James River Group Holdings Ltd, which is based in Bermuda, has reported first-quarter net income available to common shareholders of $7 million.

That compares with net income available to common shareholders of $9.3 million for the first quarter of 2022.

Adjusted net operating income for the quarter was $21.6 million compared with adjusted net operating income of $13.9 million for the prior-year quarter.

The group combined ratio was 94.9 per cent, with the excess and surplus lines segment having a combined ratio of 86.8 per cent on business not subject to retroactive reinsurance accounting for loss portfolio transfers.

The E&S segment had gross and net written premium growth of 12.1 per cent and 17.3 per cent, respectively, owing to strong growth from the company’s larger underwriting divisions, broad-based renewal rate increases and increased net retention.

E&S segment renewal rates increased 8.9 per cent, with all underwriting divisions reporting positive pricing increases.

Net investment income increased 58.4 per cent compared with the prior-year quarter, and 12.9 per cent sequentially owing to higher income from most asset classes.

The adjusted net operating return on tangible common equity excluding accumulated other comprehensive loss was 16.3 per cent.

Frank D'Orazio, chief executive officer, said: “Buoyed by strong growth and attractive renewal rates in our E&S segment, solid underwriting profitability and meaningful contributions from our investment portfolio, James River produced another outstanding quarter of attractive returns, including our strongest quarterly adjusted net operating income in more than three years.

“With the company repositioned around its core strengths, we believe James River is well poised to continue to deliver excellent underwriting performance and compelling shareholder returns.”