Bermudian-based James River Group Holdings Ltd has reported full-year 2022 net income available to common shareholders of $22.2 million, including $15.1 million in the fourth quarter of the year.

The full-year result compares with a net loss of $172.8 million in 2021.

The fourth-quarter result compares with a net loss of $66.3 million in the prior year quarter.

Frank D'Orazio, the chief executive officer, said: “The fourth quarter of 2022 capped a year of significant progress and profitable momentum for James River, while positioning the company extremely well for the future.

“We continue to take advantage of compelling underwriting conditions in our insurance businesses, generating attractive growth and validating the strength of our underwriting franchise.

“Moreover, we have decided to suspend underwriting activities in our casualty reinsurance segment, which we believe repositions the company around its core strengths."

Gross written premiums for the year were $1.5 billion (2021: $1.51 billion).

Net written premiums were $748.5 million (2021: $744.4 million).

The combined ratio was 93.5 per cent (2021: 136.9 per cent), the lowest since 2014.

The company’s underwriting profit of $49.6 million is the highest in the company's history and compares with the previous high of $29.5 million in 2016.