Seaborne Announces New Service Between Puerto Rico and Antigua and Barbuda

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SAN JUAN, Puerto Rico, Aug. 31, 2015 /PRNewswire/ — Seaborne Airlines, the fastest growing airline in the Caribbean, announced that it will introduce non-stop service between the carrier’s hub in San Juan’s Luis Munoz Marin International Airport and Antigua and Barbuda newly inaugurated V.C. Bird International Airport, effective December 13, 2015.  The service will represent the only non-stop connection between Puerto Rico and Antigua and Barbuda.

Photo – http://photos.prnewswire.com/prnh/20150831/262500

The flights will provide convenient connecting opportunities to Seaborne’s sizable portfolio of airline connecting partners at San Juan Luis Munoz Marin International Airport.  In tandem with connections to other Seaborne flights in the Caribbean, and connecting partner airlines

Air Europa, American Airlines, Delta Airlines, JetBlue Airways, and United Airlines, passengers will be able to connect to 33 destinations in the America’s and Europe.

All flights will be operated by 34-seat Saab 340 aircraft.  The plane operates with two pilots and a flight attendant, and offers inflight service, a roomy cabin with overhead bins, and other amenities.

Service will operate four times weekly on a year-round basis.  To celebrate the new non-stop service, Seaborne Airlines is offering a promotional fare of $128 each way, inclusive of all taxes and fees.

“We are excited to make Antigua the 17th airport served by Seaborne Airlines in the Caribbean, ” said Seaborne CEO Gary Foss, “I expect visitors and residents of Antigua and Barbuda alike to appreciate Seaborne’s award-winning customer service, commitment to low fares, and connectivity to our airline partners.”

“Puerto Rico continues to shine as a first-rate destination. Our alliance with Seaborne continues to strengthen the connections between Caribbean destinations and our position as the leading air access hub of the region”, stated Ingrid I. Rivera Rocafort, Executive Director of the

Puerto Rico Tourism Company. “With this new route between San Juan and Antigua we expand our reach towards new markets in the area and provide more options for travelers who want to visit multiple destinations during their vacation”.

Antigua and Barbuda’s Minister of Tourism, The Honorable Asot Michael said, “With a more modern, efficient airport terminal built to enhance the experience of Antigua and Barbuda visitors, we are pleased that Seaborne will be arriving into the destination this winter, increasing our airlift and providing us with the ability to offer more flight options to our visitors, as well as truly positioning Antigua and Barbuda as a major gateway for passengers connecting to other Caribbean destinations.”

Schedule effective December 13, 2015


     Dep. Airport      Arr. Airport Dep. Time Arr. Time     Day of Week
     ------------      ------------ --------- ---------     -----------

San Juan (SJU)    Antigua (ANU)       12:45     14:20   Mon, Thu, Sat, Sun
-------------     ------------        -----     -----   ------------------

Antigua (ANU)     San Juan (SJU)      15:05     16:40   Mon, Thu, Sat, Sun
------------      -------------       -----     -----   ------------------

About Seaborne Airlines

Seaborne Airlines has been operating in the Caribbean for over 23 years, carrying approximately 3 million customers safely.  With over 1,500 monthly departures to 17 airports, Seaborne serves San Juan’s Luis Munoz Marin International Airport, St. Thomas airport and Seaplane base, St. Croix airport and Seaplane base, Anguilla, Antigua, Tortola, Dominica,  Martinique, Guadeloupe, Saint Martin, St. Kitts, Nevis, La Romana, Punta Cana, and Santo Domingo.  All flights operate with two pilots and two engines under Federal Air Regulation Part 121, the strictest code of the US Federal Air Regulation governing air travel.

CONTACT: Sandra Colon, Scolon@nlppr.com

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Seaborne Issues Storm Policy on Tropical Storm Erika

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SAN JUAN, Puerto Rico, Aug. 25, 2015 /PRNewswire/ — Seaborne Airlines today issued its storm policy for customers who may be impacted by Tropical storm Erika:

Tropical storm Erika is expected to affect travel to, from and through the Caribbean in the coming days. Please check flight status frequently on seaborneairlines.com or Seaborne’s Facebook page for up-to-the-minute information about your flight plans.

Rescheduling Flights
If your flight is cancelled or significantly delayed, you are entitled to a refund. Even if your flight is not cancelled, you may make a one-time change to your ticket without any change fees if you are schedule to travel as follows. For all ticketed passengers to and from the following locations:

*The Commonwealth of Dominica, West Indies  (DOM)
*The Federation of St. Kitts and Nevis, West Indies (SKB and NEV)
*St. Maarten (SXM)
*Anguilla (AXA)
*Guadeloupe, French West Indies  (PTP)
*St. Thomas, United States Virgin Islands (STT)
*St. Croix, United States Virgin Islands (STX)
*St. Thomas Seaplane Base, United States Virgin Islands  (SPB)
*St. Croix Seaplane Base, United States Virgin Islands (SSB)
*Tortola, British Virgin Islands (EIS)
*San Juan, Puerto Rico   (SJU)

On the following dates: August 26 – 28, 2015
and your ticket was issued no later than: August 25, 2015
You may travel: August 27 – September 3, 2015
Original inventory required? No

To change travel dates or for questions contact our Reservations personnel at
1-866-359-8784 or 787-946-7800 throughout the Caribbean. If calling from the
Dominican Republic, please call 809-200-0331.

