Q2 2024 James River Group Holdings Ltd Earnings Call Transcript
Key Points
- James River Group Holdings Ltd (JRVR) reported net income from continuing operations of $0.31 per share, up from $0.25 per share in the same period last year.
- The company's E&S segment saw strong submission growth, increasing by 10% with notable growth in environmental and general casualty divisions.
- Renewal rates for the E&S segment were up 9.1% for the quarter and 9.7% year to date, indicating favorable pricing conditions.
- The specialty admitted segment produced an excellent combined ratio of 85% and an underwriting profit of $3.4 million for the second quarter.
- Net investment income increased by 37% to $24.9 million from the prior year quarter, reflecting strong investment performance.
- Gross premiums from the excess property unit declined by 28% during the quarter due to increased competition and more capacity in the market.
- The overall combined ratio increased to 99.3% from 98.9% a year ago, indicating a slight deterioration in underwriting performance.
- The company experienced $10.7 million in adverse reserve development, primarily related to the 2017 to 2020 accident years.
- The loss ratio increased to 73% from 70.7% a year ago, reflecting higher claims costs.
- James River Group Holdings Ltd (JRVR) expects to recognize a reduction in pretax income of approximately $44 million in the third quarter due to the adverse development cover and loss portfolio transfer agreement.
Thank you for standing by. My name is Benjamin, and I will be your conference operator today. At this time, I would like to welcome everyone to James River Group Q2 2024 earnings call. (Operator Instructions) Thank you. I would like to turn the call over to Zachary Shytle, Investor Relations. Please go ahead.
Good morning, everyone, and welcome to the James River Group second-quarter 2024 earnings conference call. During the call, we will be making forward-looking statements. These statements are based on current beliefs, intentions, expectations, and assumptions that are subject to various risks and uncertainties which may cause actual results to differ materially.
For a discussion of such risks and uncertainties, please see the cautionary language regarding forward-looking statements in yesterday's earnings release and the risk factors of our most recent Form 10-K and 10-Q and other reports and filings we have made with the Securities and Exchange Commission. We do not undertake any
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