James River Group Holdings Ltd has reported net income of $5 million in the second quarter of the year.

Net income from continuing operations available to common shareholders was $11.9 million.

The company said adjusted net operating income of $12.7 million for the second quarter reflected strong investment income and profitable underwriting results from continuing operations.

The group combined ratio was 99.3 per cent and adjusted net operating return on tangible common equity was 14.9 per cent.

The E&S segment had a combined ratio of 95.4 per cent and a positive renewal rate change of 9.1 per cent, with the majority of the underwriting divisions reporting positive pricing increases, the company said.

The Specialty Admitted Insurance segment reported a combined ratio of 85 per cent, with fronting and programme gross written premium growth of 12.3 per cent excluding the non-renewed workers’ compensation programme.

Net investment income for the second quarter was $24.9 million, an increase of 36.7 per cent compared with $18.2 million in the prior year quarter.

Frank D’Orazio, chief executive, said: “James River has continued to execute on its strategic priorities of de-risking the organisation and generating attractive returns on our capital.

“E&S market conditions remain favourable amid accelerating submission growth and a strong rate environment during the second quarter as we continue to reprofile segments of our portfolio.

“While we executed an attractive retroactive reinsurance transaction last month, our board of directors continues its exploration of strategic alternatives for the company that was announced in November of 2023.”