Safety is our number one priority at Seaborne Airlines. Be Vigilant and Be Safe. You are
very important to us.

Seaborne Airlines

CONTACT: Sandra Colon, scolon@nlppr.com

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Seaborne Airlines Makes Announcement Regarding Hurricane Danny

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SAN JUAN, Puerto Rico, Aug. 21, 2015 /PRNewswire/ — Seaborne Airlines today made the following announcement regarding Hurricane Danny:

August 21, 2015

Dear Valued Customers,

A major storm is expected to affect travel to, from, and through much of the Caribbean over the next few days.  Please check flight status frequently on seaborneairlines.com or Seaborne’s Facebook page for up-to-the-minute information about your flight plans.

Rescheduling Flights

If your flight is canceled or significantly delayed, you are entitled to a refund.  Even if your flight is not canceled, you may make a one-time change to your ticket without any change fees or bookings fees if you are scheduled to travel

On the following dates: August 22 – 26, 2015
and your ticket was issued no later than: August 21, 2015
You may travel: August 22 – August 31, 2015
Original inventory required? No

To change travel dates or for questions contact our Reservations personnel at 1-866-359-8784 or 787-946-7800 throughout the Caribbean.  If calling from the Dominican Republic, please call 809-200-0331.

Safety is our number one focus for our customers, crew and ground support team at Seaborne Airlines.  Be vigilant, Be Safe and please take care of your families.  You are very important to us.

Seaborne Airlines

CONTACT:  Sandra Colon, scolon@nlppr.com

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Seaborne Airlines Supports 31st Annual Chili Cook Off Community Fundraiser

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ST.CROIX, U.S. Virgin Islands, Aug. 13, 2015 /PRNewswire/ – On Sunday, August 16th at Brewers Beach on St. Thomas, over 75 local chili teams will create vegetarian and beef chili from scratch to be judged and awarded “Best of VI.” Festivities begin at 11 am. Seaborne Airlines is pleased to announce their sponsorship of the 31st Annual Texas Society of the Virgin Islands Chili Cook Off Community Fundraiser. For over 20 years, Seaborne has committed to inspiring and investing in the U.S.V.I. this event is one of many that supports vital organizations within the Territory.

All proceeds from the event are donated to local charities, including Dial-A-Ride, Family Resource Center, Queen Louise Home for the Aged, St. Thomas Rescue, St. Thomas Sail and Power Squadron, and others. In addition, two $1,000 scholarships to the University of the Virgin Islands are awarded to local students. For more details on participation, please go to 31st Annual Texas Society Chili Cook Off Event page on Facebook.

“We take pride in supporting almost 300 local organizations focused on the most prevalent needs of our island communities, “said Mora Scotland, Sales Manager of USVI and BVI Region,  ”We believe this commitment to help enrich and expand the lives of our neighbors makes the USVI a better place to live for all.”

Seaborne’s mission is to join our customers and local community organizations in serving the U.S.V.I. by bringing the Caribbean closer. Through it’s soon to be 17 destinations, multiple daily flights between St. Croix and St. Thomas, Seaborne celebrates the diversity and culture of the islands by supporting a wide range of organizations. From the St. Croix Youth Soccer Association, United Jazz Foundation Mentorship Program, and USVI business promotion through the Annual Hotel and Tourism Symposium, Seaborne connects the communities.

“The USVI Hotel & Tourism Association has had a long standing partnership with Seaborne Airlines. They are the premium sponsor of our annual Destination Symposium providing the round trip airfare for our OTA partners to ensure they explore all the Virgin Islands during the event.  They have also been a long time sponsor of our annual employee recognition event The Tommy Star Awards.  We very much value their continuous sponsorship to ensure our events are successful.”

—Lisa Hamilton President, USVI Hotel & Tourism Association

“Seaborne Airlines sponsorship of St. Croix AYSO 1383 has been a integral part of exposing young soccer players to needed international playing time and their overall social development, integral components of the AYSO’s main mission. Our wish is that our continued partnership will reap rewards not just on the field but also in uplifting the confidence of our young people and helping them become the leaders of tomorrow.”

