James River Group Holdings, Ltd. (NASDAQ:JRVR) Q3 2023 Earnings Conference Call November 8, 2023 8:30 AM ET

Company Participants

Brett Shirreffs – Head-Investor Relations

Frank D’Orazio – Chief Executive Officer

Sarah Doran – Chief Financial Officer

Conference Call Participants

Mark Hughes – Truist

Matt Carletti – JMP Securities

Tracy Benguigui – Barclays

Brian Meredith – UBS

Meyer Shields – KBW

Casey Alexander – Compass Point

Operator

Welcome, everyone, to the James River Group Quarter Three 2023 Earnings Conference Call.

I would now like to turn the call over to Brett Shirreffs, our Head of Investor Relations. You may begin your conference.

Brett Shirreffs

Good morning, everyone. And welcome to the James River Group third quarter 2023 earnings conference call. During the call, we will be making forward-looking statements. These statements are based on current beliefs, intentions, expectations and assumptions that are subject to various risks and uncertainties, which may cause actual results to differ materially.

For a discussion of such risks and uncertainties, please see the cautionary language regarding forward-looking statements in yesterday’s earnings release and the risk factors of our most recent Form 10-K and other reports and filings we have made with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statements.

In addition, during this presentation, we may reference non-GAAP financial measures such as adjusted net operating income, underwriting profit, tangible equity, tangible common equity and adjusted net operating return on tangible common equity. Please refer to our earnings press release for a reconciliation of these numbers to GAAP, a copy of which can be found on our website at www.jrvrgroup.com.

Lastly, unless otherwise specified for the reasons described in our earnings press release, all underwriting performance ratios referred to are for our business that is not subject to retroactive reinsurance accounting for loss portfolio transfers.

I will now turn the call over to Frank D’Orazio, Chief Executive Officer of James River Group.

Frank D’Orazio

Thank you for that introduction, Brett. Good morning, everyone, and welcome to our third quarter 2023 earnings call. I am pleased to be joining you today to provide additional color on our third quarter results, while also sharing some thoughts around marketing conditions and the strategic priorities that James River continues to focus on.

In addition to reporting our third quarter results, this morning, we are excited to announce the sale of our Casualty Reinsurance business, JRG Re, to Fleming Insurance Holdings, a portfolio company of Altamont Capital Partners. This transaction marks a significant milestone for the organization as it will bring ultimate finality to our exposure from our legacy reinsurance platform.