CaribPR Wire

7 Aug 2015

by caribpr

James River Group Holdings, James River Group Holdings 2015 earnings

James River Group Holdings Reports Second Quarter Net Operating Income of $12.4 Million or $0.42 Per Diluted Share

YEAR-TO-DATE NET OPERATING INCOME OF $24.1 MILLION OR $0.82 PER DILUTED SHARE

13.6% AND 12.7% GROWTH IN OPERATING EARNINGS FOR THE SECOND QUARTER AND YEAR-TO-DATE, RESPECTIVELY

30.9% AND 26.9% GROWTH IN EXCESS & SURPLUS LINES SEGMENT GROSS WRITTEN PREMIUMS FOR THE SECOND QUARTER AND YEAR-TO-DATE, RESPECTIVELY

DECLARES A $0.16 PER SHARE QUARTERLY DIVIDEND

CaribPR Wire, PEMBROKE, Bermuda, Aug. 5, 2015: James River Group Holdings, Ltd. (NASDAQ:JRVR) today announced financial results for the second quarter and six months ended June 30, 2015.

Significant factors to consider when evaluating the second quarter of 2015 include:

– Each of the Company’s operating segments made an underwriting profit;

– Net investment income of $13.0 million in the second quarter of 2015, compared to $10.7 million for the same period of 2014;

– Net operating income in 2015 of $12.4 million compared to $10.9 million in the prior year;

– Diluted operating earnings per share of $0.42 compared to $0.38 in the prior year;

– Net income for the second quarter of 2015 was $12.5 million compared to $9.5 million in the prior year;

– Fully diluted earnings per share of $0.43 compared to $0.33 in the prior year;

– Overall increase in gross written premiums of 89.8% to $184.0 million from $97.0 million in gross written premiums in the second quarter of 2014 as follows:

– Growth in our Excess and Surplus Lines segment of 30.9% to $77.4 million from $59.1 million in the second quarter of 2014. Our Excess and Surplus Lines segment is on track to show substantial growth for the year;

– Growth in our Specialty Admitted Insurance segment of 42.8% to $17.9 million from $12.6 million in 2014. Our Specialty Admitted segment continues to make progress in building out its program and fronting businesses, and its traditional workers’ compensation book is growing as well;

– Reported growth in our Casualty Reinsurance segment of 250.9% to $88.7 million from $25.3 million in 2014. This growth is mainly a matter of timing as expiring contracts were renewed out of sequence. We anticipate annual gross written premium for the Casualty Reinsurance segment to be flat for calendar year 2015 when compared to the prior year;

– A combined ratio of 97.8% compared to 96.7% in the prior year; and

– An overall increase in net written premium for the quarter of 93.8% to $158.8 million compared to $81.9 million in the second quarter of 2014.

Significant factors to consider when evaluating the six-month period ended June 30, 2015, include:

– Each of the Company’s operating segments made an underwriting profit;

– Net investment income of $25.0 million, compared to $23.2 million in the same period in 2014;

– Net operating income in 2015 of $24.1 million compared to $21.4 million in the prior year;

– Diluted operating earnings per share of $0.82 compared to $0.74 in the prior year;

– Net income in 2015 of $21.9 million compared to $18.7 million in the prior year;

– Fully diluted earnings per share of $0.75 compared to $0.65 in the prior year;

– Overall increase in gross written premiums of 29.1% to $315.3 million from $244.2 million in gross written premiums as follows:

– Growth in our Excess and Surplus Lines segment of 26.9% to $153.1 million from $120.7 million for the first six months of 2014;

– Growth in our Specialty Admitted Insurance segment of 60.3% to $38.9 million from $24.2 million in 2014; and

– Growth in our Casualty Reinsurance segment of 24.2% to $123.3 million from $99.3 million in 2014. This growth is mainly a matter of timing as expiring contracts were renewed out of sequence. We anticipate annual gross written premium for the Casualty Reinsurance segment will be flat for calendar year 2015;

– A combined ratio of 97.6% equal to that of the prior year; and

– An overall increase in net written premium for the first six months of 2015 of 25.1% to $267.5 million compared to $213.8 million in the first half of 2014.

Tangible equity value decreased 1.1% for the second quarter of 2015 from $475.7 million at March 31, 2015 to $470.5 million at June 30, 2015. This was primarily due to a decrease in accumulated other comprehensive income (i.e. unrealized gains in our investment portfolio) which decreased $15.0 million from $22.3 million at March 31, 2015 to $7.3 million at June 30, 2015 as well as the dividend of $4.6 million paid during the quarter, partially offset by net income in the quarter. The decrease in unrealized gains was primarily driven by the change in market rates of interest.

On a year-to-date basis, our tangible book value increased 1.0% from $466.0 million at December 31, 2014 to $470.5 million at June 30, 2015. This increase was primarily due to our net income of $21.9 million offset by a decrease in accumulated other comprehensive income which decreased $11.1 million from $18.4 million at December 31, 2014 to $7.3 million at June 30, 2015 as well as the $9.2 million of dividends paid during 2015.

J. Adam Abram, Chairman and Chief Executive Officer, said, “We are pleased with our results. Each of our segments earned an underwriting profit in the quarter and for the six-month period. We are enjoying solid growth in our Excess and Surplus Lines segment, which has traditionally been a source of substantial underwriting profits for our group. We enter the second half of the year confident about the group’s prospects for solid underwriting profits.”

“We are also pleased with our investment results for the quarter. We benefited significantly this quarter from increases in the market value of equity investments we have made in renewable energy projects.”

“In keeping with our Board’s emphasis on capital efficiency and management, the Directors voted to declare a dividend of $0.16 per share to be paid September 30, 2015.”

Net operating earnings per diluted share for the second quarter of 2015 were $0.42 per share and excluded $116,000 (less than $.01 per share) of pre-tax costs related to realized gains and losses and other non-operating expenses. This amount compares to $0.38 for the same period in 2014. On a year-to-date basis, net operating earnings per diluted share for 2015 were $0.82 per share and excluded $0.07 per share of costs related to realized gains and losses and other non-operating expenses. This amount compares to $0.74 for the same period in 2014.

Fully diluted earnings per share for the second quarter of 2015 were $0.43 which compares to the $0.33 per share for the same period in 2014. On a year-to-date basis, fully diluted earnings per share for 2015 were $0.75 per share. This amount compares to $0.65 for the same period in 2014.

The combined ratio for the Company was 97.8% (comprised of a loss ratio of 64.0% and an expense ratio of 33.8%) for the second quarter of 2015. This compares to a combined ratio of 96.7% (comprised of a loss ratio of 63.2% and an expense ratio of 33.4%) in the prior year. On a year-to-date basis, the combined ratio for the Company was 97.6% (comprised of a loss ratio of 63.8% and an expense ratio of 33.8%) for 2015. This compares to a combined ratio in the prior year that was also 97.6% (comprised of a loss ratio of 63.1% and an expense ratio of 34.4%).

Results for the quarter ended June 30, 2015 include favorable reserve development on prior accident years of $2.5 million, representing 2.4 points of our loss and combined ratio, respectively, which compares to favorable reserve development in the prior year of $ 2.7 million, representing 2.7 points of our loss and combined ratio, respectively. On an after-tax basis, favorable reserve development for the quarter is $2.1 million ($2.2 million in the prior year). On a year-to-date basis, 2015 includes favorable reserve development on prior accident years of $5.0 million (or $4.1 million on an after-tax basis) representing 2.2 points of our loss and combined ratio, respectively. In 2014, this favorable reserve development was $3.7 million (or $3.0 million on an after-tax basis) representing 2.0 points of our loss and combined ratio, respectively.

The slight increase in the overall expense ratio in the second quarter of 2015 compared to the same period in prior year (33.8% in 2015 vs. 33.4% in the prior year) was primarily due to the increased costs of being a public company, offset by the increase in our earned premiums which grew 9.3% in the quarter from $97.0 million in 2014 to $106.1 million in 2015. For the six months ended June 30, 2015 our expense ratio decreased (to 33.8% in 2015 vs. 34.4% in the prior year) as a result of earned premiums increasing 19.9% from $186.1 million in 2014 to $223.1 million in 2015, offset by the increased costs of being a public company.

The Excess and Surplus Lines segment’s combined ratio was 89.1% for the second quarter of 2015, comprised of a loss ratio of 61.8% and an expense ratio of 27.3%. In the prior year, this segment’s combined ratio was 88.5% for the second quarter, comprised of a loss ratio of 61.3% and an expense ratio of 27.3%. For the year-to-date, the Excess and Surplus Lines segment’s combined ratio was 88.2%, comprised of a loss ratio of 61.0% and an expense ratio of 27.2%. In the prior year, this segment’s combined ratio on a year-to-date basis was 89.8%, comprised of a loss ratio of 61.4% and an expense ratio of 28.4%. In the second quarter, we recognized $3.4 million in pre-tax, favorable reserve development representing 6.5 points of our loss and combined ratio, respectively. In the same period in 2014, we recognized $3.9 million in pre-tax favorable reserve development representing 8.7 points of our loss and combined ratio, respectively. On a year-to-date basis, 2015 includes favorable reserve development on prior accident years of $8.4 million representing 7.5 points of our loss and combined ratio, respectively. In 2014, this favorable reserve development was $6.3 million representing 7.2 points of our loss and combined ratio, respectively.

The Specialty Admitted Insurance segment’s combined ratio was 98.0% for the second quarter of 2015, comprised of a loss ratio of 60.4% and an expense ratio of 37.6%. In the prior year, this segment’s combined ratio was 106.9%, comprised of a loss ratio of 57.6% and an expense ratio of 49.3%. For the year-to-date, the Specialty Admitted Insurance segment’s combined ratio was 99.8%, comprised of a loss ratio of 60.5% and an expense ratio of 39.2%. In the prior year, this segment’s combined ratio was 108.9%, comprised of a loss ratio of 56.5% and an expense ratio of 52.4%. In the second quarter, we recognized $189,000 in pre-tax, favorable reserve development representing 1.9 points of our loss and combined ratio, respectively. In the same period in 2014, we recognized $789,000 in pre-tax, favorable reserve development representing 12.1 points of the loss and combined ratio, respectively. On a year-to-date basis, 2015 includes favorable reserve development on prior accident years of $196,000 representing 1.0 points of our loss and combined ratio, respectively. In 2014, this segment had favorable reserve development of $1.1 million representing 9.2 points of our loss and combined ratio, respectively. The expense ratio for the second quarter and year-to-date 2015 of 37.6% and 39.2%, respectively, has begun to show the effects of the successful ramp up of the programs and fronting business along with an overall increase in earned premiums in this segment. For the same periods in the prior year, the expense ratio was 49.3% and 52.4%, respectively.

The Casualty Reinsurance segment’s combined ratio was 98.6% for the second quarter of 2015, comprised of a loss ratio of 67.6% and an expense ratio of 31.0%. In the prior year, this segment’s combined ratio was 99.2% comprised of a loss ratio of 66.0% and an expense ratio of 33.2%. For the year-to-date, the Casualty Reinsurance segment’s combined ratio was 99.3%, comprised of a loss ratio of 68.0% and an expense ratio of 31.3%. In the prior year, this segment’s combined ratio on a year-to-date basis was 99.5%, comprised of a loss ratio of 65.7% and an expense ratio of 33.8%. In the second quarter, we recognized $1.1 million of adverse reserve development representing (2.6) points of the loss and combined ratio, respectively. In the prior year, we recognized $2.0 million of adverse reserve development representing (4.5) points of the loss and combined ratio, respectively. On a year-to-date basis, 2015 includes adverse reserve development on prior accident years of $3.6 million representing (3.9) points of our loss and combined ratio, respectively. In 2014, this adverse reserve development was $3.6 million representing (4.1) points of our loss and combined ratio, respectively.

The increase in gross written premium at this segment for the second quarter of 2015 is principally due to the timing of renewals on two contracts:

– One contract which renewed as a 15 month treaty in the first quarter of 2014 was renewed in the second quarter of 2015. This contract contributed $36.7 million to this segment’s gross written premium in the first quarter of 2014 and $27.4 million to the second quarter of 2015; and

– Another contract which renewed in the third quarter of 2014 was renewed in the second quarter of 2015. This contract contributed $25.0 million to this segment’s gross written premium in the third quarter of 2014 and $16.0 million to the second quarter of 2015.

Net investment income for the second quarter of 2015 was $13.0 million which compares to $10.7 million for the same period in 2014. On a year-to-date basis, net investment income for 2015 was $25.0 million which compares to $23.2 million for the same period in 2014. These increases in net investment income were attributable to an increase in the fair value of our investments in certain renewable energy partnerships in the second quarter of $2.2 million compared to $724,000 in the prior year ($4.6 million and $4.0 million for the six months ended June 30, 2015 and 2014, respectively). Additionally the increase in net investment income is attributable to positive operating cash flow as evidenced by the increase in our balance of cash and invested assets which grew 4.9% and 2.1% from $1,276.1 million at June 30, 2014 and $1,310.6 million at December 31, 2014, respectively, to $1,338.6 million at June 30, 2015. Offsetting this increase was the $70 million dividend we paid on September 30, 2014, which reduced our investable assets, as well as declining portfolio yields. Our annualized gross investment yield on average fixed maturity securities for the three and six months ended June 30, 2015 was 3.4% and 3.2%, respectively, and the average duration of our portfolio was 3.5 years.

