James River (US:JRVR) Globenewswireยท2025-05-05 20:05Core Insights - James River Group Holdings reported a net income from continuing operations of $9.0 million ($0.18 per diluted share) for Q1 2025, a decrease from $20.9 million ($0.53 per diluted share) in Q1 2024 [1][2] - The adjusted net operating income for Q1 2025 was $9.1 million ($0.19 per diluted share), down from $14.8 million ($0.39 per diluted share) in the same quarter last year [1][2] - The company emphasized progress in underwriting performance and sustainable profitability, driven by disciplined risk selection and improved reserve positions [3] Financial Performance - Gross written premiums for Q1 2025 totaled $294.4 million, a decline of 11% from $330.8 million in Q1 2024 [7][25] - The net written premium was $128.0 million, down 7% from $138.2 million in the prior year [7][25] - Net earned premiums decreased by 12% to $151.9 million from $171.7 million in Q1 2024 [7][25] Segment Performance - The Excess and Surplus Lines segment reported gross written premiums of $213.2 million, nearly flat compared to $213.7 million in Q1 2024 [5][32] - The Specialty Admitted Insurance segment saw a significant decline in gross written premiums, down 30.7% to $81.1 million from $117.1 million in the prior year [5][35] - The combined ratio for the E&S segment was 91.5%, while the Specialty Admitted Insurance segment had a combined ratio of 102.1% [4][35] Investment Results - Net investment income for Q1 2025 was $20.0 million, a decrease of 11.6% from $22.6 million in Q1 2024 [11] - The company experienced net realized and unrealized losses on investments of $1.4 million, compared to gains of $4.6 million in the prior year [12] Capital Management - The Board of Directors declared a cash dividend of $0.01 per common share, payable on June 30, 2025 [14] - Shareholders' equity increased to $484.5 million as of March 31, 2025, up 5.1% from $460.9 million at the end of 2024 [15] Other Highlights - The company reported an annualized adjusted net operating return on tangible common equity of 11.5% and a year-to-date growth in tangible common equity of 7.1% [4] - The company resolved a purchase price adjustment dispute related to the sale of JRG Reinsurance Company, resulting in a small downward adjustment of $0.5 million [4][13]