—Shanta Roberts Regional Commissioner of St. Croix AYSO

“United Jazz Foundation is thankful for the collaboration with Seaborne airlines. Their support has been essential to be able to serve the community of the U.S. Virgin Islands throughout the territory. With their sponsorship it’s possible to expose all musical students of the U.S. Virgin Islands to our mentors through ‘Mentoring Through the Arts of Music’, have local musicians perform at our free community concerts through our inter island cultural exchange and connect the most talented high school students from both districts (St. Thomas/St. John district and St. Croix District) with each other through the VI Youth Ensemble. We are grateful for Seaborne’s passion to enrich, connect and support the culture of the U.S. Virgin Islands and to give the young people a chance to pursue their dreams and develop their talent.”

—Nicole Parson CEO, Vice President of United Jazz Foundation

About Seaborne Airlines­­­

Seaborne Airlines has been operating in the Caribbean for over 23 years, carrying more than 2.5 million customers safely.  With over 2,300 monthly departures to 17 airports in service or announced, Seaborne serves San Juan’s Luis Munoz Marin International Airport, St. Thomas’ Cyril E. King airport and Charles F. Blair Jr., Seaplane base, St. Croix’s Henry B. Rohlsen airport and Captain Svend Aage Ovesen Jr.,Seaplane base, Anguilla, Tortola, Dominica, Martinique, Guadeloupe, Saint Martin, St. Kitts, Nevis, La Romana, Punta Cana, and Santo Domingo and will launch service to island of Antigua later this year.

CONTACT: Sandra Colon, scolon@nlppr.com

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Haiti will host the 12th edition of CARIFESTA, the Caribbean Festival of Arts, August 21 – 30, 2015

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caricom

carifesta

CaribPR Wire, PORT-AU-PRINCE, Haiti, Weds. Aug. 12,2015: CARIFESTA, which is the largest cultural and artistic event in the Caribbean, has fused all forms of expression of Latin America and the Caribbean since 1972.

As a result, it has become a major multicultural and international event that increasingly attracts countries from other continents.

The Caribbean is a meeting place for people around the world, a witness of the crossroad of nations, of different migrations by will or force, of life invented a thousand times, shaped through the fusion of different cultures.

CARIFESTA celebrates diversity and similarity; talent and brotherhood. It gives artists the opportunity to discuss, share experiences, learn from one another and share their knowledge and traditions.

All men and women are alike in their beauty. Armed with this strong belief, Haiti opens its doors to welcome the Caribbean and the world from August 21st to August 30th, 2015.

CARIFESTA XII activities will be held in five (5) cities across the island: Port-au-Prince, Jacmel, Cap-Haitian, Gonaives, and Cayes.

All disciplines will be featured: dance, cuisine, fashion, cinema, visual arts, literature, music, theater, arts and crafts.

CARICOM

CARICOM (Caribbean Community) – the 14 member countries, including Haiti – has taken all the necessary steps to ensure that this 12th edition in Haiti continues to fulfill the legacy of CARIFESTA being a Great Cultural and Artistic event since 1972.

Accommodation

Haiti is able to accommodate its many guests at the 12th edition of CARIFESTA from August 21 to August 30, 2015.

Agreements have been made with the hotels for special packages and attractive rates for CARIFESTA season.

Impacts

Government funding has been allocated to make this great international event possible in Haiti. The event will also be supported by private sector sponsors.

CARIFESTA in Haiti is an incredible opportunity for our artists and creators.

CARIFESTA will have a positive impact on various sectors of national life.

We can rely on CARIFESTA to enhance our image, especially in the Caribbean.

The Grand Market

The Great Market is a giant space for exhibitions from a variety of artistic categories as well as a center of activities for the youth, which will take place in Champs de Mars for 10 days throughout the event will be among the flagship activities of CARIFESTA’s.

Our roots, our culture, our common future!

www.carifesta.net socialmedia

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Golf Ventures Forms International Division

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CaribPR Wire, LAKELAND, Florida, Tues. August 11, 2015: Golf Ventures Inc. has expanded into the international turf and landscaping market with a new division initially focused on the Caribbean and Central America. Scott Jones has joined the company as International Sales Manager. Jones is a professional with more than 33 years’ experience in international sales within the golf, turf, resort, and landscaping fields.

Golf Ventures Inc. is proud to announce that Scott Jones has been retained as International Sales Manager to develop the company’s international turf and landscaping division. Jones is a proven sales leader with more than 33 years’ experience, working in the areas of golf, turf, resorts, and landscaping. “Scott’s knowledge and experience in the Caribbean and Central American markets are invaluable,” said Sales Manager Glen Thompson. “More importantly, he brings a reputation of quality, integrity, and relationship-building, which makes him a good fit for our company and with our customers.”

Over the course of his career, Jones has established international divisions for three companies, all primarily selling golf course equipment (such as irrigation systems and mowers). He views the opportunity to establish an international division at Golf Ventures as a challenge. “I saw the need for a business like this in the international market, so it’s a challenge to build something new,” he said. “Golf Ventures is able to offer all the products and services that are successful in Florida to the Caribbean and Central America.” What Jones finds rewarding is “interacting with people I’ve known for years and selling a product that helps them.”

