James River Group Holdings Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
James River Group Holdings Reports Second Quarter 2024 Financial Results
PEMBROKE, Bermuda, Aug. 05, 2024 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. ("James River" or the "Company") (NASDAQ:JRVR) today reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Financial Metric | Q2 2024 | Q2 2023 | YoY Change | Q1 2024 | QoQ Change | Consensus Estimates | Variance to Consensus |
|---|---|---|---|---|---|---|---|
| Total Revenue | $246.3M | $199.9M | +23.2% | $189.2M | +30.1% | $189.2M | +30.1% |
| Earnings per Share (EPS) | $0.31 | $0.16 | +93.8% | $0.42 | -26.2% | $0.42 | -26.2% |
| Adjusted Net Operating Income (Non-GAAP) | $0.33 | $0.25 | +32% | $0.28 | +17.9% | - | - |
Interpretation : The Company demonstrated robust year-over-year growth with a 23.2% increase in total revenue and a nearly doubled EPS from the same period last year. Quarter-over-quarter, however, EPS decreased by 26.2%, missing the consensus estimate, likely reflecting the continuing impacts of strategic adjustments and a competitive market environment.
Revenue Performance by Segment
| Segment | Q2 2024 Gross Written Premium | Q2 2023 Gross Written Premium | YoY Change |
|---|---|---|---|
| Excess and Surplus Lines (E&S) | $273.4M | $267.2M | +2.3% |
| Specialty Admitted Insurance | $138.8M | $159.2M | -12.8% |
| Total | $412.2M | $426.4M | -3.4% |
Interpretation : The E&S segment achieved moderate growth, while the Specialty Admitted Insurance segment saw a decline due to the non-renewal of a large workers' compensation program. This indicates strategic streamlining and recalibration of its business operations.
Comments from Company’s Officers
CEO Frank D'Orazio commented, "James River has continued to execute on its strategic priorities of de-risking the organization and generating attractive returns on our capital. E&S market conditions remain favorable amid accelerating submission growth and a strong rate environment."
Capital Management
The Company announced a cash dividend of $0.05 per common share, payable on September 30, 2024, to shareholders of record as of September 16, 2024.
Forward Guidance
The company mentioned the execution of a retroactive reinsurance transaction and the Board's ongoing exploration of strategic alternatives. However, no specific forward revenue or EPS guidance was provided for the upcoming quarters.
Stock Price Movement
Following the earnings release, James River Group Holdings' stock price experienced a decline of approximately 3.59%.
Conclusion
James River's Q2 2024 results reflect significant improvements and adjustments, indicative of optimizations in ongoing operations and strategic de-risking. Despite missing quarter-over-quarter EPS targets, the strategic realignments hint at a robust long-term outlook, underlined by a disciplined capital management approach.
For more details, visit James River Group Holdings official website .
Contact: Zachary Shytle, Analyst, Finance, Investments and Investor Relations | investors@jrvrgroup.com