During the second quarter, we recognized $350,000 of pre-tax net realized gains. On a year-to-date basis for 2015, we recognized $2.5 million in pre-tax net realized losses. Included in this amount was $3.4 million in losses during the first quarter of 2015 relating to our energy portfolio, which at June 30, 2015 had a remaining carrying value of $24.5 million and a fair market value of $22.8 million.

Dividend

The Company also announced that its Board of Directors declared a cash dividend of $0.16 per common share. This dividend is payable on Wednesday, September 30, 2015 to all shareholders of record on Monday, September 14, 2015.

Conference Call

James River Group Holdings will hold a conference call to discuss this press release tomorrow, August 6, 2015, at 9:00 a.m. Eastern time. Investors may access the conference call by dialing (877) 930-8055 Conference ID# 59295869 or via the internet by going to www.jrgh.net and clicking on the “Investor Relations” link. Please visit the website at least 15 minutes early to register and download any necessary audio software. A replay will be available shortly after the call and through the end of business on September 6, 2015 at the number and website referenced above.

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 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 factors, they include, among others, the following: losses exceeding reserves; loss of key members of our management or employees; adverse economic factors; a decline in our financial strength; loss of a group of brokers or agents that generate significant portions of our business; losses in our investment portfolio; additional government or market regulation; potentially becoming subject to United States taxation and other risks described in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Non-GAAP Financial Measures

In presenting James River Group Holding’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including underwriting profit, net operating income and return on tangible equity are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

About James River Group Holdings, Ltd.

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company which owns and operates a group of specialty insurance and reinsurance companies founded by members of our management team. The company operates in three specialty property-casualty insurance and reinsurance segments: Excess and Surplus Lines, Specialty Admitted Insurance and Casualty Reinsurance. The company tends to focus on accounts associated with small or medium-sized businesses in each of its segments. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) with a “positive outlook” by A.M. Best Company.

Visit James River Group Holdings, Ltd. on the web at www.jrgh.net

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James River Group Holdings, Ltd. and Subsidiaries

Condensed Consolidated Balance Sheet Data

(Unaudited)

June 30, December 31,

2015 2014

——————————————-

($ in thousands, except for share amounts)

ASSETS

Invested assets:

Fixed maturity securities, available-for-sale $ 811,178 $ 756,963

Fixed maturity securities, trading 5,763 7,388

Equity securities, available-for-sale 75,164 67,905

Bank loan participations, held-for-investment 216,525 239,511

Short-term investments 105,587 131,856

Other invested assets 58,579 33,622

——————————————-

Total investments 1,272,796 1,237,245

Cash and cash equivalents 65,832 73,383

Accrued investment income 7,302 7,273

Premiums receivable and agents’ balances 209,468 162,527

Reinsurance recoverable on unpaid losses 134,750 127,254

Reinsurance recoverable on paid losses 3,615 1,725

Deferred policy acquisition costs 71,782 60,202

Goodwill and intangible assets 221,658 221,956

Other assets 75,509 67,727

——————————————-

Total assets $ 2,062,712 $ 1,959,292

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LIABILITIES AND SHAREHOLDERS’ EQUITY

Reserve for losses and loss adjustment expenses $ 762,254 $ 716,296

Unearned premiums 327,795 277,579

Senior debt 88,300 88,300

Junior subordinated debt 104,055 104,055

Accrued expenses 26,627 31,107

Other liabilities 61,496 54,034

——————————————-

Total liabilities 1,370,527 1,271,371

Total shareholders’ equity 692,185 687,921

——————————————-

Total liabilities and shareholders’ equity $ 2,062,712 $ 1,959,292

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Tangible equity $ 470,527 $ 465,965

Tangible equity per common share outstanding $ 16.46 $ 16.33

Total shareholders’ equity per common share outstanding $ 24.22 $ 24.10

Common shares outstanding 28,581,600 28,540,350

Debt to total capitalization ratio 21.7% 21.9%

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James River Group Holdings, Ltd. and Subsidiaries

Condensed Consolidated Income Statement Data

(Unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

———————————————–

2015 2014 2015 2014

———————————————–

($ in thousands, except for share data)

REVENUES

Gross written premiums $ 184,011 $ 96,960 $ 315,269 $ 244,201

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Net written premiums $ 158,814 $ 81,941 $ 267,473 $ 213,782

===============================================

Net earned premiums $ 106,060 $ 97,012 $ 223,071 $ 186,068

Net investment income 13,000 10,711 24,986 23,193

Net realized investment gains (losses) 350 (1,790) (2,456) (3,711)

Other income 817 863 1,093 941

———————————————–

Total revenues 120,227 106,796 246,694 206,491

EXPENSES

Losses and loss adjustment expenses 67,931 61,336 142,415 117,450

Other operating expenses 36,580 33,229 76,377 64,857

Other expenses 69 296 138 389

Interest expense 1,744 1,557 3,448 3,104

Amortization of intangible assets 149 173 298 298

———————————————–

Total expenses 106,473 96,591 222,676 186,098

———————————————–

Income before taxes 13,754 10,205 24,018 20,393

Federal income tax expense 1,265 692 2,152 1,742

———————————————–

NET INCOME $ 12,489 $ 9,513 $ 21,866 $ 18,651

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NET OPERATING INCOME $ 12,362 $ 10,883 $ 24,053 $ 21,351

===============================================

EARNINGS PER SHARE

Basic $ 0.44 $ 0.33 $ 0.77 $ 0.65

===============================================

Diluted $ 0.43 $ 0.33 $ 0.75 $ 0.65

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NET OPERATING INCOME PER SHARE

Basic $ 0.43 $ 0.38 $ 0.84 $ 0.75

===============================================

Diluted $ 0.42 $ 0.38 $ 0.82 $ 0.74

===============================================

Weighted-average common shares outstanding:

Basic 28,547,616 28,540,350 28,544,003 28,540,350

===============================================

Diluted 29,214,859 28,787,957 29,156,604 28,784,319

===============================================

Cash dividends declared per common share $ 0.16 $ 0.00 $ 0.32 $ 0.00

===============================================

Ratios:

Loss ratio 64.0% 63.2% 63.8% 63.1%

Expense ratio 33.8% 33.4% 33.8% 34.4%

Combined ratio 97.8% 96.7% 97.6% 97.6%

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James River Group Holdings, Ltd. and Subsidiaries

Segment Results

EXCESS AND SURPLUS LINES

Three Months Ended Six Months Ended

June 30, June 30,

————————————————————————-

2015 2014 2015 2014

————————————————————————-

($ in thousands)

Gross written premiums $ 77,417 $ 59,134 $ 153,135 $ 120,687

=========================================================================

Net written premiums $ 60,924 $ 50,165 $ 123,220 $ 99,539

=========================================================================

Net earned premiums $ 52,867 $ 45,100 $ 112,267 $ 87,083

Losses and loss adjustment expenses (32,688) (27,639) (68,530) (53,480)

Underwriting expenses (14,410) (12,290) (30,525) (24,705)

————————————————————————-

Underwriting profit (a), (b) $ 5,769 $ 5,171 $ 13,212 $ 8,898

=========================================================================

Ratios:

Loss ratio 61.8% 61.3% 61.0% 61.4%

Expense ratio 27.3% 27.3% 27.2% 28.4%

Combined ratio 89.1% 88.5% 88.2% 89.8%

(a) See “Reconciliation of Non-GAAP Measures.”

(b) Underwriting results include fees of $758,000 and $783,000 for the three months ended June 30, 2015 and 2014,

respectively, and $978,000 and $783,000 for the respective six month periods.

SPECIALTY ADMITTED INSURANCE

Three Months Ended Six Months Ended

June 30, June 30,

————————————————————————-

2015 2014 2015 2014

————————————————————————-

($ in thousands)

Gross written premiums $ 17,931 $ 12,559 $ 38,857 $ 24,236

=========================================================================

Net written premiums $ 9,167 $ 7,302 $ 20,641 $ 15,643

=========================================================================

Net earned premiums $ 10,150 $ 6,513 $ 19,705 $ 11,662

Losses and loss adjustment expenses (6,133) (3,750) (11,929) (6,587)

Underwriting expenses (3,818) (3,211) (7,732) (6,115)

————————————————————————-

Underwriting profit (loss) (a), (b) $ 199 $ (448) $ 44 $ (1,040)

=========================================================================

Ratios:

Loss ratio 60.4% 57.6% 60.5% 56.5%

Expense ratio 37.6% 49.3% 39.2% 52.4%

Combined ratio 98.0% 106.9% 99.8% 108.9%

(a) See “Reconciliation of Non-GAAP Measures.”

(b) Underwriting results include fees of $361,000 and $166,000 for the three months ended June 30, 2015 and 2014,

respectively, and $663,000 and $303,000 for the respective six month periods.

CASUALTY REINSURANCE

Three Months Ended Six Months Ended

June 30, June 30,

————————————————————————-

2015 2014 2015 2014

————————————————————————-

($ in thousands)

Gross written premiums $ 88,663 $ 25,267 $ 123,277 $ 99,278

=========================================================================

Net written premiums $ 88,723 $ 24,474 $ 123,612 $ 98,600

=========================================================================

Net earned premiums $ 43,043 $ 45,399 $ 91,099 $ 87,323

Losses and loss adjustment expenses (29,110) (29,947) (61,956) (57,383)

Underwriting expenses (13,339) (15,089) (28,508) (29,533)

————————————————————————-

Underwriting profit (a) $ 594 $ 363 $ 635 $ 407

=========================================================================

Ratios:

Loss ratio 67.6% 66.0% 68.0% 65.7%

Expense ratio 31.0% 33.2% 31.3% 33.8%

Combined ratio 98.6% 99.2% 99.3% 99.5%

(a) See “Reconciliation of Non-GAAP Measures.”

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RECONCILIATION OF NON-GAAP MEASURES

The following table reconciles the underwriting profit (loss) by individual operating segment and of the whole Company to consolidated income before taxes. We believe that these measures are useful to investors in evaluating the performance of our Company and its operating segments because our objective is to consistently earn underwriting profits. We evaluate the performance of our operating segments and allocate resources based primarily on underwriting profit (loss) of operating segments. Our definition of underwriting profit (loss) of operating segments and underwriting profit (loss) may not be comparable to that of other companies.

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Three Months Ended Six Months Ended

June 30, June 30,

——————————————————

2015 2014 2015 2014

——————————————————

($ in thousands)

Underwriting profit (loss) of the operating segments:

Excess and Surplus Lines $ 5,769 $ 5,171 $ 13,212 $ 8,898

Specialty Admitted Insurance 199 (448) 44 (1,040)

Casualty Reinsurance 594 363 635 407

——————————————————

Total underwriting profit of operating segments 6,562 5,086 13,891 8,265

Other operating expenses of the Corporate and Other segment (4,255) (1,856) (8,634) (3,721)

——————————————————

Underwriting profit (a) 2,307 3,230 5,257 4,544

Net investment income 13,000 10,711 24,986 23,193

Net realized investment gains (losses) 350 (1,790) (2,456) (3,711)

Other income and expenses (10) (216) (23) (231)

Interest expense (1,744) (1,557) (3,448) (3,104)

Amortization of intangible assets (149) (173) (298) (298)

——————————————————

Consolidated income before taxes $ 13,754 $ 10,205 $ 24,018 $ 20,393

======================================================

(a) Included in underwriting results for the three months ended June 30, 2015 and 2014 is net fee income of $1.1

million and $949,000, respectively, and $1.6 million and $1.1 million for the respective six month periods.

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We define net operating income as net income excluding net realized investment gains and losses, expenses related to due diligence costs for various merger and acquisition activities, costs associated with our initial public offering, severance costs associated with terminated employees, impairment charges on goodwill and intangible assets and gains on extinguishment of debt. We use net operating 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. Net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of net operating income may not be comparable to that of other companies.

Our income before taxes and net income for the three and six months ended June 30, 2015 and 2014, respectively, reconciles to our net operating income as follows:

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Three Months Ended

June 30,

—————————————

2015 2014

—————————————

Income Income

Before Net Before Net

Taxes Income Taxes Income

—————————————

($ in thousands)

Income as reported $ 13,754 $ 12,489 $ 10,205 $ 9,513

Net realized investment (gains) losses (350) (279) 1,790 990

Other expenses 69 45 296 271

Interest expense on leased building the Company is deemed to own for

accounting purposes 165 107 167 109

—————————————

Net operating income $ 13,638 $ 12,362 $ 12,458 $ 10,883

=======================================

Six Months Ended

June 30,

—————————————

2015 2014

—————————————

Income Income

Before Net Before Net

Taxes Income Taxes Income

—————————————

($ in thousands)

Income as reported $ 24,018 $ 21,866 $ 20,393 $ 18,651

Net realized investment losses 2,456 1,883 3,711 2,143

Other expenses 138 90 389 341

Interest expense on leased building the Company is deemed to own for

accounting purposes 330 214 332 216

—————————————

Net operating income $ 26,942 $ 24,053 $ 24,825 $ 21,351

=======================================

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We define tangible equity as the sum of shareholders’ equity less goodwill and intangible assets (net of amortization). Our definition of tangible equity may not be comparable to that of other companies, and it should not be viewed as a substitute for shareholders’ equity calculated in accordance with GAAP. We use tangible equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity for both June 30, 2015 and December 31, 2014.