Jones is a member of the Golf Course Superintendents Association of America, Caribbean Hotel Association, and Bermuda Golf Course Superintendents Association. He has won numerous sales and distributor awards during his career.  He earned bachelor’s degrees in economics and health at Cornell College in Cornell, Iowa.

###

Golf Ventures Inc. is Florida’s complete maintenance supply company for the golf course and sports turf industry. Working exclusively with Helena brand plant protectants and fertility products, and select specialty product companies, GVI ensures customers receive the best possible service and agronomic support. GVI understands that each course and turf area is unique and provides programmed, personalized service. GVI partners with superintendents and other landscape managers to identify issues and prescribe the most timely and cost-effective solutions. With more than 200 years of combined superintendent experience, Golf Ventures Inc. is the premier provider and partner for golf course and sports turf maintenance. Find us at golfventures.com.


CONTACT:

Glen Thompson

Sales Manager

Golf Ventures Inc.

863-665-5800

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James River Group Holdings informa ingresos operativos netos de 12,4 millones de USD o 0,42 USD por acción diluida durante el segundo trimestre

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INGRESOS OPERATIVOS NETOS DEL AÑO HASTA LA FECHA DE 24,1 MILLONES DE USD O 0,82 USD POR ACCIÓN DILUIDA

CRECIMIENTO DEL 13,6 % Y EL 12,7 % EN LAS GANANCIAS OPERATIVAS DURANTE EL SEGUNDO TRIMESTRE Y DEL AÑO HASTA LA FECHA, RESPECTIVAMENTE

CRECIMIENTO DEL 30,9 % Y EL 26,9 % EN LAS PRIMAS BRUTAS EMITIDAS DEL SEGMENTO DE LÍNEAS DE EXCESOS Y EXCEDENTES DURANTE EL SEGUNDO TRIMESTRE Y DEL AÑO HASTA LA FECHA, RESPECTIVAMENTE

DECLARA DIVIDENDOS TRIMESTRALES DE 0,16 USD POR ACCIÓN

CaribPR Wire, PEMBROKE, Bermudas, 7 de agosto de 2015: James River Group Holdings, Ltd. (NASDAQ:JRVR) anunció hoy los resultados financieros del segundo trimestre y los seis meses que finalizaron el 30 de junio de 2015.

Los factores significativos que se deben tener en cuenta a la hora de evaluar el segundo trimestre de 2015 incluyen los siguientes:

  • Cada uno de los segmentos operativos de la compañía generó ganancias de seguros.
  • Ingresos netos por inversiones de 13,0 millones de USD durante el segundo trimestre de 2015 en comparación con los 10,7 millones de USD generados durante el mismo período de 2014.
  • Ingresos operativos netos de 12,4 millones de USD en 2015 en comparación con los 10,9 millones de USD del año anterior.
  • Ganancias operativas por acción diluida de 0,42 USD en comparación con los 0,38 USD del año anterior.
  • Ingresos netos de 12,5 millones de USD en el segundo trimestre de 2015 en comparación con los 9,5 millones de USD del año anterior.
  • Ganancias por acción totalmente diluidas de 0,43 USD en comparación con los 0,33 USD del año anterior.
  • Aumento global del 89,8 % en las primas brutas emitidas, de 97,0 millones de USD en primas brutas emitidas durante el segundo trimestre de 2014 a 184,0 millones de USD, que se logró de la siguiente manera:
    • Crecimiento del 30,9 % de nuestro segmento de líneas de excesos y excedentes, de 59,1 millones de USD durante el segundo trimestre de 2014 a 77,4 millones de USD. Nuestro segmento de líneas de excesos y excedentes está encaminado para alcanzar un crecimiento sustancial este año.
    • Crecimiento del 42,8 % en nuestro segmento de seguros de productos especiales admitidos, de 12,6 millones de USD en el año 2014 a 17,9 millones de USD. Nuestro segmento de seguros de productos especiales admitidos continúa progresando en relación con la creación de su programa y las transacciones “fronting”, mientras que su registro de indemnizaciones tradicionales para los trabajadores continúa creciendo también.
    • Crecimiento declarado del 250,9 % en el segmento de reaseguros de responsabilidad, de 25,3 millones de USD en 2014 a 88,7 millones de USD. Este crecimiento se debe principalmente a la oportunidad del momento, ya que la renovación de contratos por expirar se realizó fuera de cronograma. Esperamos que las primas brutas emitidas anuales del segmento de reaseguros de responsabilidad se mantengan sin variaciones durante el año calendario 2015 en comparación con aquellas del año anterior.
  • Un índice combinado del 97,8 % en comparación con el 96,7 % del año anterior.
  • Un aumento global de las primas netas emitidas del 93,8 % durante el trimestre, de 81,9 millones de USD durante el segundo trimestre del año 2014 a 158,8 millones de USD.

