James River profits down for 2019 but up in Q4

James River Group Holdings saw net profits sink in 2019, but the year ended strongly, with Q4 profits up. Meanwhile, its Q4 combined ratio was at its healthiest level for three years.

James River’s net profit for 2019 fell to $38.3 million, from $63.8 million in 2018. But they were up to $20.5 million for Q4 2019, having been $11.6 million in Q4 2018.

Gross written premiums were up for the full year, to $1.47 billion, from $1.17 billion in 2018. In Q4 specifically gross written premiums were also up, by 27 percent year on year, to $375.2 million. Of that, $46 million was in casualty reinsurance, a year on year increase of 22 percent.

Meanwhile, James River’s combined ratio was 101.2 percent for 2019, up from 96.6 percent in 2018. But it fell in Q4, to 93.8 percent, from 96.5 percent in Q4 2018.

Adam Abram, James River’s chairman and chief executive officer, hailed its strong Q4 numbers, noting its Q4 combined ratio was the lowest it has been in three years.

James River also announced the resignation of Bryan Martin from its board of directors.  Abram described Martin as “an instrumental member of our board of directors for the last 12 years, and a trusted and valuable advisor and friend to the management team and the company.”

Martin said: "I am extremely proud of what James River has accomplished over the last 12 years and believe the company is well-positioned to take advantage of robust opportunities.”