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Q3 expansion was fueled by 9.9% of personal lines organic growth. -
Ceding commissions remain elevated but primary rates are improving reinsurer margins.
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The expectation – and strong hope – is that deregulation will spur growth and bring benefits to the D&O line.
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James River also amended the convertible preferred equity held by Gallatin Point and closed its strategic review.
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The business will trade via London, the US and Canada.
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The Bain-backed fronting carrier acquired Spinnaker’s shell subsidiary earlier this year.
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Executives said the company continues to shrink its book of business in markets with poor underwriting conditions.
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Earnings call commentary shows pockets of casualty reserve strengthening for AY 2020-2023.
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The carrier said activity across smaller and mid-sized natural catastrophe and risk events had been “elevated”.
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Casualty submissions rose over 70% while property increased over 20% YoY in Q3.
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Rates fell across all premium lines, especially for property and GL.
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The carrier reported total cat losses of $48.9mn during Q1-Q3 2024, versus $20.2mn in 2023.
