JAMES RIVER DEEPENS NET LOSS ON ADVERSE RESERVE DEVELOPMENT

Bermudian re/insurer James River Group Holdings saw its first-quarter net loss widen to $103.5m from $36.8m, as $170m in adverse reserve development in its commercial motor lines offset investment gains. The group swung to an adjusted operating loss of $3.54 from income of 50¢, missing analysts’ forecast of 61¢ in income. The adverse development – largely tied to a cancelled commercial motor account that has been in run-off since 2019 – helped widen the group’s underwriting loss to $159.4m from $948,000. The combined ratio added 98.6 points to 199.2%, with the loss ratio adding 103.9 points to 170.3%. Gross written premiums grew 32% to $373.3m, with each of its three operating segments – excess and surplus lines, specialty admitted insurance, and casualty reinsurance – posting double-digit increases.