James River reports Q3 loss
Bermuda-based insurance holding company James River has reported A Q3 2019 net loss of $25.2 million ($0.83 per diluted share), compared to net income of $19.6 million ($0.64 per diluted share) for the third quarter of 2018.
Adjusted net operating loss for the third quarter of 2019 was $22.2 million ($0.73 per diluted share), compared to adjusted net operating income of $19.4 million ($0.64 per diluted share) for the same period in 2018.reported a Q3 net loss of $25.2
The company reported 72 percent growth in core (non-commercial auto) excess and surplus lines (E&S) gross written premium versus the prior year quarter. Tangible equity per share was $18.09, an increase of 16 percent from year-end 2018, inclusive of dividends.
Net Investment Income was $17.9 million, an increase of 9 percent, or $1.5 million, over the prior year quarter
During the quarter, there was $50 million of unfavourable development in the excess and surplus lines segment, driven by one large account (Rasier LLC) in two prior underwriting years and $8 million of unfavourable development in the casualty reinsurance segment
The company announced that its board of directors declared its regular quarterly cash dividend of $0.30 per common share payable on Tuesday, December 31, 2019 to all shareholders of record on December 16, 2019
J. Adam Abram, the company’s chairman and CEO, said: “At the beginning of October, we announced the early termination, effective December 31, 2019, of all insurance policies issued to our largest client. The results from this account were not consistent with our focus on underwriting profit. Our core excess and surplus lines business, where we have earned compelling returns for many years, and our fronting business within our specialty admitted segment present us with superior opportunities to put capital to work.
“The most recent quarter was the 10th consecutive quarter in which we enjoyed renewal rate increases in the core E&S book (up 3.2 percent). New business pricing has also been strong. We also have attractive opportunities to grow our fronting business within our Specialty Admitted segment.”
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