Net income rise for James River Group in Q2 2016

James River Group (JRG) has reported an increase in its net income of 16.8 percent to $14.6 million in the second quarter of 2016, compared with $12.5 million in the same period of 2015.

However, the company suffered a slight decrease of 7.8 percent in its gross written premiums (GWP) overall to $170.7 million in the second quarter of 2016, compared with $184 million during the same period of 2015.

The company reported an increase of 10.5 percent in its net operating income to $14.6 million during the period this year, compared with $12.4 million last year.

JRG also experienced a decrease of nearly 20 percent in its net written premiums to $133.1 million in the second quarter of 2016, compared with $158.8 million in the same period the year before.

The company’s casualty reinsurance segment also encountered a significant GWP decrease of over 50 percent to $39 million in the second quarter of 2016, compared with $88.7 million in 2015.

“We are growing. Underwriting profits are increasing. Our balance sheet is strong. AM Best just recognized our long history of underwriting profits and financial strength by upgrading our financial strength ratings to “A”,” said Adam Abram, chairman and chief executive officer of JRG.

“This quarter, our total net earned premium from the excess and surplus lines market, which includes all of our Excess and Surplus Lines segment and a portion of our Casualty Reinsurance segment, represented 79.5 percent of net earned premiums (this had been 75.3 percent last year). We believe this bodes well for future profitability.”