James River Group Holdings, Ltd., a Bermuda-domiciled insurance holding company, reported underwriting income of $8.9 million in the third quarter of 2025, compared to a loss of $56.8 million in the same period last year, with its combined ratio improving to 94.0% from 135.5%.
The company posted a net loss from continuing operations available to common shareholders of $0.4 million, compared to a net loss of $40.7 million a year earlier.
Adjusted net operating income for the quarter was $17.4 million, up from a loss of $28.2 million.
Gross written premiums (GWP) decreased 28% to $237.3 million, compared to $330.4 million. By segment, Excess and Surplus Lines posted GWP of $209.8 million (down 9% year over year), while Specialty Admitted Insurance GWP was $27.4 million (down 73%).
Net written premiums totalled $122.7 million, down 17% from $147.3 million, while net earned premiums stood at $148.5 million, down 7% from $159.7 million.
Net investment income in Q3’25 was $21.9 million, a 7% decrease compared to $23.6 million in Q3’24. The decline was primarily due to a lower interest rate environment impacting yields across several areas of the portfolio, a reduction in the portfolio’s common equity allocation made in Q4’24, and a one-time payment of over $0.8 million in the prior-year quarter related to the sale of an asset in the renewable energy portfolio.
Total revenues for the quarter amounted to $172.7 million, down from $191.5 million.
Frank D’Orazio, Chief Executive Officer of James River, said, “The Company’s third quarter results provide strong returns for our shareholders and demonstrate our underwriting discipline across a casualty-focused small and medium enterprise portfolio that is delivering solid performance, especially in the most recent accident years following our significant underwriting changes.
“With the E&S leadership reorganisation complete and our portfolio repositioning well underway, we have achieved lasting expense reductions and enter the fourth quarter with renewed energy to capitalize on market opportunities and further drive profitability.”
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