James River reports Q4’24 net loss in ‘costly but transformational’ year

James River Group has reported a Q4 2024 net loss available to common shareholders of $94 million, marking an improvement from a net loss of $152 million in Q4 2023.

James River’s adjusted net operating loss in Q4 2024 was $40.8 million, compared to an adjusted net operating income of $12.4 million in Q4 2023.

According to the firm, this decrease is largely attributable to the previously announced $52.8 million of consideration paid in connection with the Excess and Surplus Lines (E&S) adverse development reinsurance contract with Cavello Bay Reinsurance Limited, a subsidiary of Enstar Group Limited, that closed on December 23, 2024.

James River’s gross written premiums in Q4 2024 stood at $358.3 million, while its net written premiums in the quarter were $114 million.

The firm’s total revenues in Q4 2024 were $126.7 million, down from $218.1 million in Q4 2023.

For the full year 2024, gross written premiums were $1.43 billion, while net written premiums were $580 million.

James River’s net loss for 2024 was similar to that of 2023, standing at around $118 million. Total revenues for 2024 were $708 million, down from $812 million in 2023.

A strong net investment income of $93 million, up 10.8% compared to 2023, contributed to the revenue figure.

Also, the E&S segment gross written premium exceeded $1 billion for a second consecutive year in 2024, as the firm continued to focus on its wholesale-driven franchise.

“During the year, we completed several strategic actions, including closing the sale of JRG Re to focus our business around our U.S. insurance businesses, entering into a $160 million combined loss portfolio transfer and adverse development cover for our E&S business, initiating a new strategic partnership with Enstar. We believe these and other actions meaningfully strengthen our balance sheet and position us to generate attractive returns in the future,” James River said.

Frank D’Orazio, the Company’s Chief Executive Officer, commented, “2024 was a costly but transformational year for James River. We have meaningfully de-risked the organization and concluded an extensive strategic review, emerging with a renewed focus.

“The E&S market remains very healthy, and we believe that 2025 will provide significant opportunities to responsibly grow while taking advantage of the attractive rate environment.”

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.