Los factores significativos que se deben tener en cuenta a la hora de evaluar el período de seis meses que finalizó el 30 de junio de 2015 incluyen los siguientes:

  • Cada uno de los segmentos operativos de la compañía generó ganancias de seguros.
  • Ingresos netos por inversiones de 25,0 millones de USD en comparación con los 23,2 millones de USD durante el mismo período de 2014.
  • Ingresos operativos netos de 24,1 millones de USD en 2015 en comparación con los 21,4 millones de USD del año anterior.
  • Ganancias operativas por acción diluida de 0,82 USD en comparación con los 0,74 USD del año anterior.
  • Ingresos netos de 21,9 millones de USD en 2015 en comparación con los 18,7 millones de USD del año anterior.
  • Ganancias por acción totalmente diluidas de 0,75 USD en comparación con los 0,65 USD del año anterior.
  • Aumento global del 29,1 % en las primas brutas emitidas, de 244,2 millones de USD a 315,3 millones de USD que se logró de la siguiente manera:
    • Un crecimiento del 26,9 % de nuestro segmento de líneas de excesos y excedentes, de 120,7 millones de USD durante los seis primeros meses de 2014 a 153,1 millones de USD.
    • Un crecimiento del 60,3 % de nuestro segmento de seguros de productos especiales admitidos, de 24,2 millones de USD en 2014 a 38,9 millones de USD.
    • Crecimiento del 24,2 % en el segmento de reaseguros de responsabilidad, de 99,3 millones de USD en 2014 a 123,3 millones de USD. Este crecimiento se debe principalmente a la oportunidad del momento, ya que la renovación de contratos por expirar se realizó fuera de cronograma. Esperamos que las primas brutas emitidas anuales del segmento de reaseguros de responsabilidad se mantengan sin variaciones durante el año calendario 2015.
  • Un índice combinado del 97,6 %, igual al del año anterior.
  • Un aumento global de las primas netas emitidas del 25,1 % durante los primeros seis meses de 2015, de 213,8 millones de USD durante la primera mitad de 2014 a 267,5 millones de USD.

El valor del capital tangible disminuyó un 1,1 % durante el segundo trimestre de 2015, de 475,7 millones de USD el 31 de marzo de 2015 a 470,5 millones de USD el 30 de junio de 2015. Esto se debió principalmente a una disminución de 15,0 millones de USD en otros ingresos globales acumulados (es decir, ganancias no realizadas en nuestra cartera de inversión) que disminuyeron de 22,3 millones de USD el 31 de marzo de 2015 a 7,3 millones de USD el 30 de junio de 2015. También se debió al pago de un dividendo de 4,6 millones de USD durante el trimestre, que fue compensado parcialmente por los ingresos netos del trimestre. La disminución de las ganancias no realizadas fue causada principalmente por el cambio en las tasas de interés del mercado.

En cuanto al desempeño anual hasta la fecha, nuestro valor contable tangible aumentó un 1,0 %, de 466,0 millones de USD el 31 de diciembre de 2014 a 470,5 millones de USD el 30 de junio de 2015. Este aumento se debió principalmente a ingresos netos de 21,9 millones de USD, contrarrestados por una disminución de 11,1 millones de USD en otros ingresos globales acumulados, de 18,4 millones de USD el 31 de diciembre de 2014 a 7,3 millones de USD el 30 de junio de 2015. También se debió al pago de dividendos de 9,2 millones de USD en 2015.

J. Adam Abram, presidente y director ejecutivo, afirmó: “Estamos complacidos con los resultados. Cada uno de nuestros segmentos generó ganancias de seguros durante el trimestre y para el período de seis meses. Estamos disfrutando del crecimiento sólido de nuestro segmento de líneas de excesos y excedentes que, tradicionalmente, ha sido una fuente de ganancias de seguro para nuestro grupo. Comenzamos la segunda mitad del año confiando en las perspectivas de que el grupo genere ganancias de seguro sólidas”.

“También estamos satisfechos con los resultados de nuestras inversiones en este trimestre. Durante este período, nos beneficiamos de manera significativa del aumento de los valores de mercado de las inversiones de capital que realizamos en relación con los proyectos de energía renovable”.

“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 de 0,16 USD por acción, que se pagará el 30 de septiembre de 2015”.

Las ganancias operativas netas por acción diluida del segundo trimestre de 2015 fueron de 0,42 USD por acción, sin incluir los 116.000 USD (menos de 0,01 USD por acción) de los costos antes de impuestos relacionados con las ganancias y pérdidas realizadas, y otros gastos no operativos. Este monto se compara con los 0,38 USD generados durante el mismo período de 2014. En cuanto a las ganancias anuales hasta la fecha, las ganancias operativas netas por acción diluida del año 2015 fueron de 0,82 USD por acción, sin incluir 0,07 USD por acción de los costos relacionados con las ganancias y pérdidas realizadas, y otros gastos no operativos. Este monto puede compararse con los 0,74 USD del mismo período de 2014.

