James River Group Holdings, Ltd. (NASDAQ:JRVR) Q2 2023 Earnings Conference Call August 8, 2023 8:30 AM ET

Company Participants

Frank D’Orazio - Chief Executive Officer

Sarah Doran - Chief Financial Officer

Brett Shirreffs - Investor Relations

Conference Call Participants

Mark Hughes - Truist Securities

Meyer Shields - KBW

Tracy Benguigui - Barclays

Brian Meredith - UBS

Operator

Good morning, ladies and gentlemen, and welcome to the James River Group Q2, 2023 Earnings Call. I would now like to introduce you to your host for today's call, Brett Shirreffs, Investor Relations at James River Group. All lines have been placed on mute to prevent any background noise. After the speakers remarks there will be a question-and-answer session. [Operator Instructions]. Thank you. Brett, you may begin your conference.

Brett Shirreffs

Good morning, everyone, and welcome to the James River Group second 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 actually 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 the introduction, Brett. Good morning, everyone, and welcome to our second quarter 2023 earnings call. I'm pleased to be joining you today to provide additional color on our strong second quarter results, while also sharing some thoughts on market conditions and future opportunities for James River.

Our results released last night reflect strong, positive momentum, as we deliver yet another consistent quarter, our sixth in a row, of the mid-teens return on tangible common equity, excluding AOCI. We continue to see robust growth in our E&S segment as hard market conditions persist and strong performance from our investment portfolio, contributing to our attractive results for shareholders.