James River Group Q3 posts net loss on adverse reserve development
JRVR•James River Group reported a third-quarter net loss available to common shareholders of $189.4 million and an adjusted operating loss of $4.4 million. Gross written premiums fell 22% year over year to $186.1 million.
1. Quarterly results
James River Group said its third-quarter adjusted net operating loss was primarily due to adverse reserve development in its excess and surplus segment, driven by reserve strengthening in a runoff portfolio in the Product Liability line. Gross written premiums fell 22% year over year as the company focused on smaller accounts amid competition. General and administrative expenses declined 9% year over year.