Las ganancias por acción totalmente diluidas en el segundo trimestre de 2015 fueron de 0,43 USD, que pueden compararse con los 0,33 USD por acción generados durante el mismo período de 2014. En cuanto a las ganancias anuales hasta la fecha, las ganancias por acción totalmente diluidas en el año 2015 fueron de 0,75 USD por acción. Este monto puede compararse con los 0,65 USD del mismo período de 2014.

El índice combinado de la compañía durante el segundo trimestre de 2015 fue del 97,8 % (compuesto por un índice de pérdidas del 64,0 % y un índice de gastos del 33,8 %). Este puede compararse con el índice combinado del 96,7 % (compuesto por un índice de pérdidas del 63,2 % y un índice de gastos del 33,4 %) del año anterior. En cuanto a las ganancias anuales hasta la fecha, el índice combinado de la compañía en el año 2015 fue del 97,6 % (compuesto por un índice de pérdidas del 63,8 % y un índice de gastos del 33,8 %). Este puede compararse con el índice combinado del 97,6 % (compuesto por un índice de pérdidas del 63,1 % y un índice de gastos del 34,4 %).

Los resultados del trimestre que finalizó el 30 de junio de 2015 incluyen un desarrollo favorable de las reservas de 2,5 millones de USD respecto de los años de siniestros anteriores. Esto representó 2,4 puntos de nuestro índice de pérdidas y nuestro índice combinado, respectivamente, que puede compararse con un desarrollo favorable de las reservas de 2,7 millones de USD del año anterior, que representó 2,7 puntos de nuestro índice de pérdidas y nuestro índice combinado, respectivamente. El desarrollo favorable de las reservas para el trimestre es de 2,1 millones de USD después de impuestos (2,2 millones de USD el año anterior). Los parámetros anuales hasta la fecha para el año 2015 incluyen un desarrollo favorable de las reservas de 5,0 millones de USD respecto de los años de siniestros anteriores (o 4,1 millones de USD después de impuestos), que representó 2,2 puntos de nuestro índice de pérdidas y del índice combinado, respectivamente. En el año 2014, el desarrollo favorable de las reservas fue de 3,7 millones de USD (o 3,0 millones de USD después de impuestos), que representó 2,0 puntos de nuestro índice de pérdidas y del índice combinado, respectivamente.

El ligero aumento en el índice de gastos globales durante el segundo trimestre de 2015 en comparación con el índice durante el mismo período del año anterior (33,8 % en 2015 frente a 33,4 % durante el año anterior) se debió principalmente al aumento de los costos de ser una compañía pública, compensados por un aumento del 9,3 % de nuestras primas percibidas durante el trimestre, de 97,0 millones de USD en 2014 a 106,1 millones de USD en el año 2015. El índice de gastos globales disminuyó durante el período de seis meses que finalizó el 30 de junio de 2015 (hasta un 33,8 % en el año 2015 contra el 34,4 % del año anterior) como consecuencia del aumento del 19,9 % en las primas percibidas, de 186,1 millones de USD en 2014 a 223,1 millones de USD en el año 2015, contrarrestado por el aumento de los costos de ser una compañía pública.

El índice combinado del segmento de líneas de excesos y excedentes, compuesto por un índice de pérdidas del 61,8 % y un índice de gastos del 27,3 %, fue de 89,1 % durante el segundo trimestre de 2015. El año anterior, el índice combinado de este segmento fue de 88,5 % durante el segundo trimestre, compuesto por un índice de pérdidas de 61,3 % y un índice de gastos de 27,3 %. En cuanto a los porcentajes anuales hasta la fecha, el índice combinado del segmento de líneas de excesos y excedentes fue de 88,2 %, compuesto por un índice de pérdidas de 61,0 % y un índice de gastos de 27,2 %. El año anterior, el índice combinado de este segmento fue de 89,8 %, compuesto por un índice de pérdidas de 61,4 % y un índice de gastos de 28,4 %. Durante el segundo trimestre, registramos un desarrollo favorable de las reservas de 3,4 millones de USD antes de impuestos, que representó 6,5 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 3,9 millones de USD antes de impuestos, que representó 8,7 puntos de nuestro índice de pérdidas y nuestro índice combinado, respectivamente. Los parámetros anuales hasta la fecha para el año 2015 incluyen un desarrollo favorable de las reservas de 8,4 millones de USD respecto de los años de siniestros anteriores, que representó 7,5 puntos de nuestro índice de pérdidas y del índice combinado, respectivamente. Durante el año 2014, este desarrollo favorable de las reservas fue de 6,3 millones de USD, que representó 7,2 puntos de nuestro índice de pérdidas y del índice combinado, respectivamente.