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June 30, December 31,

2015 2014

————————

(in thousands)

Shareholders’ equity $ 692,185 $ 687,921

Less: Goodwill and intangible assets 221,658 221,956

————————

Tangible equity $ 470,527 $ 465,965

========================

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CONTACT: Robert Myron

President and Chief Operating Officer

1-441-278-4583

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James River Group Holdings, Ltd. and Subsidiaries

Condensed Consolidated Balance Sheet Data

(Unaudited)

June 30, December 31,

2015 2014

——————————————-

($ in thousands, except for share amounts)

ASSETS

Invested assets:

Fixed maturity securities, available-for-sale $ 811,178 $ 756,963

Fixed maturity securities, trading 5,763 7,388

Equity securities, available-for-sale 75,164 67,905

Bank loan participations, held-for-investment 216,525 239,511

Short-term investments 105,587 131,856

Other invested assets 58,579 33,622

——————————————-

Total investments 1,272,796 1,237,245

Cash and cash equivalents 65,832 73,383

Accrued investment income 7,302 7,273

Premiums receivable and agents’ balances 209,468 162,527

Reinsurance recoverable on unpaid losses 134,750 127,254

Reinsurance recoverable on paid losses 3,615 1,725

Deferred policy acquisition costs 71,782 60,202

Goodwill and intangible assets 221,658 221,956

Other assets 75,509 67,727

——————————————-

Total assets $ 2,062,712 $ 1,959,292

===========================================

LIABILITIES AND SHAREHOLDERS’ EQUITY

Reserve for losses and loss adjustment expenses $ 762,254 $ 716,296

Unearned premiums 327,795 277,579

Senior debt 88,300 88,300

Junior subordinated debt 104,055 104,055

Accrued expenses 26,627 31,107

Other liabilities 61,496 54,034

——————————————-

Total liabilities 1,370,527 1,271,371

Total shareholders’ equity 692,185 687,921

——————————————-

Total liabilities and shareholders’ equity $ 2,062,712 $ 1,959,292

===========================================

Tangible equity $ 470,527 $ 465,965

Tangible equity per common share outstanding $ 16.46 $ 16.33

Total shareholders’ equity per common share outstanding $ 24.22 $ 24.10

Common shares outstanding 28,581,600 28,540,350

Debt to total capitalization ratio 21.7% 21.9%

James River Group Holdings, Ltd. and Subsidiaries

Condensed Consolidated Income Statement Data

(Unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

———————————————–

2015 2014 2015 2014

———————————————–

($ in thousands, except for share data)

REVENUES

Gross written premiums $ 184,011 $ 96,960 $ 315,269 $ 244,201

===============================================

Net written premiums $ 158,814 $ 81,941 $ 267,473 $ 213,782

===============================================

Net earned premiums $ 106,060 $ 97,012 $ 223,071 $ 186,068

Net investment income 13,000 10,711 24,986 23,193

Net realized investment gains (losses) 350 (1,790) (2,456) (3,711)

Other income 817 863 1,093 941

———————————————–

Total revenues 120,227 106,796 246,694 206,491

EXPENSES

Losses and loss adjustment expenses 67,931 61,336 142,415 117,450

Other operating expenses 36,580 33,229 76,377 64,857

Other expenses 69 296 138 389

Interest expense 1,744 1,557 3,448 3,104

Amortization of intangible assets 149 173 298 298

———————————————–

Total expenses 106,473 96,591 222,676 186,098

———————————————–

Income before taxes 13,754 10,205 24,018 20,393

Federal income tax expense 1,265 692 2,152 1,742

———————————————–

NET INCOME $ 12,489 $ 9,513 $ 21,866 $ 18,651

===============================================

NET OPERATING INCOME $ 12,362 $ 10,883 $ 24,053 $ 21,351

===============================================

EARNINGS PER SHARE

Basic $ 0.44 $ 0.33 $ 0.77 $ 0.65

===============================================

Diluted $ 0.43 $ 0.33 $ 0.75 $ 0.65

===============================================

NET OPERATING INCOME PER SHARE

Basic $ 0.43 $ 0.38 $ 0.84 $ 0.75

===============================================

Diluted $ 0.42 $ 0.38 $ 0.82 $ 0.74

===============================================

Weighted-average common shares outstanding:

Basic 28,547,616 28,540,350 28,544,003 28,540,350

===============================================

Diluted 29,214,859 28,787,957 29,156,604 28,784,319

===============================================

Cash dividends declared per common share $ 0.16 $ 0.00 $ 0.32 $ 0.00

===============================================

Ratios:

Loss ratio 64.0% 63.2% 63.8% 63.1%

Expense ratio 33.8% 33.4% 33.8% 34.4%

Combined ratio 97.8% 96.7% 97.6% 97.6%

*T

James River Group Holdings, Ltd. and Subsidiaries

Segment Results

EXCESS AND SURPLUS LINES

Three Months Ended Six Months Ended

June 30, June 30,

————————————————————————-

2015 2014 2015 2014

————————————————————————-

($ in thousands)

Gross written premiums $ 77,417 $ 59,134 $ 153,135 $ 120,687

=========================================================================

Net written premiums $ 60,924 $ 50,165 $ 123,220 $ 99,539

=========================================================================

Net earned premiums $ 52,867 $ 45,100 $ 112,267 $ 87,083

Losses and loss adjustment expenses (32,688) (27,639) (68,530) (53,480)

Underwriting expenses (14,410) (12,290) (30,525) (24,705)

————————————————————————-

Underwriting profit (a), (b) $ 5,769 $ 5,171 $ 13,212 $ 8,898

=========================================================================

Ratios:

Loss ratio 61.8% 61.3% 61.0% 61.4%

Expense ratio 27.3% 27.3% 27.2% 28.4%

Combined ratio 89.1% 88.5% 88.2% 89.8%

(a) See “Reconciliation of Non-GAAP Measures.”

(b) Underwriting results include fees of $758,000 and $783,000 for the three months ended June 30, 2015 and 2014,

respectively, and $978,000 and $783,000 for the respective six month periods.

SPECIALTY ADMITTED INSURANCE

Three Months Ended Six Months Ended

June 30, June 30,

————————————————————————-

2015 2014 2015 2014

————————————————————————-

($ in thousands)

Gross written premiums $ 17,931 $ 12,559 $ 38,857 $ 24,236

=========================================================================

Net written premiums $ 9,167 $ 7,302 $ 20,641 $ 15,643

=========================================================================

Net earned premiums $ 10,150 $ 6,513 $ 19,705 $ 11,662

Losses and loss adjustment expenses (6,133) (3,750) (11,929) (6,587)

Underwriting expenses (3,818) (3,211) (7,732) (6,115)

————————————————————————-

Underwriting profit (loss) (a), (b) $ 199 $ (448) $ 44 $ (1,040)

=========================================================================

Ratios:

Loss ratio 60.4% 57.6% 60.5% 56.5%

Expense ratio 37.6% 49.3% 39.2% 52.4%

Combined ratio 98.0% 106.9% 99.8% 108.9%

(a) See “Reconciliation of Non-GAAP Measures.”

(b) Underwriting results include fees of $361,000 and $166,000 for the three months ended June 30, 2015 and 2014,

respectively, and $663,000 and $303,000 for the respective six month periods.

CASUALTY REINSURANCE

Three Months Ended Six Months Ended

June 30, June 30,

————————————————————————-

2015 2014 2015 2014

————————————————————————-

($ in thousands)

Gross written premiums $ 88,663 $ 25,267 $ 123,277 $ 99,278

=========================================================================

Net written premiums $ 88,723 $ 24,474 $ 123,612 $ 98,600

=========================================================================

Net earned premiums $ 43,043 $ 45,399 $ 91,099 $ 87,323

Losses and loss adjustment expenses (29,110) (29,947) (61,956) (57,383)

Underwriting expenses (13,339) (15,089) (28,508) (29,533)

————————————————————————-

Underwriting profit (a) $ 594 $ 363 $ 635 $ 407

=========================================================================

Ratios:

Loss ratio 67.6% 66.0% 68.0% 65.7%

Expense ratio 31.0% 33.2% 31.3% 33.8%

Combined ratio 98.6% 99.2% 99.3% 99.5%

(a) See “Reconciliation of Non-GAAP Measures.”

RECONCILIATION OF NON-GAAP MEASURES

The following table reconciles the underwriting profit (loss) by individual operating segment and of the whole Company to consolidated income before taxes. We believe that these measures are useful to investors in evaluating the performance of our Company and its operating segments because our objective is to consistently earn underwriting profits. We evaluate the performance of our operating segments and allocate resources based primarily on underwriting profit (loss) of operating segments. Our definition of underwriting profit (loss) of operating segments and underwriting profit (loss) may not be comparable to that of other companies.

Three Months Ended Six Months Ended

June 30, June 30,

——————————————————

2015 2014 2015 2014

——————————————————

($ in thousands)

Underwriting profit (loss) of the operating segments:

Excess and Surplus Lines $ 5,769 $ 5,171 $ 13,212 $ 8,898

Specialty Admitted Insurance 199 (448) 44 (1,040)

Casualty Reinsurance 594 363 635 407

——————————————————

Total underwriting profit of operating segments 6,562 5,086 13,891 8,265

Other operating expenses of the Corporate and Other segment (4,255) (1,856) (8,634) (3,721)

——————————————————

Underwriting profit (a) 2,307 3,230 5,257 4,544

Net investment income 13,000 10,711 24,986 23,193

Net realized investment gains (losses) 350 (1,790) (2,456) (3,711)

Other income and expenses (10) (216) (23) (231)

Interest expense (1,744) (1,557) (3,448) (3,104)

Amortization of intangible assets (149) (173) (298) (298)

——————————————————

Consolidated income before taxes $ 13,754 $ 10,205 $ 24,018 $ 20,393

======================================================

(a) Included in underwriting results for the three months ended June 30, 2015 and 2014 is net fee income of $1.1

million and $949,000, respectively, and $1.6 million and $1.1 million for the respective six month periods.

We define net operating income as net income excluding net realized investment gains and losses, expenses related to due diligence costs for various merger and acquisition activities, costs associated with our initial public offering, severance costs associated with terminated employees, impairment charges on goodwill and intangible assets and gains on extinguishment of debt. We use net operating 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. Net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of net operating income may not be comparable to that of other companies.

Our income before taxes and net income for the three and six months ended June 30, 2015 and 2014, respectively, reconciles to our net operating income as follows:

Three Months Ended

June 30,

—————————————

2015 2014

—————————————

Income Income

Before Net Before Net

Taxes Income Taxes Income

—————————————

($ in thousands)

Income as reported $ 13,754 $ 12,489 $ 10,205 $ 9,513

Net realized investment (gains) losses (350) (279) 1,790 990

Other expenses 69 45 296 271

Interest expense on leased building the Company is deemed to own for accounting purposes

165 107 167 109

—————————————

Net operating income $ 13,638 $ 12,362 $ 12,458 $ 10,883

=======================================

Six Months Ended

June 30,

—————————————

2015 2014

—————————————

Income Income

Before Net Before Net

Taxes Income Taxes Income

—————————————

($ in thousands)

Income as reported $ 24,018 $ 21,866 $ 20,393 $ 18,651

Net realized investment losses 2,456 1,883 3,711 2,143

Other expenses 138 90 389 341

Interest expense on leased building the Company is deemed to own for

accounting purposes 330 214 332 216

—————————————

Net operating income $ 26,942 $ 24,053 $ 24,825 $ 21,351

=======================================

We define tangible equity as the sum of shareholders’ equity less goodwill and intangible assets (net of amortization). Our definition of tangible equity may not be comparable to that of other companies, and it should not be viewed as a substitute for shareholders’ equity calculated in accordance with GAAP. We use tangible equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity for both June 30, 2015 and December 31, 2014.

June 30, December 31,

2015 2014

————————

(in thousands)

Shareholders’ equity $ 692,185 $ 687,921

Less: Goodwill and intangible assets 221,658 221,956

————————

Tangible equity $ 470,527 $ 465,965

========================

CONTACT: Robert Myron

President and Chief Operating Officer

1-441-278-4583

*

5 Aug 2015

by caribpr

James River Group Holdings Reports, James River Group Holdings Second Quarter Net Operating Income

James River Group Holdings, Ltd. anuncia las fechas de la publicación de sus ganancias del segundo trimestre de 2015 y de la conferencia telefónica

CaribPR Wire, PEMBROKE, Bermudas, 15 de julio de 2015: James River Group Holdings, Ltd. (NASDAQ: JRVR) anunció hoy que publicará las ganancias del trimestre y del año hasta la fecha que finalizó el 30 de junio de 2015 luego del cierre del mercado el miércoles, 5 de agosto de 2015. El jueves, 6 de agosto de 2015, a partir de las 9.00 a. m. (horario de verano del este), la compañía ofrecerá una conferencia telefónica para hablar de los resultados con analistas e inversionistas.

Los inversionistas pueden participar de la conferencia llamando al (877) 930-8055; el número de identificación de la conferencia es el 59295869. O bien a través de Internet en www.jrgh.net haciendo clic en el enlace “Investor Relations” (Relaciones con los inversionistas). Ingrese al sitio web por lo menos 15 minutos antes del evento para inscribirse y descargar e instalar el software de audio necesario. La repetición de la conferencia estará disponible en el número de teléfono y en el sitio web antes mencionados hasta el cierre de la jornada del 6 de septiembre de 2015.

Acerca de James River Group Holdings, Ltd.

