James River Provides Preliminary Information on Third Quarter Results
PEMBROKE,
The Company expects to report a Net Loss for the third quarter of 2021 of between
The Combined Ratio for the Excess and Surplus Lines (“E&S”) segment would have been in the low 80s for the third quarter of 2021, an improvement as compared to the prior year quarter, absent catastrophe losses, additional reinstatement premiums for casualty treaties, and the previously announced Loss Portfolio Transfer (“LPT”), all impacting the E&S segment and detailed further below. Growth in the E&S segment Gross Written Premium was approximately 20% as compared to the prior year quarter, and approximately 10% across the Company.
The above results are inclusive of the pre-tax impacts of catastrophe losses of
Because the Company purchases significant property catastrophe reinsurance, it does not expect any additional net catastrophe losses related to recent events in excess of the
Non-GAAP Financial Measures
In presenting
Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: the inherent uncertainty of estimating reserves and the possibility that incurred losses may be greater than our loss and loss adjustment expense reserves; inaccurate estimates and judgments in our risk management may expose us to greater risks than intended; the downgrade in the financial strength rating of our regulated insurance subsidiaries announced on
RECONCILIATION OF NON-GAAP MEASURES
Adjusted Net Operating (Loss) Income
We define adjusted net operating (loss) income as net income excluding net realized and unrealized gains (losses) on investments, as well as non-operating expenses including those that relate to due diligence costs for various merger and acquisition activities, professional fees related to the filing of registration statements for the sale of our securities, and costs associated with former employees. We use adjusted net operating (loss) income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net operating (loss) income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of adjusted net operating income may not be comparable to that of other companies.
Our net loss for the quarter ended
Range | ||||||||
Low | High | |||||||
Net loss as reported | $ | (26,000 | ) | $ | (23,000 | ) | ||
Net realized and unrealized gains on investments | (3,000 | ) | (3,000 | ) | ||||
Other expenses | 500 | 500 | ||||||
Adjusted net operating loss | $ | (28,500 | ) | $ | (25,500 | ) |
Our net income for the quarter ended
Three Months Ended | ||||||||
Income Before Taxes |
Net Income |
|||||||
Net income as reported | $ | 30,748 | $ | 26,283 | ||||
Net realized and unrealized gains on investments | (8,929 | ) | (8,824 | ) | ||||
Other expenses | (21 | ) | (77 | ) | ||||
Adjusted net operating income | $ | 21,798 | $ | 17,382 |
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