The insurance coverage holding group James River has revealed its outcomes for Q2 2021, posting a internet revenue of $20.8 million down considerably from the online revenue of $35.6 million recorded in Q2 2020. For H1 2021, the group reported a lack of $82.62 million, versus the lack of $1.2 million reported in H1 2020.
Its adjusted internet working revenue for Q2 2021 of $18.8 million is up from $17.4 million for a similar interval in 2020, however down for H1 2021 to a lack of $89.96 after recording a revenue of $32.79 million within the prior 12 months first half.
The mixed ratio for the group stands at 89.7% an enchancment of 5.3 factors over the prior 12 months quarter and it revealed document quarterly underwriting revenue of $25.7 million for the mixed working segments. James River recorded 15.1% progress in core (excluding industrial auto) extra and surplus traces (E&S) gross written premium and an 18.1% enhance in E&S renewal pricing, every versus the prior 12 months quarter.
GWP for the enterprise was up 26% from $301.6 million in Q2 2020 to over $380 million in Q2 2021, with robust progress seen throughout extra and surplus traces (+14%), specialty admitted insurance coverage (+46%) and casualty reinsurance (+41%).
Commenting on the outcomes, Frank D’Orazio, the CEO of James River acknowledged that the corporate delivered “wonderful” Q2 outcomes, reflecting the resilience of its enterprise mannequin and singular focus of responding to its buying and selling companions throughout very sturdy market circumstances.
“Our progress in Core E&S gross written premiums exceeded expectations whereas our 18.1% enhance in E&S renewal charges marked the eighteenth consecutive quarter of price progress, compounding to 42.5% over the identical interval,” he mentioned. “The fronting enterprise and price revenue in our specialty admitted insurance coverage section additionally continues to scale meaningfully, as section premium elevated by 46.1% within the quarter.”
He added: “General, the group produced a document underwriting revenue within the quarter as industrial auto loss emergence was in step with our indications whereas our claims closure price remained robust.”