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James River Group reports net loss of $103.5mn

May 6, 2021

James River Group Holdings has reported a Q1 2021 net loss of $103.5 million compared to net loss of $36.8 million ($1.21 per diluted share) for the prior year period.

It also reported a combined ratio of 199.2% versus 100.6% in the prior year quarter.

The group suffered from an underwriting loss of $159.361 million compared to its loss of $948,000 in Q1 2020.

Frank D’Orazio, Chief Executive Officer, commented: “During the quarter, we continued to experience higher than expected reported losses in our large commercial auto account in runoff. In response, we meaningfully changed our actuarial methodology, resulting in a material strengthening of reserves.

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