James River Group Holdings, Ltd. es un holding empresarial de seguros con sede en las Bermudas que posee y opera un grupo de compañías especializadas de seguros y reaseguros fundadas por miembros de nuestro equipo gerencial. La compañía opera en tres segmentos especializados de seguros y reaseguros de responsabilidad y patrimoniales: líneas de excesos y excedentes, seguros de productos especiales admitidos y reaseguros de responsabilidad. En cada uno de los segmentos, la compañía tiende a enfocarse en cuentas asociadas con pequeñas y medianas empresas. A.M. Best Company calificó con “A-” (excelente) y una “perspectiva positiva” a cada una de las subsidiarias de seguro reguladas de la compañía.

Visite el sitio web de James River Group Holdings, Ltd. en www.jrgh.net

CONTACTO: Robert Myron

Presidente y director de Operaciones

441-278-4583

15 Jul 2015

by caribpr

Insurance news, James River Group Holdings

Redbridge announces Life and Disability Binding Authority

CORAL GABLES, Fla., July 9, 2015 /PRNewswire/ — Redbridge is proud to announce that effective June 1, 2015, Redbridge Reinsurance Managers, LLC began operating with Life and Disability Reinsurance Binding Authority with worldwide territory for insureds domiciled in Latin America, Bermuda, the Bahamas and the Caribbean. We are authorized for a limit of USD 2,000,000 and are 100% supported by Lloyd’s Syndicate 779.

http://mma.prnewswire.com/media/234199/redbridge_reinsurance_managers_logo.jpg?p=distribution&token=br5thZeyux2xrRFS4R42×49FYaKEz1Ouq3mRN21FnYYDoZPT82BS/jUk5BLHHakNmlDgpOujr4KhtJqJlT88UxdYrKvBg4apaap5o0YIu3spQJfK03oh

Redbridge Reinsurance Managers is based in Coral Gables, Florida and is a Lloyd’s authorized coverholder. We guarantee quality service, and commit to provide a prompt quote once all required information is received.

The programs we are offering are as follows:

Group Life Reinsurance

Group Life Insurance
Total and Permanent Disability
Credit Life
Credit Disability
Credit Involuntary Unemployment Insurance

Personal Accident Reinsurance

Individual Accidental Death and Dismemberment (AD&D) Insurance
Travel Protection

Individual Life Reinsurance

Individual Life Insurance

For any business related inquiries please contact:

Mariano Ruiz (Argentina) – [email protected]
Roberto Gomez (Dominican Republic) – [email protected]
Mario Aguilar (Guatemala) – [email protected]
Guiselle Monge (Costa Rica) – [email protected]

Our authorized binding executives: Edmund Santiago, [email protected]
Dr. Boris Garcia Zakzuk, [email protected]

Logo - http://photos.prnewswire.com/prnh/20150708/234199LOGO

CONTACT: Redbridge, 305-232-9040

9 Jul 2015

by caribpr

Bermuda, Latin America, Life and Disability Binding Authority, LLC, Redbridge, Redbridge Reinsurance Managers, the Bahamas and the Caribbean

Fidelis Insurance Raises Approximately $1.5 Billion In Initial Capital From Leading Investors; Innovative Hybrid Model Designed To Maximize Return On Equity

- Industry Veterans Richard Brindle and Neil McConachie to Lead Company

- Crestview Partners, CVC Capital Partners and Pine Brook are Founding Investors

HAMILTON, Bermuda, June 9, 2015 /PRNewswire/ — Fidelis Insurance Holdings Limited (”Fidelis” or “the Company”), a newly-formed specialty insurance and reinsurance provider employing an innovative model to optimize both the underwriting and asset sides of the balance sheet, today announced that it has secured approximately $1.5 billion in equity capital. This marks one of the largest industry capital raises ever, and immediately makes Bermuda-based Fidelis an important new underwriter in the global market. The Company has received an A.M. Best rating of A- (Excellent).

Fidelis was founded and will be led by two renowned industry veterans: Richard Brindle, who will serve as Group Chief Executive Officer and Chief Underwriting Officer, and Neil McConachie, who will be Group Chief Financial Officer. Previously, both Brindle and McConachie successfully built Lancashire Holdings from a startup to a London Stock Exchange-listed $2.4 billion market cap company that consistently outperformed its peers.

The founding investors are funds of Crestview Partners, CVC Capital Partners, and Pine Brook, private equity firms with deep financial services expertise who have invested a combined $650 million. Principals from all three firms backed members of the Fidelis team at their previous companies. The remainder of the capital investment comes from individual investors, family offices and institutional investors. The total capital raised was comprised of both preferred and common equity.

“We are very excited to introduce a new, stronger model to the insurance industry with Fidelis,” said Brindle. “By focusing on either assets or liabilities, legacy insurance models have failed to optimize shareholder returns, and the low returns generated by fixed income investments have been challenging. Fidelis will pursue a total return strategy by tactically shifting capital and risk between insurance and investments to maximize our return on equity across market cycles. We hope that others follow this model, as we strongly believe it will be very good for the industry, resulting in more responsible and less volatile underwriting.”

“But we are first and foremost an underwriting company,” Brindle continued. “We have a vastly experienced management team that is strongly supportive of the traditional broker distribution network and has, over decades, developed many strong broker and client relationships. These relationships will sit at the heart of everything we do at Fidelis.”

In contrast to reinsurers who give exclusive investment manager mandates to their hedge fund owners, Fidelis will allocate capital to top-tier managers running more diverse strategies that are well-suited to different parts of its book, and will have the ability to change managers and allocations. Fidelis Chief Investment Officer Edward Russell will manage the investment portfolio under the direction of the Investment Committee, working closely with advisor Goldman Sachs’ Alternative Investments & Manager Selection (AIMS) Group.

“In addition to seeking returns that outperform peers, we believe the diversification in assets will protect Fidelis against financial market volatility better than a single-manager strategy would,” said McConachie. “Optimizing across hard and soft underwriting markets, as well as through different investment cycles makes Fidelis not only a strong new player, but also very attractive for investors looking to reduce downside risk.”

Fidelis will underwrite a book of insurance and reinsurance business principally in the property, energy, marine and aviation risk classes. The Company expects to begin underwriting immediately.

Fidelis was advised by Clifford Chance US LLP and PricewaterhouseCoopers LLP. In addition, Goldman, Sachs & Co. acted as a financial advisor to Fidelis and as the placement agent for the capital raise. Crestview Partners and Pine Brook were advised by Skadden, Arps, Slate, Meagher & Flom LLP, and CVC Capital was advised by Cadwalader, Wickersham & Taft LLP, AON Securities Inc. and KPMG LLP.

About Fidelis Insurance
Fidelis Insurance Holdings Limited is a privately owned Bermuda-based holding company, which, through its wholly-owned subsidiaries, is a global provider of specialty insurance and reinsurance products for property, energy, marine and aviation risk classes. Fidelis employs a total return strategy by tactically shifting capital and risk between insurance and investments to maximize the return on equity across market cycles. Fidelis is rated A- (Excellent) by A.M. Best Company, Inc. Additional information regarding Fidelis may be found at www.fidelisinsurance.com.

About Crestview Partners
Founded in 2004, Crestview Partners is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with over $7 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management. Crestview’s senior investment professionals primarily focus on sourcing and managing investments in each of the specialty areas of the firm: energy, financial services, healthcare, industrials and media. For more information, please visit www.crestview.com.

About CVC Capital Partners
CVC Capital Partners is one of the world’s leading private equity and investment advisory firms. Founded in 1981, CVC today has a network of 22 offices and over 300 employees throughout Europe, Asia and the US. CVC has a dedicated global financial services team with deep property and casualty insurance expertise, having led investments in a number of successful insurance and reinsurance companies in Bermuda, the United States and the United Kingdom. To date, CVC has secured commitments of over $79 billion in funds from a diverse and loyal investor base, completing over 300 investments in a wide range of industries and countries across the globe, with an aggregate transaction value of over $120 billion. For further information about CVC please visit: www.cvc.com.

About Pine Brook
Pine Brook is an investment firm that manages more than $6.0 billion of limited partner commitments that makes “business building” and other equity investments, primarily in energy and financial services businesses. Pine Brook’s team of investment professionals collectively has over 300 years of experience financing the growth of businesses with equity, working alongside talented entrepreneurs and experienced management teams to build businesses of scale without relying on acquisition leverage. For more information about Pine Brook, please visit the company’s web site at www.pinebrookpartners.com.

Note Regarding Forward-Looking Statements
Certain information contained in this release constitutes “forwardlooking statements,” which can be identified by the use of forwardlooking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forwardlooking statements. The company undertakes no obligation to update any such forward-looking statements resulting from any change in facts or circumstances or new developments.

All references to “$” are to U.S. Dollars.

CONTACT: US Media Contact – Tom Faust, Stanton Public Relations & Marketing, (646) 502-3513, [email protected], or UK Media Contact – Peter Rigby, Haggie Partners, +44 207 562 4444, [email protected]

9 Jun 2015

by caribpr

Fidelis Insurance, finance news, Insurance news, investor raise

Markel Corporation names Mike Clancy Chief Operating Officer, Claims

RICHMOND, Va., May 28, 2015 /PRNewswire/ – Markel Corporation (NYSE: MKL) announced today that Mike Clancy has been named Chief Operating Officer, Markel Claims, effective June 15. In Clancy’s new position, he will be based in Richmond, Virginia and report to Nick Conca, Chief Claims Officer.

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Clancy will focus primarily on accelerating efforts to improve the customer experience and manage the relationship between claims and underwriting teams. To support these initiatives he will be leveraging Markel’s data and analytics capabilities, driving process improvement efforts, and applying technology to make the claims process easier to navigate.

Clancy joined Markel in January 2012 as a Managing Director. In his current role, he has partnered with leadership teams across Markel’s divisions, departments, and the Office of the President to focus on creating business efficiencies and developing tools and resources to support operating discipline.

Prior to joining Markel, Clancy worked for the Boston Consulting Group (BCG) and was a consultant for Markel. He has more than 20 years of experience consulting to the insurance and financial services industries. He has worked extensively with both carriers and brokers in the insurance space, focusing on growth strategies, the consumer experience, and business transformation. Prior to joining BCG, he held various positions in financial services consulting, including co-founding research and advisory firms in New York and Washington, DC.

“Mike’s strong knowledge of Markel’s business, in all its complexity, combined with his industry expertise, will allow us to improve performance across the entire Claims organization,” said Conca. “I am excited to welcome him to our leadership team and look forward to reinforcing claims services as one of Markel’s core strengths and compelling competitive advantages.”

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

http://photos.prnewswire.com/prnvar/20140415/73238

Photo – http://photos.prnewswire.com/prnh/20150528/219171
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CONTACT: Paul Broughton, 804-527-7618, [email protected]

28 May 2015

by caribpr

http://photos.prnewswire.com/prnvar/20140415/73238

Bermuda, Caribbean, Insurance news, Markel Corporation, Mike Clancy

Markel announces Cathryn Curia’s retirement

RICHMOND, Va., May 18, 2015 /PRNewswire/ – Markel Corporation (NYSE: MKL) announced today that Cathryn Curia, Managing Director, North American Property Reinsurance, is retiring effective August 1, 2015.

“Cathryn’s underwriting and leadership contributions have been invaluable to the growth and profitability of Markel Global Reinsurance,” said Jed Rhoads, President and Chief Underwriting Officer of Markel Global Reinsurance. “She has had a truly remarkable career in the industry, and we are indebted to her for her many years of service.”

Curia has been in the reinsurance industry for the past 46 years. She joined Markel as part of the Alterra acquisition in May 2013. Curia served in a similar capacity for Alterra, having joined the company in 2005. Prior to joining Alterra, she served as Executive Vice President – North American Property Treaty for Platinum Underwriters Re. She was employed by St. Paul Re, Inc. from 1983 to 2002 in various positions including Executive Vice President, North American Property Treaty. She began her career as a trainee at Atlantic Mutual Companies, where she ultimately served as Secretary, Reinsurance. Curia earned a CPCU designation and is a member and past president of the Association of Professional Insurance Women.

“Cathryn is well known and deeply respected by her colleagues and our reinsurance brokers and clients. She will be sorely missed, and we wish her all the best in the years to come,” said Rhoads.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

Logo – http://photos.prnewswire.com/prnh/20140415/73238

CONTACT: Paul Broughton, 804-527-7618, [email protected]

18 May 2015

by caribpr

Markel news, Merkel's Cathryn Curia retires

James River Group Holdings Reports First Quarter Net Operating Income of $11.7 Million or $0.40 Per Diluted Share

11.1% Growth in Net Operating Earnings Per Share Over the First Quarter of 2014

23.0% Growth in E&S Segment Gross Written Premiums Over the First Quarter of 2014

Declares $0.16 Per Share Quarterly Dividend

CaribPR Wire, HAMILTON, Bermuda, May 6, 2015: James River Group Holdings, Ltd. (Nasdaq:JRVR) today announced financial results for the quarter ended March 31, 2015.

Highlights for the quarter include:

Overall gross written premiums of $131.3 million in the first quarter of 2015 as follows:
- Growth in our Excess and Surplus Lines segment of 23.0% to $75.7 million from $61.6 million in 2014;
- Growth in our Specialty Admitted Insurance segment of 79.2% to $20.9 million from $11.7 million in the first quarter of 2014; and a
- Reduction in our Casualty Reinsurance segment of 53.2% to $34.6 million from $74.0 million in the first quarter of 2014.
Overall net written premiums for the quarter of $108.7 million as follows:
- Growth in our Excess and Surplus Lines segment of 26.2% to $62.3 million from $49.4 million in 2014;
- Growth in our Specialty Admitted Insurance segment of 37.6% to $11.5 million from $8.3 million in the first quarter of 2014; and a
- Reduction in our Casualty Reinsurance segment of 52.9% to $34.9 million from $74.1 million in the first quarter of 2014.
A combined ratio of 97.5% compared to 98.5% in the prior year;
Net operating income in 2015 of $11.7 million compared to $10.5 million in the prior year;
Fully diluted operating earnings per share of $0.40 compared to $0.36 in the prior year;
Net income in 2015 of $9.4 million compared to $9.1 million in the prior year; and
Fully diluted earnings per share were $0.32 for both the first quarter of 2015 and 2014.

