Bermudian-based James River Group Holdings Ltd has reported a net loss available to common shareholders of $152.8 million in the fourth quarter of 2023.

JRG announced in November that it had entered into a definitive agreement to sell JRG Reinsurance Company Ltd, its third-party casualty reinsurance business, to Fleming Intermediate Holdings for a total estimated transaction value of $277 million.

Due to the pending sale of JRG Re, the company said, full results for the Casualty Reinsurance segment have been reclassified to discontinued operations for all periods.

The net loss available to common shareholders for the fourth quarter was driven by the net loss from discontinued operations, which included an $80.4 million loss on held-for-sale classification of JRG Re and an $89.8 million loss from discontinued operations.

The loss from discontinued operations included $53.2 million associated with JRG Re's fixed-maturity securities as the company no longer has the intent or ability to hold securities in an unrealised loss position until a recovery of their fair value could occur.

The company said adjusted net operating income of $12.4 million for the fourth quarter reflected strong investment income and profitable underwriting results from continuing operations, particularly from its Excess and Surplus Lines segment, which wrote the largest annual and second largest quarterly amount of gross written premium in its history.

The full-year 2023 group combined ratio was 96.5 per cent.

E&S segment gross written premium exceeded $1.0 billion, a record level, including 12.1 per cent growth in the fourth quarter of 2023 compared with the prior-year quarter.

Frank D'Orazio, chief executive, said: “2023 was a year of significant transformation and strategic progress for James River, with the company now purely focused on our E&S and fronting platforms.

“During the fourth quarter, we eclipsed $1 billion in annual E&S premium, a significant milestone for the organisation that demonstrates the strength of our franchise, driven by meaningful submission growth.

“We expect to continue to build on this momentum in 2024 as our team remains focused on leveraging sustained attractive market conditions.”

He added: “Our board of directors continues its exploration of strategic alternatives for the company that was announced in November. We expect to provide an update on the process in due course.”