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JAMES RIVER GROUP HOLDINGS , INC . James River Announces First Quarter 2021 Results May 5 , 2021 ■ First Quarter 2021 Net Loss of $ 103.5 million - ( $ 3.37 per diluted share ) and Adjusted Net Operating Loss of $ 108.8 million - ( $ 3.54 per diluted share ) ■ 35.6 % growth in Core ( excluding Commercial Auto ) Excess and Surplus Lines ( " E & S " ) Gross Written Premium and 14.6 % increase in E & S renewal pricing , each versus the prior year quarter . This renewal rate increase is ahead of that of the prior year quarter . Core E & S Gross Written Premium has grown 85.7 % since the first quarter of 2019 ■ Fronting business within the Specialty Admitted segment grew meaningfully as recently added programs continued to mature and expand . Segment Gross Written Premium grew 23.6 % and fee income 21.8 % , each versus the prior year quarter ■ An expense ratio of 28.9 % for the quarter versus 34.2 % for the first quarter of the prior year ■ $ 168.7 million of unfavorable development in the E & S segment , inclusive of $ 170.0 million of unfavorable development in Commercial Auto , primarily driven by a previously canceled account that has been in runoff since 2019 ■ James River will make available a pre - recorded conference call discussing its first quarter results today , May 5 , 2021 at 4:30 p.m. Eastern Time . Investors may access the pre - recorded conference call by dialing ( 800 ) 708-4539 , Conference ID # 50150593. A replay of the conference call will be available beginning tomorrow May 6 , 2021 at 8:00 a.m. Eastern Time by dialing ( 855 ) 859-2056 or ( 404 ) 537-3406 , Conference ID # 50150593 . PEMBROKE , Bermuda , May 05 , 2021 ( GLOBE NEWSWIRE ) -- James River Group Holdings , Ltd. ( " James River " or the " Company " ) ( NASDAQ : JRVR ) today reported first quarter 2021 net loss of $ 103.5 million ( $ 3.37 per diluted share ) , compared to net loss of $ 36.8 million ( $ 1.21 per diluted share ) for the first quarter of 2020. Adjusted net operating loss 1 for the first quarter of 2021 was $ 108.8 million ( $ 3.54 per diluted share ) , compared to adjusted net operating income of $ 15.4 million ( $ 0.50 per diluted share ) for the same period in 2020 . Earnings Per Diluted Share Three Months Ended March 31 , 2021 2020 Net Loss Adjusted Net Operating ( Loss ) Income 1 1 See " Reconciliation of Non - GAAP Measures " below . $ ( 3.37 ) $ ( 1.21 ) $ ( 3.54 ) $ 0.50 Frank D'Orazio , the Company's Chief Executive Officer , commented , " During the quarter , we continued to experience higher than expected reported losses in our large commercial auto account in runoff . In response , we meaningfully changed our actuarial methodology , resulting in a material strengthening of reserves . We believe this overhang has been eliminated , and that we are now fully able to focus on our prospective business and what continues to be a historically strong E & S marketplace . Core E & S gross written premiums increased 35.6 % this quarter compared to the same period a year ago , and submission volume remains strong . We benefited from a 14.6 % increase in E & S renewal rates , our 17 th consecutive quarter in which E & S rates have increased . The compounded annual aggregated rate increase in our Core E & S renewal book has been 36.4 % over those seventeen quarters . The fronting business of our Specialty Admitted Insurance segment continues to grow meaningfully , as segment premium increased by 23.6 % and fee income increased by 21.8 % during the quarter . Our franchise is well positioned for future success . ” First Quarter 2021 Operating Results • Gross written premium of $ 373.3 million , consisting of the following : Three Months Ended March 31 , ( $ in thousands ) 2021 2020 % Change Excess and Surplus Lines $ Specialty Admitted Insurance Casualty Reinsurance 181,358 $ 127,036 64,861 136,197 33 % 102,802 24 % 44,842 45 % $ 373,255 $ 283,841 32 % • Net written premium of $ 174.6 million , consisting of the following : Three Months Ended