J. Adam Abram, Chairman and Chief Executive Officer, said, “We are pleased to have a solid start to the year, and we remain on track to achieve our operating EPS guidance for calendar 2015. Our Excess and Surplus Lines segment, which is our largest and most profitable segment, continued to achieve very strong growth. Additionally, we achieved modest increases in our exposure adjusted rates in each of our underwriting segments during the quarter.”

“Our tangible book value grew by 2.1% during the first quarter of 2015, and 3.1% adding back the $0.16 dividend we paid on March 31, 2015. This growth in tangible book value is in line with our expectations. Going forward, we seek to continue to report steady underwriting profits and deliver consistent returns on tangible equity for our shareholders.”

“In keeping with our Board’s emphasis on capital efficiency and management, the Directors voted to declare a quarterly dividend of $0.16 per share to be paid on June 30, 2015.”

Net operating earnings per diluted share for the first quarter of 2015 were $0.40 per share and excluded $0.08 per share of costs related to realized gains and losses and other non-operating expenses. This amount compares to $0.36 for the same period in 2014.

Fully diluted earnings per share for the first quarter of 2015 and 2014 were both $0.32.

The combined ratio for the Company was 97.5% (comprised of a loss ratio of 63.7% and an expense ratio of 33.8%) for the first quarter of 2015. This compares to a combined ratio of 98.5% (comprised of a loss ratio of 63.0% and an expense ratio of 35.5%) in the prior year.

Results for the quarter ended March 31, 2015 include favorable reserve development on prior accident years of $2.5 million. In the prior year, this favorable reserve development was $1.1 million. On an after-tax basis, favorable reserve development for the quarter is $2.0 million ($804,000 in the prior year).

The improvement in the overall expense ratio in the first quarter of 2015 compared to the same period in the prior year was primarily due to the increase in our earned premiums which grew 31.4% in the quarter from $89.1 million in 2014 to $117.0 million in 2015.

The Excess and Surplus Lines segment’s combined ratio was 87.5% for the quarter ended March 31, 2015, comprised of a loss ratio of 60.3% and an expense ratio of 27.1%. In the prior year, this segment’s combined ratio was 91.1% comprised of a loss ratio of 61.6% and an expense ratio of 29.6%. In the quarter, we recognized $4.9 million in pre-tax, favorable reserve development representing 8.3 points of our loss and combined ratio, respectively. In the same period in 2014, we recognized $2.4 million in pre-tax favorable reserve development representing 5.7 points of our loss and combined ratio, respectively.

The Specialty Admitted Insurance segment’s combined ratio was 101.6% for the quarter ended March 31, 2015, (resulting in an underwriting loss of $155,000) comprised of a loss ratio of 60.7% and an expense ratio of 41.0%. In the prior year, this segment’s combined ratio was 111.5%, comprised of a loss ratio of 55.1% and an expense ratio of 56.4%. In the quarter, we recognized $7,000 in pre-tax, favorable reserve development. In the same period in 2014, we recognized $287,000 in pre-tax, favorable reserve development representing 5.6 points of the loss and combined ratio, respectively. Additionally, the expense ratio for the quarter of 41.0% has begun to show the effects of the successful ramp up of the programs and fronting business along with an overall increase in earned premiums in this segment. For the same period in the prior year, the expense ratio was 56.4%.

The Casualty Reinsurance segment’s combined ratio was 99.9% for the quarter ended March 31, 2015, comprised of a loss ratio of 68.3% and an expense ratio of 31.6%. In the prior year, this segment’s combined ratio was also 99.9% comprised of a loss ratio of 65.4% and an expense ratio of 34.5%. In the quarter, we recognized $2.5 million of adverse reserve development representing (5.1) points of the loss and combined ratio, respectively. In the prior year, we recognized $1.6 million of adverse reserve development representing (3.8) points of the loss and combined ratio, respectively. The significant decrease in gross written premium at this segment is principally due to one contract which renewed in the first quarter of 2014 for 15 months which is scheduled for renewal in the second quarter of 2015. This contract contributed $36.7 million to this segment’s prior year gross written premium, all of which was recorded in the first quarter of 2014.

Net investment income for the first quarter of 2015 was $12.0 million. This amount compares to $12.5 million for the same period in 2014. Included in the total net investment income is $2.5 million and $3.3 million relating to our investments in renewable energy facilities engaged in wind and solar production for the quarter ended March 31, 2015 and 2014, respectively. Absent this investment income (which averaged $639,000 for the remaining three quarters of 2014), our net investment income increased by $368,000 (4.0%) over the first quarter of the prior year to $9.5 million (from $9.2 million). This increase in net investment income was due to a 4.3% increase in our average cash and invested assets in the first quarter of 2015 compared to the first quarter of 2014. Our annualized gross investment yield on average fixed maturity securities for the quarter ended March 31, 2015 was 3.2%, and the average duration of our portfolio was 3.0 years.

During the first quarter of 2015, we also recognized $2.8 million in pre-tax net realized losses primarily relating to the sale of certain securities in the energy portion of our bank loan portfolio, which at March 31, 2015 had a remaining carrying value of $25.1 million and a market value of $22.8 million.

Dividend

The Company also announced that its Board of Directors declared a cash dividend of $0.16 per common share. This dividend is payable on Tuesday, June 30, 2015 to all shareholders of record at the close of business on Monday, June 15, 2015.

Conference Call

James River Group Holdings will hold a conference call to discuss this press release tomorrow, May 7, 2015, at 9:00 a.m. Eastern time. Investors may access the conference call by dialing (877) 930-8055 Conference ID# 7710053 or via the internet by going to www.jrgh.net and clicking on the “Investor Relations” link. Please visit the website at least 15 minutes early to register, download and install any necessary audio software. A replay will be available shortly after the call and through the end of business on June 5, 2015 at the number and website referenced above.

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, plan, estimate 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 factors, they include, among others, the following: losses exceeding reserves; loss of key members of our management or employees; adverse economic factors; a decline in our financial strength; loss of a group of brokers or agents that generate significant portions of our business; losses in our investment portfolio; additional government or market regulation; potentially becoming subject to United States taxation and other risks described in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

Non-GAAP Financial Measures

In presenting James River Group Holding’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including underwriting profit, net operating income and return on tangible equity are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

About James River Group Holdings, Ltd.

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company which owns and operates a group of specialty insurance and reinsurance companies founded by members of our management team. The Company operates in three specialty property-casualty insurance and reinsurance segments: Excess and Surplus Lines, Specialty Admitted Insurance and Casualty Reinsurance. The Company tends to focus on accounts associated with small or medium-sized businesses in each of its segments. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) with a “positive outlook” by A.M. Best Company.

Visit James River Group Holdings, Ltd. on the web at www.jrgh.net.



James River Group Holdings, Ltd. and Subsidiaries
Condensed Consolidated Balance Sheet Data
(Unaudited)

	March 31, 2015	December 31, 2014
	*($ in thousands, except for share amounts)*
ASSETS
Invested assets:
Fixed maturity securities, available-for-sale	$ 739,984	$ 756,963
Fixed maturity securities, trading	5,816	7,388
Equity securities, available-for-sale	77,330	67,905
Bank loan participations, held-for-investment	203,601	239,511
Short-term investments	161,220	131,856
Other invested assets	55,010	33,622
Total investments	1,242,961	1,237,245

Cash and cash equivalents	71,355	73,383
Accrued investment income	6,582	7,273
Premiums receivable and agents’ balances	177,327	162,527
Reinsurance recoverable on unpaid losses	129,616	127,254
Reinsurance recoverable on paid losses	2,635	1,725
Deferred policy acquisition costs	55,559	60,202
Goodwill and intangible assets	221,807	221,956
Other assets	84,611	67,727
Total assets	$ 1,992,453	$ 1,959,292

LIABILITIES AND SHAREHOLDERS’ EQUITY
Reserve for losses and loss adjustment expenses	$ 744,585	$ 716,296
Unearned premiums	273,170	277,579
Senior debt	88,300	88,300
Junior subordinated debt	104,055	104,055
Accrued expenses	26,012	31,107
Other liabilities	58,794	54,034
Total liabilities	1,294,916	1,271,371

Total shareholders’ equity	697,537	687,921
Total liabilities and shareholders’ equity	$ 1,992,453	$ 1,959,292

Tangible equity	$ 475,730	$ 465,965
Tangible equity per common share outstanding	$ 16.67	$ 16.33
Total shareholders’ equity per common share outstanding	$ 24.44	$ 24.10
Common shares outstanding	28,540,350	28,540,350
Debt to total capitalization ratio	21.6%	21.9%



James River Group Holdings, Ltd. and Subsidiaries
Condensed Consolidated Income Statement Data
(Unaudited)

	Three Months Ended March 31,
	2015	2014
	*($ in thousands, except for share data)*
REVENUES
Gross written premiums	$ 131,258	$ 147,241
Net written premiums	$ 108,659	$ 131,841

Net earned premiums	$ 117,011	$ 89,056
Net investment income	11,986	12,482
Net realized investment losses	(2,806)	(1,921)
Other income	276	78
Total revenues	126,467	99,695

EXPENSES
Losses and loss adjustment expenses	74,484	56,114
Other operating expenses	39,797	31,628
Other expenses	69	93
Interest expense	1,704	1,547
Amortization of intangible assets	149	125
Total expenses	116,203	89,507
Income before taxes	10,264	10,188
Income tax expense	887	1,050
NET INCOME	$ 9,377	$ 9,138
NET OPERATING INCOME	$ 11,691	$ 10,468

EARNINGS PER SHARE
Basic	$ 0.33	$ 0.32
Diluted	$ 0.32	$ 0.32

NET OPERATING INCOME PER SHARE
Basic	$ 0.41	$ 0.37
Diluted	$ 0.40	$ 0.36

Weighted-average common shares outstanding:
Basic	28,540,350	28,540,350
Diluted	29,098,309	28,780,681
Cash dividends declared per common share	$ 0.16	$ 0.00

Ratios:
Loss ratio	63.7%	63.0%
Expense ratio	33.8%	35.5%
Combined ratio	97.5%	98.5%



James River Group Holdings, Ltd. and Subsidiaries
Segment Results
EXCESS AND SURPLUS LINES
	Three Months Ended March 31,
	2015	2014
	*($ in thousands)*
Gross written premiums	$ 75,718	$ 61,553
Net written premiums	$ 62,296	$ 49,374

Net earned premiums	$ 59,400	$ 41,983
Losses and loss adjustment expenses	(35,842)	(25,841)
Underwriting expenses	(16,115)	(12,415)
Underwriting profit (a), (b)	$ 7,443	$ 3,727

Ratios:
Loss ratio	60.3%	61.6%
Expense ratio	27.1%	29.6%
Combined ratio	87.5%	91.1%

(a) See “Reconciliation of Non-GAAP Measures.”
(b) Underwriting results include fees of $220,000 and $0 for the three months ended March 31, 2015 and 2014, respectively.



SPECIALTY ADMITTED INSURANCE
	Three Months Ended March 31,
	2015	2014
	*($ in thousands)*
Gross written premiums	$ 20,926	$ 11,677
Net written premiums	$ 11,474	$ 8,341

Net earned premiums	$ 9,555	$ 5,149
Losses and loss adjustment expenses	(5,796)	(2,837)
Underwriting expenses	(3,914)	(2,904)
Underwriting loss (a), (b)	$ (155)	$ (592)

Ratios:
Loss ratio	60.7%	55.1%
Expense ratio	41.0%	56.4%
Combined ratio	101.6%	111.5%

(a) See “Reconciliation of Non-GAAP Measures.”
(b) Underwriting results include fees of $303,000 and $137,000 for the three months ended March 31, 2015 and 2014, respectively.



CASUALTY REINSURANCE
	Three Months Ended March 31,
	2015	2014
	*($ in thousands)*
Gross written premiums	$ 34,614	$ 74,011
Net written premiums	$ 34,889	$ 74,126

Net earned premiums	$ 48,056	$ 41,924
Losses and loss adjustment expenses	(32,846)	(27,436)
Underwriting expenses	(15,169)	(14,444)
Underwriting profit (a)	$ 41	$ 44

Ratios:
Loss ratio	68.3%	65.4%
Expense ratio	31.6%	34.5%
Combined ratio	99.9%	99.9%

(a) See “Reconciliation of Non-GAAP Measures.”

RECONCILIATION OF NON-GAAP MEASURES

The following table reconciles the underwriting profit (loss) by individual operating segment and of the whole Company to consolidated income before taxes. We believe that these measures are useful to investors in evaluating the performance of our Company and its operating segments because our objective is to consistently earn underwriting profits. We evaluate the performance of our operating segments and allocate resources based primarily on underwriting profit (loss) of operating segments. Our definition of underwriting profit (loss) of operating segments and underwriting profit (loss) may not be comparable to that of other companies.

