James River reports ‘solid’ Q2 results
James River Group Holdings has reported second quarter 2018 net income of $17.0 million, an increase on the $14.5 million it made for the second quarter of 2017.
Adjusted net operating income for the second quarter of 2018 was $17.6 million, compared to $14.9 million for the same period in 2017.
Robert P. Myron, the company's chief executive officer, commented “We had another solid quarter and our results for the first half of the year have been strong. For the second consecutive quarter we delivered an annualised adjusted net operating return on average tangible equity greater than 14 percent, driven by good underwriting results in all three segments and the exceptional performance of our bank loan and alternative investment portfolios.
“Our two US primary segments continued to have strong growth in gross written premium, while the decrease in our casualty reinsurance premium was in line with our expectations.”
The company reported an underwriting profit of $5.5 million for the quarter, an improvement of 33 percent over the prior year quarter.
Net investment income was $16.1 million, an increase of 18 percent, or $2.4 million, over the prior year quarter.
The company also reported 15 percent growth in core (non-commercial auto) excess and surplus lines gross written premium driven by strong growth in the general casualty, excess casualty, life sciences and small business divisions.
