30 July 2020News

Profit up for James River in strong quarter for Q2

James River Group Holdings reported what it described as “a very strong quarter” of results for Q2, with net profit up year on year and the combined ratio inching down.

James River reported net profit of $35.6 million for the second quarter of 2020, up from $20.3 million for the same period of 2019.

Gross written premiums were $301.6 million for Q2 2020, down from $380 million in the same period of 2020. Its combined ratio inched down to 95.0 percent, from 95.2 percent in Q2 2019.

J. Adam Abram, James River’s chairman and chief executive officer, described it as “a very strong quarter,” noting market conditions had been very attractive across its three segments.

“Core E&S renewal pricing improved by 20 percent,” he said. “This was our 14th consecutive quarter of rate increases and the highest quarterly increase in our history.”

James River wrote $180 million of core E&S premium in Q2, he said, more than double the amount in the same quarter two years ago.