	Three Months Ended March 31,
	2015	2014
	*(in thousands)*
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines	$ 7,443	$ 3,727
Specialty Admitted Insurance	(155)	(592)
Casualty Reinsurance	41	44
Total underwriting profit of operating segments	7,329	3,179
Other operating expenses of the Corporate and Other segment	(4,379)	(1,865)
Underwriting profit (a)	2,950	1,314
Net investment income	11,986	12,482
Net realized investment losses	(2,806)	(1,921)
Other income and expenses	(13)	(15)
Interest expense	(1,704)	(1,547)
Amortization of intangible assets	(149)	(125)
Consolidated income before taxes	$ 10,264	$ 10,188

(a) Included in underwriting results for the three months ended March 31, 2015 and 2014 is net fee income of $523,000 and $137,000, respectively.

We define net operating income as net income excluding net realized investment gains and losses, expenses related to due diligence costs for various merger and acquisition activities, costs associated with our initial public offering, severance costs associated with terminated employees, impairment charges on goodwill and intangible assets and gains on extinguishment of debt. We use net operating 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. Net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of net operating income may not be comparable to that of other companies.

Our income before taxes and net income for the three months ended March 31, 2015 and 2014, respectively, reconciles to our net operating income as follows:

	Three Months Ended March 31,
	2015		2014
	Income Before Taxes	Net Income	Income Before Taxes	Net Income
	*(in thousands)*
Income as reported	$ 10,264	$ 9,377	$ 10,188	$ 9,138
Net realized investment losses	2,806	2,162	1,921	1,153
Other expenses	69	45	93	70
Interest expense on leased building the Company is deemed to own for accounting purposes	165	107	165	107
Net operating income	$ 13,304	$ 11,691	$ 12,367	$ 10,468

We define tangible equity as the sum of shareholders’ equity less goodwill and intangible assets (net of amortization). Our definition of tangible equity may not be comparable to that of other companies, and it should not be viewed as a substitute for shareholders’ equity calculated in accordance with GAAP. We use tangible equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity for both March 31, 2015 and December 31, 2014.

	March 31,	December 31,
	2015	2014
	*(in thousands)*

Shareholders’ equity	$ 697,537	$ 687,921
Less: Goodwill and intangible assets	221,807	221,956
Tangible equity	$ 475,730	$ 465,965

CONTACT: Robert Myron

President and Chief Operating Officer

1-441-278-4583

James River Group Holdings informa ingresos operativos netos de 11,7 millones de USD o 0,40 USD por acción diluida durante el primer trimestre

Crecimiento del 11,1 % en las ganancias operativas netas por acción durante el primer trimestre de 2014

Crecimiento del 23 % en las primas brutas emitidas del segmento de excesos y excedentes (Excess and Surplus, E&S) durante el primer trimestre de 2014

Declara dividendos trimestrales de 0,16 USD por acción

CaribPR Wire, HAMILTON, Bermudas, 7 de mayo de 2015: James River Group Holdings, Ltd. (Nasdaq:JRVR) anunció hoy los resultados financieros del trimestre que finalizó el 31 de marzo de 2015.

Lo más destacado del trimestre incluye lo siguiente:

– Primas brutas emitidas globales de 131,3 millones de USD durante el primer trimestre de 2015 de la siguiente manera:

– Un crecimiento del 23 % de nuestro segmento de líneas de excesos y excedentes, de 61,6 millones de USD en 2014 a 75,7 millones de USD.

– Un crecimiento de 79,2 % de nuestro segmento de seguros de productos especiales admitidos, de 11,7 millones de USD en el primer trimestre de 2014 a 20,9 millones de USD.

– Reducción del 53,2 % de nuestro segmento de reaseguros de responsabilidad, de 74 millones de USD en el primer trimestre de 2014 a 34,6 millones de USD.

– Primas netas emitidas globales de 108,7 millones de USD durante el trimestre de la siguiente manera:

– Un crecimiento del 26,2 % de nuestro segmento de líneas de excesos y excedentes, de 49,4 millones de USD en 2014 a 62,3 millones de USD. Un crecimiento del 37,6 % de nuestro segmento de seguros de productos especiales admitidos, de 8,3 millones de USD en el primer trimestre de 2014 a 11,5 millones de USD.

– Reducción del 52,9 % de nuestro segmento de reaseguros de responsabilidad, de 74,1 millones de USD en el primer trimestre de 2014 a 34,9 millones de USD.

– Un índice combinado del 97,5 % en comparación con el 98,5 % del año anterior.

– Ingresos operativos netos de 11,7 millones de USD en 2015 en comparación con los 10,5 millones de USD del año anterior.

– Ganancias operativas por acción totalmente diluidas de 0,40 USD en comparación con los 0,36 USD del año anterior.

– Ingresos netos de 9,4 millones de USD en 2015 en comparación con los 9,1 millones de USD del año anterior.

– Ganancias por acción totalmente diluidas de 0,32 USD en el primer trimestre de 2015 y 2014.

J. Adam Abram, presidente y director ejecutivo, afirmó: “Nos complace haber tenido un comienzo sólido de año y seguimos encaminados para cumplir con las estimaciones de ganancias operativas por acción para el año 2015. El segmento de líneas de excesos y excedentes, nuestro mayor segmento y el más rentable, continuó creciendo con firmeza. Además, durante el trimestre logramos un crecimiento moderado de nuestras tasas ajustadas a la exposición en cada uno de nuestros segmentos de seguros”.

“Nuestro valor contable tangible creció un 2,1 % durante el primer trimestre de 2015, y un 3,1 % si sumamos los dividendos de 0,16 USD que pagamos el 31 de marzo de 2015. Este crecimiento del valor contable tangible coincide con nuestras expectativas. En el futuro, buscaremos continuar obteniendo ganancias de seguros firmes y ofreciendo un rendimiento constante sobre el capital tangible para nuestros accionistas”.

“En línea con el énfasis de nuestra Junta Directiva en relación con la administración y el uso eficiente del capital, los directores votaron por la declaración de un dividendo trimestral de 0,16 USD por acción, que se pagará el 30 de junio de 2015”.

Las ganancias operativas netas por acción diluida del primer trimestre de 2015 fueron de 0,40 USD por acción, sin incluir 0,08 USD por acción de los costos relacionados con las ganancias y pérdidas realizadas y otros gastos no operativos. Este monto puede compararse con los 0,36 USD del mismo período de 2014.

Las ganancias por acción totalmente diluidas en el primer trimestre de 2015 y 2014 fueron de 0,32 USD.

El índice combinado de la compañía durante el primer trimestre de 2015 fue del 97,5 % (compuesto por un índice de pérdidas del 63,7 % y un índice de gastos del 33,8 %). Este puede compararse con el índice combinado del 98,5 % (compuesto por un índice de pérdidas del 63 % y un índice de gastos del 35,5 %) del año anterior.

Los resultados del trimestre que finalizó el 31 de marzo de 2015 incluyen un desarrollo favorable de las reservas de 2,5 millones de USD respecto de los años de siniestros anteriores. El año anterior, este desarrollo favorable de las reservas fue de 1,1 millones de USD. El desarrollo favorable de las reservas para el trimestre es de 2 millones de USD después de impuestos (804 000 USD el año anterior).

La mejora en el índice de gastos global del primer trimestre de 2015 en comparación con el mismo período del año anterior se debió, principalmente, al aumento de nuestras primas percibidas, que creció 31,4 % en el trimestre, de 89,1 millones de USD en el año 2014 a 117 millones de USD en 2015.

El índice combinado del segmento de líneas de excesos y excedentes, compuesto por un índice de pérdidas del 60,3 % y un índice de gastos del 27,1 %, fue de 87,5 % durante el trimestre que finalizó el 31 de marzo de 2015. El año anterior, el índice combinado de este segmento fue del 91,1 %, compuesto por un índice de pérdidas del 61,6 % y un índice de gastos del 29,6 %. Durante el trimestre, registramos un desarrollo favorable de las reservas de 4,9 millones de USD antes de impuestos, que representó 8,3 puntos de nuestro índice de pérdidas y nuestro índice combinado, respectivamente. Durante el mismo período de 2014, registramos un desarrollo favorable de las reservas de 2,4 millones de USD antes de impuestos, que representó 5,7 puntos de nuestro índice de pérdidas y nuestro índice combinado, respectivamente.

El índice combinado del segmento de seguros de productos especiales admitidos, compuesto por un índice de pérdidas del 60,7 % y un índice de gastos del 41 %, fue de 101,6 % durante el trimestre que finalizó el 31 de marzo de 2015 (que resultó en una pérdida de seguros de 155 000 USD). El año anterior, el índice combinado de este segmento fue de 111,5 %, compuesto por un índice de pérdidas de 55,1 % y un índice de gastos de 56,4 %. Durante el trimestre, registramos un desarrollo favorable de las reservas de 7000 USD antes de impuestos. Durante el mismo período de 2014, registramos un desarrollo favorable de las reservas de 287 000 USD antes de impuestos, que representó 5,6 puntos de nuestro índice de pérdidas y nuestro índice combinado, respectivamente. Además, el índice de gastos del trimestre, de 41 %, ha comenzado a evidenciar las consecuencias del crecimiento exitoso de los programas y de las transacciones “fronting”, con un aumento global de las primas percibidas en este segmento. Durante el mismo período del año anterior, el índice de gastos fue del 56,4 %.

El índice combinado del segmento de reaseguros de responsabilidad, compuesto por un índice de pérdidas del 68,3 % y un índice de gastos del 31,6 %, fue de 99,9 % durante el trimestre que finalizó el 31 de marzo de 2015. El año anterior, el índice combinado de este segmento fue de 99,9 %, compuesto por un índice de pérdidas del 65,4 % y un índice de gastos del 34,5 %. Durante el trimestre, registramos un desarrollo desfavorable de las reservas de 2,5 millones de USD, que representó (5,1) puntos del índice de pérdidas y del índice combinado, respectivamente. El año anterior, registramos un desarrollo desfavorable de las reservas de 1,6 millones de USD, que representó (3,8) puntos del índice de pérdidas y del índice combinado, respectivamente. La importante disminución de las primas brutas emitidas de este segmento se debe, principalmente, a un contrato que se renovó en el primer trimestre de 2014 por un período de 15 meses y cuya renovación está programada para el segundo trimestre de 2015. Este contrato contribuyó 36,7 millones de USD a las primas brutas emitidas de este segmento durante el año anterior, que se registró en su totalidad en el primer trimestre de 2014.

Los ingresos netos por inversiones durante el primer trimestre de 2015 fueron de 12 millones de USD. Este monto puede compararse con los 12,5 millones de USD del mismo período de 2014. En el total de ingresos netos por inversiones se incluyeron 2,5 millones de USD y 3,3 millones de USD relacionados con nuestras inversiones en instalaciones involucradas en la producción de energía renovable eólica y solar, que se llevaron a cabo durante el trimestre finalizado el 31 de marzo de 2015 y 2014, respectivamente. Sin contar estos ingresos por inversiones (que significaron, en promedio, 639 000 USD en los tres trimestres restantes de 2014), nuestros ingresos netos por inversiones aumentaron 368 000 USD (un 4 %) en relación con el primer trimestre del año anterior, de 9,2 millones de USD a 9,5 millones de USD. Este incremento en los ingresos netos por inversiones se debió a un aumento del 4,3 % de nuestros activos invertidos y efectivo promedio durante el primer trimestre de 2015, en comparación con el primer trimestre de 2014. Nuestro rendimiento bruto anualizado de inversiones sobre los valores de vencimiento fijo promedio para el trimestre que finalizó el 31 de marzo de 2015 fue de 3,2 %, y la duración promedio de nuestra cartera fue de 3 años.

Durante el primer trimestre de 2015, también registramos pérdidas realizadas netas por un total de 2,8 millones de USD antes de impuestos, relacionadas principalmente con la venta de ciertos valores del segmento energético de nuestra cartera de préstamos bancarios. El 31 de marzo de 2015, esta tenía un valor contable residual de 25,1 millones de USD y un valor de mercado de 22,8 millones de USD.

Dividendos

La compañía también anunció que su Junta Directiva declaró un dividendo en efectivo de 0,16 USD por acción ordinaria. Este dividendo se pagará el martes, 30 de junio de 2015 a todos los accionistas registrados al momento del cierre de la jornada del lunes, 15 de junio de 2015.

Conferencia telefónica

James River Group Holdings llevará a cabo una conferencia telefónica para hablar sobre este comunicado de prensa mañana, 7 de mayo de 2015, a las 9.00 a. m., hora del este. Los inversionistas pueden participar en la conferencia llamando al (877) 930-8055; el número de identificación de la conferencia es el 7710053. O bien a través de Internet en www.jrgh.net haciendo clic en el enlace “Investor Relations” (Relaciones con los inversionistas). Ingrese al sitio web al menos 15 minutos antes del evento para inscribirse y descargar e instalar el software de audio necesario. La repetición estará disponible poco después de la finalización de la conferencia y hasta el momento de cierre de la jornada del 5 de junio de 2015 en el número de teléfono y en el sitio web antes mencionados.