El índice combinado del segmento de seguros de productos especiales admitidos, compuesto por un índice de pérdidas del 60,4 % y un índice de gastos del 37,6 %, fue de 98,0 % durante el segundo trimestre de 2015. El año anterior, el índice combinado de este segmento fue de 106,9 %, compuesto por un índice de pérdidas de 57,6 % y un índice de gastos de 49,3 %. En cuanto a los porcentajes anuales hasta la fecha, el índice combinado del segmento de seguros de productos especiales admitidos, compuesto por un índice de pérdidas de 60,5 % y un índice de gastos de 39,2 %, fue de 99,8 %. El año anterior, el índice combinado de este segmento fue de 108,9 %, compuesto por un índice de pérdidas de 56,5 % y un índice de gastos de 52,4 %. Durante el segundo trimestre, registramos un desarrollo favorable de las reservas de 189.000 USD antes de impuestos, que representó 1,9 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 789.000 USD antes de impuestos, que representó 12,1 puntos de nuestro índice de pérdidas y nuestro índice combinado, respectivamente. Los parámetros anuales hasta la fecha para el año 2015 incluyen un desarrollo favorable de las reservas de 196.000 USD respecto de los años de siniestros anteriores, que representó 1,0 puntos de nuestro índice de pérdidas y del índice combinado, respectivamente. Durante el año 2014, este segmento tuvo un desarrollo favorable de las reservas de 1,1 millones de USD, que representó 9,2 puntos de nuestro índice de pérdidas y del índice combinado, respectivamente. El índice de gastos anual hasta la fecha y del segundo trimestre de 2015, de 39,2 % y 37,6%, respectivamente, 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 52,4 % y del 49,3%, respectivamente.

El índice combinado del segmento de reaseguros de responsabilidad, compuesto por un índice de pérdidas del 67,6 % y un índice de gastos del 31,0 %, fue de 98,6% durante el segundo trimestre de 2015. El año anterior, el índice combinado de este segmento fue del 99,2 %, compuesto por un índice de pérdidas del 66,0 % y un índice de gastos del 33,2 %. En cuanto a los porcentajes anuales hasta la fecha, el índice combinado del segmento de reaseguros de responsabilidad, compuesto por un índice de pérdidas de 68,0 % y un índice de gastos de 31,3 %, fue de 99,3 %. El año anterior, el índice combinado de este segmento fue de 99,5 %, compuesto por un índice de pérdidas de 65,7 % y un índice de gastos de 33,8 %. Durante el segundo trimestre, registramos un desarrollo desfavorable de las reservas de 1,1 millones de USD, que representó (2,6) puntos del índice de pérdidas y del índice combinado, respectivamente. El año anterior, registramos un desarrollo desfavorable de las reservas de 2,0 millones de USD, que representó (4,5) puntos del índice de pérdidas y del índice combinado, respectivamente. Los parámetros anuales hasta la fecha para el año 2015 incluyen un desarrollo desfavorable de las reservas de 3,6 millones de USD respecto de los años de siniestros anteriores, que representó (3,9) puntos de nuestro índice de pérdidas y del índice combinado, respectivamente. Durante el año 2014, este desarrollo desfavorable de las reservas fue de 3,6 millones de USD, que representó (4,1) puntos de nuestro índice de pérdidas y del índice combinado, respectivamente.

El aumento de las primas brutas emitidas en este segmento durante el segundo trimestre de 2015 se debió principalmente a la renovación de dos contratos:

  • Un contrato renovado como parte de un tratado de 15 meses durante el primer trimestre de 2014 fue renovado durante el segundo trimestre de 2015. Este contrato contribuyó 36,7 millones de USD a las primas brutas emitidas de este segmento durante el primer trimestre de 2014 y 27,4 millones de USD durante el segundo trimestre de 2015.; y
  • Otro contrato renovado durante el tercer trimestre de 2014 fue renovado durante el segundo trimestre de 2015. Este contrato contribuyó 25,0 millones de USD a las primas brutas emitidas de este segmento durante el tercer trimestre de 2014 y 16,0 millones de USD durante el segundo trimestre de 2015.

