James River Group Holdings Ltd

James River Group reported second-quarter net income available to common shareholders of $4.4 million, up from $2.8 million a year earlier, while operating earnings fell to $10 million, or $0.20 per diluted share, from $11.7 million, or $0.23 per share. The consolidated combined ratio was 100.2%, and the Excess and Surplus Lines segment improved to 92.8% from 96.5% in the first quarter. The company is prioritizing profitable E&S growth by shifting toward smaller insureds, which contributed to a 22.9% decline in average account premiums despite a 4% increase in submissions. Cost reductions continued, with Specialty Admitted expenses down more than 40% and general and administrative costs falling 7%, while net adverse reserve development was less than $1 million compared with $3 million a year earlier. Net investment income remained stable at $20.3 million, supported by a largely high-grade fixed-income portfolio.