Proyecciones

Este comunicado de prensa contiene proyecciones, según la definición del término establecida en la Ley de Reforma de Litigios sobre Valores Privados (Private Securities Litigation Reform Act) de 1995. En algunas ocasiones, estas proyecciones pueden identificarse por el uso de términos tales como “creer”, “esperar”, “buscar”, “poder”, “será”, “pretender”, “proyectar”, “planificar”, “estimar” u otras palabras similares. Las proyecciones implican riesgos e incertidumbres que podrían causar que los resultados reales difieran significativamente de aquellos previstos por estas. Si bien no es posible identificar todos estos riegos y factores, estos incluyen los siguientes, entre otros: pérdidas que excedan las reservas, pérdida de empleados o de miembros de la gerencia claves, factores económicos adversos, disminución de nuestra capacidad financiera, pérdida de un grupo de corredores o agentes que representan una parte importante de nuestro negocio, pérdida de nuestra cartera de inversiones, reglamentaciones gubernamentales o del mercado adicionales, posibilidad de quedar sujetos a impuestos estadounidenses y otros riesgos descritos en los documentos presentados por la compañía ante la Comisión de Bolsa y Valores. Estas proyecciones son válidas únicamente a la fecha de este comunicado y no asumimos ninguna obligación de actualizar o revisar la información de cualquiera de estas proyecciones para reflejar cambios en las suposiciones, eventos imprevistos o cualquier otra situación, excepto según se requiera conforme a la ley.

Índices que no se ajustan a los principios de contabilidad generalmente aceptados

Al presentar los resultados de James River Group Holding, la gerencia incluyó índices financieros que no se calculan de acuerdo con los estándares o las reglas comprendidos en los principios de contabilidad generalmente aceptados (Generally Accepted Accounting Principles, GAAP) en Estados Unidos. Estos índices, que incluyen las ganancias de seguros, los ingresos operativos netos y el rendimiento sobre el capital tangible, se denominan índices financieros no ajustados a los principios de contabilidad generalmente aceptados. Es posible que otras compañías definan o calculen estos índices de manera diferente. No debe considerarse que estos índices sustituyen aquellos establecidos de acuerdo con los GAAP. Al final de este comunicado se incluye la conciliación de estos índices con los índices GAAP más similares.

Acerca de James River Group Holdings, Ltd.

James River Group Holdings, Ltd. es un holding empresarial de seguros con sede en las Bermudas que posee y opera un grupo de compañías especializadas de seguros y reaseguros fundadas por miembros de nuestro equipo gerencial. La compañía opera en tres segmentos especializados de seguros y reaseguros de responsabilidad y patrimoniales: líneas de excesos y excedentes, seguros de productos especiales admitidos y reaseguros de responsabilidad. En cada uno de los segmentos, la compañía tiende a enfocarse en cuentas asociadas con pequeñas y medianas empresas. A.M. Best Company calificó con “A-” (excelente) y una “perspectiva positiva” a cada una de las subsidiarias de seguro reguladas de la compañía.

Visite el sitio web de James River Group Holdings, Ltd. en www.jrgh.net.

CONTACTO: Robert Myron

Presidente y director de Operaciones

1-441-278-4583

James River Group Holdings, Ltd. and Subsidiaries
Condensed Consolidated Balance Sheet Data
(Unaudited)

	March 31, 2015	December 31, 2014
	*($ in thousands, except for share amounts)*
ASSETS
Invested assets:
Fixed maturity securities, available-for-sale	$ 739,984	$ 756,963
Fixed maturity securities, trading	5,816	7,388
Equity securities, available-for-sale	77,330	67,905
Bank loan participations, held-for-investment	203,601	239,511
Short-term investments	161,220	131,856
Other invested assets	55,010	33,622
Total investments	1,242,961	1,237,245

Cash and cash equivalents	71,355	73,383
Accrued investment income	6,582	7,273
Premiums receivable and agents’ balances	177,327	162,527
Reinsurance recoverable on unpaid losses	129,616	127,254
Reinsurance recoverable on paid losses	2,635	1,725
Deferred policy acquisition costs	55,559	60,202
Goodwill and intangible assets	221,807	221,956
Other assets	84,611	67,727
Total assets	$ 1,992,453	$ 1,959,292

LIABILITIES AND SHAREHOLDERS’ EQUITY
Reserve for losses and loss adjustment expenses	$ 744,585	$ 716,296
Unearned premiums	273,170	277,579
Senior debt	88,300	88,300
Junior subordinated debt	104,055	104,055
Accrued expenses	26,012	31,107
Other liabilities	58,794	54,034
Total liabilities	1,294,916	1,271,371

Total shareholders’ equity	697,537	687,921
Total liabilities and shareholders’ equity	$ 1,992,453	$ 1,959,292

Tangible equity	$ 475,730	$ 465,965
Tangible equity per common share outstanding	$ 16.67	$ 16.33
Total shareholders’ equity per common share outstanding	$ 24.44	$ 24.10
Common shares outstanding	28,540,350	28,540,350
Debt to total capitalization ratio	21.6%	21.9%



James River Group Holdings, Ltd. and Subsidiaries
Condensed Consolidated Income Statement Data
(Unaudited)

	Three Months Ended March 31,
	2015	2014
	*($ in thousands, except for share data)*
REVENUES
Gross written premiums	$ 131,258	$ 147,241
Net written premiums	$ 108,659	$ 131,841

Net earned premiums	$ 117,011	$ 89,056
Net investment income	11,986	12,482
Net realized investment losses	(2,806)	(1,921)
Other income	276	78
Total revenues	126,467	99,695

EXPENSES
Losses and loss adjustment expenses	74,484	56,114
Other operating expenses	39,797	31,628
Other expenses	69	93
Interest expense	1,704	1,547
Amortization of intangible assets	149	125
Total expenses	116,203	89,507
Income before taxes	10,264	10,188
Income tax expense	887	1,050
NET INCOME	$ 9,377	$ 9,138
NET OPERATING INCOME	$ 11,691	$ 10,468

EARNINGS PER SHARE
Basic	$ 0.33	$ 0.32
Diluted	$ 0.32	$ 0.32

NET OPERATING INCOME PER SHARE
Basic	$ 0.41	$ 0.37
Diluted	$ 0.40	$ 0.36

Weighted-average common shares outstanding:
Basic	28,540,350	28,540,350
Diluted	29,098,309	28,780,681
Cash dividends declared per common share	$ 0.16	$ 0.00

Ratios:
Loss ratio	63.7%	63.0%
Expense ratio	33.8%	35.5%
Combined ratio	97.5%	98.5%



James River Group Holdings, Ltd. and Subsidiaries
Segment Results
EXCESS AND SURPLUS LINES
	Three Months Ended March 31,
	2015	2014
	*($ in thousands)*
Gross written premiums	$ 75,718	$ 61,553
Net written premiums	$ 62,296	$ 49,374

Net earned premiums	$ 59,400	$ 41,983
Losses and loss adjustment expenses	(35,842)	(25,841)
Underwriting expenses	(16,115)	(12,415)
Underwriting profit (a), (b)	$ 7,443	$ 3,727

Ratios:
Loss ratio	60.3%	61.6%
Expense ratio	27.1%	29.6%
Combined ratio	87.5%	91.1%

(a) See “Reconciliation of Non-GAAP Measures.”
(b) Underwriting results include fees of $220,000 and $0 for the three months ended March 31, 2015 and 2014, respectively.



SPECIALTY ADMITTED INSURANCE
	Three Months Ended March 31,
	2015	2014
	*($ in thousands)*
Gross written premiums	$ 20,926	$ 11,677
Net written premiums	$ 11,474	$ 8,341

Net earned premiums	$ 9,555	$ 5,149
Losses and loss adjustment expenses	(5,796)	(2,837)
Underwriting expenses	(3,914)	(2,904)
Underwriting loss (a), (b)	$ (155)	$ (592)

Ratios:
Loss ratio	60.7%	55.1%
Expense ratio	41.0%	56.4%
Combined ratio	101.6%	111.5%

(a) See “Reconciliation of Non-GAAP Measures.”
(b) Underwriting results include fees of $303,000 and $137,000 for the three months ended March 31, 2015 and 2014, respectively.



CASUALTY REINSURANCE
	Three Months Ended March 31,
	2015	2014
	*($ in thousands)*
Gross written premiums	$ 34,614	$ 74,011
Net written premiums	$ 34,889	$ 74,126

Net earned premiums	$ 48,056	$ 41,924
Losses and loss adjustment expenses	(32,846)	(27,436)
Underwriting expenses	(15,169)	(14,444)
Underwriting profit (a)	$ 41	$ 44

Ratios:
Loss ratio	68.3%	65.4%
Expense ratio	31.6%	34.5%
Combined ratio	99.9%	99.9%

(a) See “Reconciliation of Non-GAAP Measures.”

RECONCILIATION OF NON-GAAP MEASURES

The following table reconciles the underwriting profit (loss) by individual operating segment and of the whole Company to consolidated income before taxes. We believe that these measures are useful to investors in evaluating the performance of our Company and its operating segments because our objective is to consistently earn underwriting profits. We evaluate the performance of our operating segments and allocate resources based primarily on underwriting profit (loss) of operating segments. Our definition of underwriting profit (loss) of operating segments and underwriting profit (loss) may not be comparable to that of other companies.

	Three Months Ended March 31,
	2015	2014
	*(in thousands)*
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines	$ 7,443	$ 3,727
Specialty Admitted Insurance	(155)	(592)
Casualty Reinsurance	41	44
Total underwriting profit of operating segments	7,329	3,179
Other operating expenses of the Corporate and Other segment	(4,379)	(1,865)
Underwriting profit (a)	2,950	1,314
Net investment income	11,986	12,482
Net realized investment losses	(2,806)	(1,921)
Other income and expenses	(13)	(15)
Interest expense	(1,704)	(1,547)
Amortization of intangible assets	(149)	(125)
Consolidated income before taxes	$ 10,264	$ 10,188

(a) Included in underwriting results for the three months ended March 31, 2015 and 2014 is net fee income of $523,000 and $137,000, respectively.

We define net operating income as net income excluding net realized investment gains and losses, expenses related to due diligence costs for various merger and acquisition activities, costs associated with our initial public offering, severance costs associated with terminated employees, impairment charges on goodwill and intangible assets and gains on extinguishment of debt. We use net operating 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. Net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of net operating income may not be comparable to that of other companies.

Our income before taxes and net income for the three months ended March 31, 2015 and 2014, respectively, reconciles to our net operating income as follows:

	Three Months Ended March 31,
	2015		2014
	Income Before Taxes	Net Income	Income Before Taxes	Net Income
	*(in thousands)*
Income as reported	$ 10,264	$ 9,377	$ 10,188	$ 9,138
Net realized investment losses	2,806	2,162	1,921	1,153
Other expenses	69	45	93	70
Interest expense on leased building the Company is deemed to own for accounting purposes	165	107	165	107
Net operating income	$ 13,304	$ 11,691	$ 12,367	$ 10,468

We define tangible equity as the sum of shareholders’ equity less goodwill and intangible assets (net of amortization). Our definition of tangible equity may not be comparable to that of other companies, and it should not be viewed as a substitute for shareholders’ equity calculated in accordance with GAAP. We use tangible equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity for both March 31, 2015 and December 31, 2014.

	March 31,	December 31,
	2015	2014
	*(in thousands)*

Shareholders’ equity	$ 697,537	$ 687,921
Less: Goodwill and intangible assets	221,807	221,956
Tangible equity	$ 475,730	$ 465,965

6 May 2015

by caribpr

James River Group Holdings, James River Group Holdings Net Operating Earnings Per Share, James River Group Holdings Reports First Quarter Net Operating Income

Markel announces leadership changes to its Global Reinsurance division

RICHMOND, Va., April 24, 2015 /PRNewswire/ — Markel Corporation (NYSE: MKL) announced today that Jed Rhoads, President and Chief Underwriting Officer of Markel Global Reinsurance, has assigned the following responsibilities to the divisional management team.

http://photos.prnewswire.com/prnVAR/20140415/73238

Andrew Barnard, Managing Director, and Peta White, Managing Director, will co-head Global Reinsurance operations in Markel’s Hamilton, Bermuda office. Barnard leads the international property and retro business, and White leads the North American property business. Additionally in Bermuda, Erik Manning, Managing Director, leads the alternative market initiatives and development.

Don Bahr, Managing Director, and Tod Costikyan, Managing Director, will co-head Global Reinsurance operations in Markel’s Summit, New Jersey office. Bahr leads the casualty reinsurance segment that includes general liability, professional liability, non-standard auto, and medical malpractice. Costikyan leads the areas of specialty reinsurance to include workers compensation, surety, energy, trade credit, confiscation, marine, aviation, public entity, aviation/satellite, and agriculture. Also based in the Summit office, Steve Leitz has been promoted to Chief Administrative Officer for Markel’s Global Reinsurance operations.

Richie Whitt, President and Co-Chief Operating Officer of Markel Corporation, stated, “Since last fall, Jed has transitioned to his role in leading Markel’s Global Reinsurance division, and he has created a management team that is strong with deep underwriting and leadership talent in each of our reinsurance platforms.”

Rhoads commented, “I am excited to work with this team that includes experienced industry professionals with a wide breadth of knowledge. With this strong reinsurance leadership team, we believe that Markel will continue to be well positioned to successfully compete in today’s global reinsurance marketplace.

We want to again thank Dave Kalainoff for his contributions to the Global Reinsurance division and congratulate him on his upcoming retirement, effective June 1,” added Rhoads.

