James River Q1 Loss of $10.7M as Combined Ratio Hits 104.6%
James River reported a Q1 net loss of $10.7 million ($0.23 per share) after posting a $9.0 million profit a year earlier, with adjusted operating income of $5.8 million. Combined ratio rose to 104.6% following $6.7 million of reinstatement premiums, while gross written premium fell 20% to $236.4 million.
1. Q1 Financial Results
James River posted a net loss of $10.7 million ($0.23 per share) in the first quarter, compared with a $9.0 million profit in Q1 2025, while adjusted operating income amounted to $5.8 million ($0.12 per share).
2. Underwriting Performance
The combined ratio climbed to 104.6% after recognizing $6.7 million of reinsurance reinstatement premiums tied to a single excess and surplus claim; excluding that charge, the ratio would have been 99.7%.
3. Premium Trends
Gross written premium declined 20% year-over-year to $236.4 million, with the E&S segment stable at $212.3 million and specialty admitted premium down 70% to $24.1 million. Net written premium fell 6% to $120.1 million and net earned premium dropped 11% to $135.7 million.
4. Cost and Investment Highlights
General and administrative expenses were cut by 10.5% year-over-year, and net investment income increased 6.6% to $21.3 million, partially offset by $6.6 million in net realized and unrealized investment losses.