurance segment, recorded net income of $21.1 million in the three months to June 30 compared to $5 million in the same period in 2022.

Gross written premiums rose 7% from $399.7 million to $427.7 million while losses rose from $121 million to $141 million. The company’s overall combined ratio rose from 91% to 94.6%.

Net investment income jumped by 71% from $14.7 million to $25.2 million.

Chief executive officer Frank D'Orazio (pictured) said: “Our results continue to demonstrate our focus on generating strong, consistent earnings for shareholders and an ability to take advantage of sustained robust E&S market conditions, while managing our portfolio for optimal risk and return.

“Rising E&S renewal rates of 11% in the second quarter provide encouraging signs of persistent market strength in our core business.”