Los ingresos netos por inversiones durante el segundo trimestre de 2015 fueron de 13,0 millones de USD en comparación con los 10,7 millones obtenidos durante el mismo período de 2014. En cuanto al desempeño anual hasta la fecha, los ingresos netos por inversiones del año 2015 fueron de 25,0 millones de USD en comparación con los 23,2 millones de USD obtenidos durante el mismo período de 2014. Estos aumentos de los ingresos netos por inversiones pueden atribuirse a un aumento del valor de mercado de nuestras inversiones en ciertas asociaciones relacionadas con energías renovables llevadas a cabo durante el segundo trimestre. Las inversiones alcanzaron un valor de 2,2 millones de USD en comparación con los 724.000 USD del año anterior (4,6 millones y 4,0 millones de USD durante el período de seis meses que finalizó el 30 de junio de 2015 y 2014, respectivamente). Además, el aumento de los ingresos netos por inversiones puede atribuirse a un flujo de caja operativo positivo, según lo demuestra el aumento en nuestro saldo en efectivo y de activos invertidos, que aumentó un 4,9 % y un 2,1 %, de 1.276,1 millones de USD el 30 de junio de 2014 y 1.310,6 millones de USD el 31 de diciembre de 2014, respectivamente, a 1.338,6 millones el 30 de junio de 2015. El dividendo de 70 millones de USD que pagamos el 30 de septiembre de 2014 compensó este aumento, al tiempo que redujo nuestros activos invertibles y el rendimiento de la cartera. Nuestro rendimiento bruto anualizado de inversiones sobre los valores de vencimiento fijo promedio para los períodos de tres y seis meses que finalizaron el 30 de junio de 2015 fue de 3,4 % y 3,2 %, respectivamente, mientras que la duración promedio de nuestra cartera fue de 3,5 años.

Durante el segundo trimestre, registramos ganancias realizadas netas por un total de 350.000 USD antes de impuestos. En cuanto a las ganancias anuales del año 2015 hasta la fecha, registramos ganancias realizadas netas por un total de 2,5 millones de USD. Este monto incluye los 3,4 millones de USD en pérdidas durante el primer trimestre de 2015 en relación con el segmento energético de nuestra cartera. Al 30 de junio de 2015, esta tenía un valor contable residual de 24,5 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 miércoles, 30 de septiembre de 2015 a todos los accionistas que se encuentren registrados el lunes, 14 de septiembre de 2015.

Conferencia telefónica

James River Group Holdings llevará a cabo una conferencia telefónica para hablar sobre este comunicado de prensa mañana, 6 de agosto 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 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 estará disponible poco después de la finalización de la conferencia y hasta el momento de cierre de la jornada del 6 de septiembre de 2015 en el número de teléfono y en el sitio web antes mencionados.

Declaraciones a futuro

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”, “anticipar” “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.

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

See attached PDF for full financial tables.

CONTACTO: Robert Myron

President and Chief Operating Officer

1-441-278-4583

InvestorRelations@jrgh.net


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

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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
===========================================
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%
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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
===============================================
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%
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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
=======================================
*T
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.
*T
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
========================
*T
*T
CONTACT: Robert Myron
President and Chief Operating Officer
1-441-278-4583
InvestorRelations@jrgh.net
*T

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

*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

InvestorRelations@jrgh.net

*

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

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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
===========================================
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%
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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
===============================================
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%
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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.”
*T
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.
*T
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 $1.1 million for the respective six month periods.
*T
We define net operating income as net income excluding net realized investment gains and losses, expenses related to due diligence costs for various merger and acquisition activities, costs associated with our initial public offering, severance costs associated with terminated employees, impairment charges on goodwill and intangible assets and gains on extinguishment of debt. We use net operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of net operating income may not be comparable to that of other companies.
Our income before taxes and net income for the three and six months ended June 30, 2015 and 2014, respectively, reconciles to our net operating income as follows:
*T
Three Months Ended
June 30,
—————————————
2015                2014
—————————————
Income              Income
Before      Net     Before      Net
Taxes     Income    Taxes     Income
—————————————
($ 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
=======================================
*T
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.
*T
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
========================
*T
*T
CONTACT: Robert Myron
President and Chief Operating Officer
1-441-278-4583
InvestorRelations@jrgh.net
*T

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

*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

InvestorRelations@jrgh.net

*

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Bahamian Supreme Court Grants Baha Mar Leave To Appeal Rejection Of Recognition Of U.S. Chapter 11 Proceedings

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NASSAU, Bahamas, Aug. 4, 2015 /PRNewswire/ — Baha Mar today stated it is gratified that the Supreme Court of The Bahamas has granted leave to appeal the Court’s decision to reject Baha Mar’s application seeking the recognition of the U.S. Chapter 11 proceedings in the Delaware Court.

About Baha Mar

Baha Mar is set on 3,000 feet of white sandy beach just 10 minutes from Nassau’s fully renovated and expanded international airport.  It will feature elite hotels with gaming, entertainment, private residences, shopping and natural attractions that reflect an authentic Bahamian experience. Amenities will include a Jack Nicklaus Signature golf course; 200,000 square feet of flexible convention facilities, including a 2,000-seat entertainment venue; art galleries featuring Bahamian art; more than 40 restaurants, bars and clubs; global luxury designer and local artisan boutiques; and 20 acres of exquisitely landscaped beach and pool experiences, including a beachfront sanctuary with native Bahamian flora and fauna. For more information during this process please visit www.bmpathforward.com.

Media Contact

Kekst and Company
Jeremy Fielding/Stef Goodsell/Ross Lovern
Bahamar@Kekst.com
+1 (212) 521-4806

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