James River Group Holdings Ltd (NASDAQ:JRVR) Q4 2022 Earnings Conference Call February 28, 2023 8:30 AM ET

Company Participants

Brett Shirreffs - SVP, Finance, Investments & Head, IR

Frank D’Orazio - CEO & Director

Sarah Doran - CFO

Conference Call Participants

Mark Hughes - Truist Securities

Brian Meredith - UBS

Meyer Shields - KBW

Tracy Benguigui - Barclays

Operator

Thank you for standing by, and welcome to the James River Group Fourth Quarter 2022 Conference Call. [Operator Instructions]

I would now like to turn the conference over to Brett Shirreffs, Head of Investor Relations. Mr. Shirreffs, please go ahead.

Brett Shirreffs

Good morning, everyone, and welcome to the James River Group Fourth Quarter 2022 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 Form 10-Qs 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 and adjusted net operating return on tangible common equity. Please refer to our earnings press release for a reconciliation of these GAAP -- numbers to GAAP.

Lastly, unless otherwise specified for the reasons described in our earnings press release, all underwriting performance ratios referred to are 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, and welcome to everyone on the call. I'm pleased to be joining you today to provide additional color on our fourth quarter and full year 2022 results, while also offering commentary on market conditions as well as our company's continued repositioning for the future. As evidenced by the results we released last night, this was a very strong quarter for James River across a number of financial metrics in a year in which we demonstrated the meaningful progress that we've made as an organization.

We are now two years into what has been a significant turnaround at James River. We've repaired the balance sheet, returned to profitability and are now actively repositioning the organization around its core strengths, while continuing to gain scale in our insurance operations.