Bermudian-based James River Group Holdings Ltd has reported a net loss available to common shareholders of $94 million in the 2024 fourth quarter.

That compares with a loss of $152.8 million in the prior year quarter.

The net loss from continuing operations available to common shareholders was $92.7 million, which compares with net income of $17.4 million in the prior year quarter. The adjusted net operating loss in the quarter was $40.8 million, which compares with adjusted net operating income of $12.4 million in 2023.

The company said the decrease to both figures was largely attributable to the previously announced $52.8 million of consideration paid in connection with the excess and surplus lines adverse development reinsurance contract with Cavello Bay Reinsurance Ltd, a subsidiary of Enstar Group Ltd, that closed on December 23, 2024.

James River added that net loss from continuing operations available to common shareholders was also negatively impacted by the $27 million deemed dividend resulting from the November 2024 amendment to the Series A Preferred Shares.

The company reported gross written premium of $358.3 million in the fourth quarter, down 8 per cent from the fourth quarter 2023 figure of $389 million.

Net written premium in the fourth quarter was $105.6 million, down 42 per cent on the prior year quarter figure of $182 million.

Net investment income for the fourth quarter was $22 million, a decrease of 14.2 per cent compared with $25.6 million in the prior year quarter.

James River said it does not expect any meaningful losses associated with January’s series of California wildfires.

Frank D’Orazio, the company’s chief executive, said: “2024 was a costly but transformational year for James River. We have meaningfully de-risked the organisation and concluded an extensive strategic review, emerging with a renewed focus.

“The E&S market remains very healthy, and we believe that 2025 will provide significant opportunities to responsibly grow while taking advantage of the attractive rate environment.”

Non-executive chairman Ollie L Sherman Jr has chosen to retire from his leadership role and the board has appointed Christine LaSala as its next non-executive chairwoman.

Following a period of transition, Mr Sherman will retire from the board on April 30.

He has served on the board of directors since May 2016 and had previously retired as a managing principal with Towers Watson in 2010.

Ms LaSala joined the board last July. The company said she has more than 45 years of management, client leadership and financial experience in the insurance industry in underwriting and insurance broking roles.