The following is a summary of the James River Group Holdings, Ltd. (JRVR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• James River Group reported Q1 2024 net income from continuing operations of $0.53 per share and an adjusted net operating income of $0.39 per share.

• The company demonstrated a positive combined ratio at 95.3% and an adjusted operating return on tangible common equity of 17.4%.

• There was a commendable increase in net investment income from continuing operations, up 23% to $22.6 million compared to the same period last year.

• Corporate and other operating expenses witnessed a rise of 20% over the same quarter last year at $11 million.

Business Progress:

• The strategic sale of JRG Re will streamline operations, shifting focus towards the more profitable E&S and Specialty Admitted segments.

• The first quarter saw strong submission growth, increasing 9% with both new and renewal submissions up, and an overall renewal rate up 10.7% across the E&S segment.

• Despite a dip in E&S gross written premiums, premium growth was observed in general casualty premiums, increasing 16%, while the Environmental and Sports & Entertainment segments grew by 40%.

• The company visualizes improved profitability in the Specialty Admitted segment through business scale-up and focus on its pure fronting and programs business.

• The E&S market is growing substantially, with General Casualty submissions growing by 45% and a decrease in the current accident year loss ratio by 140 basis points.

• An increased interest from wholesale distribution partners is expected to provide significant opportunity for James River and strengthen its market position in the E&S sector.

• The company made strategic changes to the Short Term Incentives (STI) and Long Term Incentives (LTI), aligning them more closely with investors' interests.

• Closure of JRG Re is expected to lead to reduced associated professional fees in future operations.

More details: James River IR

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