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JAMES RIVER GROUP HOLDINGS , INC . James River Announces Second Quarter 2021 Results August 4 , 2021 ■ Second Quarter 2021 Net Income of $ 20.8 million - ( $ 0.60 per diluted share ) and Adjusted Net Operating Income¹ of $ 18.8 million ( $ 0.54 per diluted share ) - ■ Combined ratio of 89.7 % for the Group and 77.2 % in the E & S segment , an improvement of 5.3 and 6.8 points , respectively , over the prior year quarter . Record quarterly underwriting profit¹ of $ 25.7 million for the combined operating segments ■ Adjusted Net Operating Return on Average Tangible Equity1 of 14.2 % for the second quarter ■ 15.1 % growth in Core ( excluding Commercial Auto ) Excess and Surplus Lines ( " E & S " ) Gross Written Premium and 18.1 % increase in E & S renewal pricing , each versus the prior year quarter ■ Fronting business gross premiums written grew 59.0 % within the Specialty Admitted segment as recently added programs continue to mature and expand . Segment Gross Written Premium grew 46.1 % versus the prior year quarter ■ Tangible Book Value per Share¹ of $ 17.18 , an increase of 25.4 % from March 31 , 2021 , reflecting second quarter results and $ 192.1 million of net proceeds ( 6.5 million new shares issued ) from the common share offering which closed on May 10 , 2021 PEMBROKE , Bermuda , Aug. 04 , 2021 ( GLOBE NEWSWIRE ) -- James River Group Holdings , Ltd. ( " James River " or the " Company " ) ( NASDAQ : JRVR ) today reported second quarter 2021 net income of $ 20.8 million ( $ 0.60 per diluted share ) , compared to net income of $ 35.6 million ( $ 1.16 per diluted share ) for the second quarter of 2020. Adjusted net operating income 1 for the second quarter of 2021 was $ 18.8 million ( $ 0.54 per diluted share ) , compared to adjusted net operating income¹ of $ 17.4 million ( $ 0.56 per diluted share ) for the same period in 2020 . Earnings Per Diluted Share Net Income Adjusted Net Operating Income 1 1 See " Reconciliation of Non - GAAP Measures " below . $ $ 2021 Three Months Ended June 30 , 2020 0.60 $ 0.54 $ 1.16 0.56 Frank D'Orazio , the Company's Chief Executive Officer , commented , " The Company has delivered excellent second quarter results , reflecting the resilience of our business model and singular focus of responding to our trading partners during very robust market conditions . Our growth in Core E & S gross written premiums exceeded expectations while our 18.1 % increase in E & S renewal rates marked the eighteenth consecutive quarter of rate growth , compounding to 42.5 % over the same period . The fronting business and fee income in our Specialty Admitted Insurance segment also continues to scale meaningfully , as segment premium increased by 46.1 % in the quarter . Overall , the Group produced a record underwriting profit in the quarter as commercial auto loss emergence was in line with our indications while our claims closure rate remained strong . " Second Quarter 2021 Operating Results • Gross written premium of $ 380.1 million , consisting of the following : Three Months Ended June 30 , ( $ in thousands ) 2021 2020 % Change Excess and Surplus Lines $ 214,014 $ 186,994 14 % Specialty Admitted Insurance Casualty Reinsurance 129,189 88,440 46 % 36,943 26,205 41 % $ 380,146 $ 301,639 26 % • Net written premium of $ 193.6 million , consisting of the following : ( $ in thousands ) Excess and Surplus Lines Specialty Admitted Insurance Three Months Ended June 30 , 2020 % Change 135,163 $ 21,498 126,814 12,739 7 % 69 % 2021 $