Rhoads will split his time between the Bermuda and Summit offices.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

Logo - http://photos.prnewswire.com/prnh/20140415/73238

CONTACT: Paul Broughton, 804-527-7618, [email protected]

24 Apr 2015

by caribpr

and Peta White, Andrew Barnard, Bermuda, Global Reinsurance division, Insurance news, Jed Rhoads, Managing Director, Markel, President and Chief Underwriting Officer of Markel Global Reinsurance

Amlin amplía su presencia en América Latina con una oficina en Miami

La nueva sucursal en Brickell Avenue consolida la reputación de Miami como un centro internacional de reaseguros

CaribPR Wire, MIAMI, 16 de marzo de 2015, Amlin plc (LON:AML), una compañía internacional especializada de seguros y reaseguros con sede en Londres y con más de cien años de experiencia en la industria, hoy celebra oficialmente la inauguración de su oficina en Miami con una recepción con champán, luego de la presentación de la plataforma en octubre de 2014. La oficina, ubicada en el corazón del distrito de Brickell en Miami, ofrece a los clientes de seguros en toda América Latina su sólida experiencia en múltiples líneas de seguros con una amplia gama de contratos de líneas de especialidad, como líneas de seguros para propiedades, catástrofes, de responsabilidad, para automóviles, de ingeniería, fianzas, riesgo político, y marino y de aviación.

“Miami es un centro de reaseguro muy importante para el mercado de América Latina y tener una oficina aquí nos permite aprovechar mejor la excelente franquicia de reaseguros de Amlin, como así también mejorar nuestra capacidad para ofrecer los altos niveles de servicio de la compañía a los clientes y corredores en la región”, expresó Tom Clementi, jefe de Operaciones de la oficina de Amlin en Miami. “Amlin ha operado en América Latina durante varios años, desde sus oficinas en Londres y las Bermudas. Contar con un equipo local aquí, bajo el mando de Louis de Segonzac, nos posiciona mejor para desarrollar y diversificar el negocio y llevarlo al próximo nivel”.

El servicio de reaseguros es un elemento clave para el crecimiento de la economía y la infraestructura en América Latina ya que ofrece una amplia red de protección para gran parte de la cobertura de seguros comerciales en todo el mundo. Así como el sector bancario y otras industrias, la industria de reaseguros ha ganado popularidad en Miami porque la ciudad representa un mercado estable para acceder a países con inestabilidad política o marcos regulatorios menos desarrollados. Además de ser un lugar atractivo para trabajar, también ofrece un grupo de talentosos profesionales en la industria de reaseguros, que resulta cada vez más atractivo.

Louis de Segonzac, jefe de Reaseguros de Amlin en Miami, expresó: “Como aseguradora internacional con una oficina en Miami, Amlin tiene una perspectiva informada sobre el mercado de reaseguros de Miami, por qué ofrece buenas perspectivas de crecimiento y lo que se puede esperar para los próximos años. Con una marcada tendencia en el cierre de contratos fuera de Londres, este es el momento ideal para invertir en Miami, a medida que diversificamos y aprovechamos los negocios de reaseguro existentes en América Latina”.

Amlin asegura a más de 30 clases de compañías a través de tres plataformas de seguros: Syndicate 2001 en Lloyd’s, Amlin AG en Suiza y Amlin Europe en Países Bajos, e integra el Índice FTSE 250 que cotiza en la Bolsa de Valores de Londres.

Se llevará a cabo un evento por el lanzamiento de la nueva oficina de Amlin el viernes, 13 de marzo, por la noche, previo al Campeonato de la Federación Internacional de Automovilismo (FIA) de Fórmula E de 2015, Miami ePrix, el sábado 14 de marzo. Amlin es el patrocinador de la escudería de Amlin Aguri, uno de los 10 equipos que compite en la serie de carreras inaugurales totalmente eléctricas.

Acerca de Amlin

Amlin (LON:AML) es una aseguradora y reaseguradora internacional especializada con más de 100 años de experiencia en los mercados de seguros. La base sólida y la capacidad financiera superior de la compañía demuestran que su presencia se proyecta para el largo plazo. La trayectoria de Amlin se basa en una estrategia comprobada que recomienda a sus equipos aplicar la exitosa fórmula de seguros de la firma, incorporando un enfoque dinámico en relación con el riesgo, mientras se desarrolla una cartera internacional con gran diversidad geográfica. Amlin asegura a más de 30 clases de compañías a través de tres plataformas de seguros: Syndicate 2001 en Lloyd’s, Amlin AG en Suiza y Amlin Europe en Países Bajos. Amlin plc y sus compañías subsidiarias tienen altas calificaciones por su solidez financiera. Amlin informó primas brutas de año completo emitidas por 2560 millones de libras (3850 millones de USD) en 2014, un coeficiente combinado del 89 % y una ganancia neta de 236,5 millones de libras (335,4 millones de USD).

CONTACTO: Contacto para la prensa:

Marisha Chinsky

Makovsky

+1 212 508-9654

16 Mar 2015

by caribpr

América Latina, Amlin, Miami

Amlin Expands Latin American Presence With Miami Office

New Location on Brickell Avenue Solidifies Miami’s Reputation as Global Reinsurance Hub

CaribPR Wire, MIAMI, March 13, 2015: Amlin plc (LON:AML), a London-headquartered, global specialty insurer and reinsurer with more than a hundred years of underwriting experience, today officially celebrates the launch of its Miami office with a champagne reception following the opening of the platform back in October 2014. The office, located in the heart of Miami’s Brickell district, offers insurance clients across Latin America strong multi-line underwriting expertise in a range of specialty lines treaties including property, catastrophe, liability, motor, engineering, surety, political risk and marine & aviation.

“Miami is a very important reinsurance hub for the Latin America market and an office here allows us to build on Amlin’s excellent reinsurance franchise as well as enhance our ability to deliver Amlin’s high standards of service to clients and brokers in the region,” said Tom Clementi, Head of Operations of Amlin’s Miami office. “Amlin has done business in Latin America for many years out of our London and Bermuda offices and with a local team here, led by Louis de Segonzac, we are now well positioned to grow and diversify that business and take it to the next level.”

Reinsurance is a critical element for economic and infrastructure growth in Latin America as it provides a broad safety net for much of the world’s commercial insurance coverage. Much like banking and other industries, reinsurance has become popular in Miami because the city serves as a stable marketplace to access countries with political instability or less developed regulatory environments. As an attractive place to work it also offers an increasingly attractive talent pool for professionals in the reinsurance industry.

Louis de Segonzac, Head of Reinsurance at Amlin in Miami, stated: “As an international carrier with a Miami office, Amlin has an informed perspective on Miami’s reinsurance market, why it offers good prospects for growth, and what can be expected in the years ahead. With treaty placements trending away from London, now is the ideal time to invest in Miami as we diversify and build on our existing reinsurance business in Latin America.”

Amlin underwrites more than 30 classes of business through three underwriting platforms: Syndicate 2001 at Lloyd’s, Amlin AG in Switzerland and Amlin Europe in the Netherlands, and is a constituent of the FTSE 250 index on the London Stock Exchange.

A launch event for Amlin’s new office will be held on the evening of Friday, March 13, ahead of the 2015 FIA Formula E Miami ePrix on Saturday, March 14. Amlin is the team sponsor of Amlin Aguri racing, one of 10 teams competing in the inaugural all-electric racing series.

About Amlin

Amlin (LON:AML) is a global specialty insurer and reinsurer with more than 100 years of experience in the insurance markets. The company’s strong foundation and superior financial strength demonstrate that it’s here for the long-term. Amlin’s track record is built on a proven strategy; encouraging its teams to apply the firm’s successful underwriting formula, incorporating a dynamic approach to risk, while developing a geographically diverse global portfolio. Amlin underwrites more than 30 classes of business through three underwriting platforms: Syndicate 2001 at Lloyd’s, Amlin AG in Switzerland and Amlin Europe in the Netherlands. Amlin plc and its underwriting subsidiaries are highly rated for their financial strength. Amlin reported full-year gross written premiums of [Pounds]2.56 billion ($3.85 billion) in 2014, a combined ratio of 89% and net profit of [Pounds]236.5 million ($355.4 million).

CONTACT: Media Contact:

Marisha Chinsky

Makovsky

+1 212 508-9654

13 Mar 2015

by caribpr

Amlin Expands Latin American Presence, Amlin Opens Miami Office

Redbridge announces Property Binding Authority

CORAL GABLES, Fla., Feb. 3, 2015 /PRNewswire/ — Redbridge is proud to announce that effective October 31, 2014, Redbridge Reinsurance Managers, LLC began operating with Property Binding Authority throughout Latin America with a limit of USD 10,000,000 supported by various Lloyd’s of London syndicates.

http://mma.prnewswire.com/media/172906/redbridge-logo.jpg?p=mediumImageProfile&token=br5thYm6tQCxrVNHrgM3xIReKaTBzV+4qnigLUdGio4T+czf7nc2i1xG7RHCHq4MmFHns632v4OWqaSDxB9lfwdequLDxIW7J7EdoX0vjlw3HZHJ7w==

The Binder allows us to offer our clients flexible coverage for a wide variety of risks with customized deductibles and rates.

Our underwriting is focused on medium to large industrial and commercial risks, offering specialized coverages such as Machinery Breakdown and Business Interruption.

Redbridge Reinsurance Managers, based in Coral Gables, Florida is a Lloyd’s authorized coverholder and, as part of our guarantee of quality service, we commit to providing quotes promptly once the required information is received.

In order to provide you with a quote we will need a slip of proposed terms and conditions, detail of the insured values, a recent inspection report of the top locations and claims history for the last five years. Please contact us if you have any questions or need additional information.

Our authorized underwriter: Marco Broccolo

Marco joined the Redbridge team as Executive Director of Property and Casualty and is the authorized Underwriter under the Binder. He has more than 15 years of experience in the Property Reinsurance industry, the last 10 of which he has been focused on the Latin American Market. Michael Santiago, Account Executive, will assist Marco.

Logo – http://photos.prnewswire.com/prnh/20150202/172906LOGO

CONTACT: Marco Broccolo, [email protected]; Michael Santiago, [email protected]

3 Feb 2015

by caribpr

LLC, Property Binding Authority, Redbridge, Redbridge Reinsurance Managers

Markel Corporation Names Britt Glisson Global Insurance Division President

RICHMOND, Va., Nov. 24, 2014 /PRNewswire/ — Markel Corporation (NYSE: MKL), a holding company with insurance operations and other investments around the world, announced that Britt Glisson has been appointed President of the Global Insurance division effective November 17, 2014.

http://photos.prnewswire.com/prnvar/20141124/160541

Markel Global, which is dedicated to the specialized needs of sophisticated insureds and producers, was formed following the acquisition of Alterra Capital Holdings by Markel in May 2013. The Markel Global team underwrites marine, professional liability, property, and excess casualty products from offices in Bermuda, New York, Dublin, London, Atlanta, San Francisco, Chicago, and Dallas. Markel Global also includes US-based practice groups.

Glisson joined Markel in 1990 and continues to serve as corporate Chief Administrative Officer (CAO), a position he has held since 2009. Most recently, he took on an assignment in the Bermuda office to support the Markel – Alterra integration. Previously, Glisson served as CFO, COO, and then President of Essex Insurance Company. In 1996, he was named President of Markel Insurance Company and continued in that post until his promotion to CAO.

In his new role, Glisson will report to Mike Crowley, Markel Corporation’s President and Co-Chief Operating Officer. He remains responsible for Markel’s ceded reinsurance administration team.

“Britt has worked closely with the Markel Global management team, and he brings strategic vision and a track record of success to this high profile position. He is an experienced leader and excels at bringing people together. As we expand our global brand, I am confident that Britt will represent us well and help the team to increase Markel’s market share of business with larger risks,” commented Crowley.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

Photo – http://photos.prnewswire.com/prnh/20141124/160541

CONTACT: Paul Broughton, Director, Marketing, Markel Corporation, 804-527-7618, [email protected]

24 Nov 2014

by caribpr

Britt Glisson, Global Insurance Division President, Markel Corporation

Markel Re announces leadership changes

RICHMOND, Va., Sept. 30, 2014 /PRNewswire/ – Markel Corporation (NYSE: MKL) announced today that David Kalainoff, President and Chief Underwriting Officer – Casualty of Markel’s Global Reinsurance (Markel Re) division, is retiring effective June 1, 2015. Jed Rhoads, presently Markel Re’s President and Chief Underwriting Officer – Property, will assume responsibility for leading the division in June 2015. Both were previously employed by Alterra Capital Holdings, which was acquired by Markel in May 2013.

“Dave is a valued member of Markel’s senior leadership team and has been instrumental in the transition of the reinsurance team to Markel. We truly appreciate that he shared his retirement decision with us so early and is willing to work with us until June of next year to ensure customer continuity and uninterrupted service,” said Richie Whitt, President and Co-Chief Operating Officer. “Dave has a long and profitable track record in the reinsurance marketplace, and thanks to the efforts of he, Jed, and many others, Markel Re is poised for continued success.”

Dave’s distinguished career has spanned more than 30 years. Prior to joining Markel, he served as President and Chief Underwriting Officer – US Reinsurance for Alterra. He also held senior underwriting positions at Transatlantic Reinsurance Company, Fireman’s Fund Insurance Company, and Continental Insurance Company.

Jed has more than 30 years of property and casualty treaty reinsurance experience, serving as an underwriter, broker, and executive in the US and Bermuda. His title at Alterra was President and Chief Underwriting Officer – Bermuda Reinsurance.

“Jed and Dave have been close partners in building and leading Markel’s reinsurance business, and they will continue to work closely during the transition,” said Richie. “We are grateful for Dave’s contributions and wish him all the best in his retirement. I am confident that under Jed’s leadership, we will continue to strengthen our reinsurance platform.”

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

CONTACT: Paul Broughton, Director, Marketing, Markel Corporation, 804-527-7618, [email protected]

30 Sep 2014

by caribpr