JRVR - Earnings call 3 2023 | James River Group Holdings, Ltd.

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Operator

Good day, and welcome, everyone, to the James River Group Quarter 3 2023 Earnings Conference Call.

I would now like to turn the call over to Brett Shirreffs, our Head of Investor Relations.

You may begin your conference.

Brett Shirreffs

Good morning, everyone, and welcome to the James River Group Third Quarter 2023 Earnings Conference Call.

During the call, we will be making forward-looking statements. materially. on to intentions, which various actual to based that and may are results subject are risks differ statements current expectations beliefs, assumptions cause These and uncertainties,

uncertainties, undertake the For reports we please not forward-looking a We and duty in release our filings factors earnings Securities have update Commission. any the yesterday's such do XX-K most discussion risks recent statements see cautionary Form and language to of Exchange the any statements. regarding risk of with and made and and other forward-looking

our financial which at In such underwriting reconciliation a presentation, addition, can website common operating www.jrvrgroup.com. Please of during we numbers earnings this these equity, of our to tangible tangible adjusted may equity GAAP, be income, press reference operating release on a non-GAAP adjusted on copy net equity. return measures for net and found to tangible as common profit, refer

press Lastly, loss unless underwriting to for described referred the reinsurance performance not reasons otherwise our specified transfers. are for our accounting is business release, retroactive ratios subject that all portfolio to for earnings in

now over turn the D'Orazio, Frank Executive of will James Group. to Officer River I Chief call

Frank D’Orazio

strategic Brett. sharing third some everyone, today thoughts around I'm also Good that that welcome conditions to additional River and priorities color the our James focus provide to on. Thank for to be you quarter third quarter while results, introduction, call. earnings continues you XXXX morning, pleased joining on to and our marketing

Re, Insurance a our Altamont This milestone legacy morning, from of organization a Casualty announce transaction sale for of to to exposure reporting our Fleming Capital it we're results, bring our Holdings, JRG excited business, marks our addition will third ultimate platform. to company as reinsurance Partners. significant this finality In quarter the portfolio Reinsurance the to

to fronting markets, sold on compensation we James sectors forward, during and also opportunities. be the and market third take River place leadership focused will advantage to workers' our risk strong have business of scale, renewal individual quarter, E&S the rights market in Having the moving where teams

This freeze the focus up from exit transaction of business, volatility to and reserve on will provide eliminate our growth. a future areas clean capital reinsurance

the for while consistent the River earnings. story also more James believe way the paving simplifies sales We

to Turning our results.

the quarter delivered The trends have record to while an our profitable continues with our positive third momentum We show perform underlying during well businesses. to Admitted Specialty organization again E&S in quarter. as results continued our portfolio the we underwriting third strong ongoing in and and both income investment investment segments,

modest E&S we while of business strength our positive of a have the line remain rate a in also execute favorable bottom clearly across of portfolio profitability. to and continue already management seen some trends renewal actions indication on our this we focused market increases durability acceleration submission We on business, as and including growth, cycle,

the For million of income operating third net $XX.X quarter, share. per or adjusted we reported $X.XX

as has through tangible Our Tangible both AOCI dividends X return this our year of months equity quarter. equity on growth. returns common X.X% have per was profit the before investment first XX% $XX.XX contributed share of the for strong the underwriting and to ex increased common

Our the third XX.X% at $XX.XX the excluding quarter tangible per of and AOCI, equity common end year-to-date. share, up was

more market little me color Now segment let provide a and our results conditions. on

to Competition increase change third XX latest E&S out is to rate quarter. each XX.X% renewal at XX.X% of positive renewal stated we pricing, have underwriting of the This XXXX. the sequential remains consecutive the as this compound I and rational view E&S the of higher quarter change As in quarters year, in bringing topping since units, rate we environment our across continue previously, attractive. have most trend highly seen

low or rate achieving our increases broad-based high remain X double-digit range months. portfolio, change through with most divisions rate underwriting in across single Renewal the

increases in of during remainder casualty property our are increases achieved rate E&S and business, another nonproperty indicator While rate both the to increases all third the healthy lines, our division continue segment, the X.X% our during XXXX of divisions that excess lead in with producing consistent experience rate. our quarter,

Excess Property, increases, Casualty the increased Energy rates Excess quarter. X.X% general while all casualty double-digit and during meaningful showed third rate

submission Our business XX growth in during by growth wholesale relationships build years. submission X to our underwriting Total divisions activity driven strong third continue on and submission was new distribution. the X% with quarter was our of strongest rate

general Casualty the digits. third supported units units, in X% the quarter single and of Casualty other while respectively, General Policy and the was our increased at manufacturers larger policy several count and high contractors count recorded increased Excess again, increased XX% growth casualty some submission XX%. and up Excess in during underwriting with XX%, by double-digit Casualty XX% both XX%, by quarter,

Consistent which continue trends, market we classes encouraged XX% commercial deliberately with we reduction have last to efforts a Overall, actions well in certain be that actions $X cautious us relative should lead on the to pricing to been auto commercial suggests XXXX. attractive and market prior food delivery, a decline exposure. led by our more auto, written and gross of made into These current quarter, conditions million reduce have year. particularly representing to the premium,

to across is to We our look generate prudent continue profitability as we portfolio. action believe strong this

in and Contractors, XX.X% Our and in gross growth Entertainment. Sports excluding was Energy, the quarter, Manufacturers Property was strong & performance and year-to-date growth by auto, commercial third core a on XX.X% General This Casualty, premium Excess driven written E&S basis.

with growth is rates growth which the saw growth E&S September, our the core XX% month. third in each premium of strongest we XXXX. in monthly one quarter, Throughout rates during year-over-year in quarter accelerate closed We nearly

achieved outlook reflecting throughout divisions the rate improvements are in and XXXX, growth. have Looking we our on across profitable underwriting our we confident for

reserves General and Casualty did adverse the where decision our reported in business, the to for as of some adverse We industry catastrophe record did profit segment development from of seen has quarter. made we combined line experience $X.X we in million E&S The trends. period, any $XX.X underwriting losses of a from up XX.X% XXXX third year accident ratio not million in the prior XXXX to however emergence years shore the older

offsetting this reduction general years the as and strengthening losses trends significant exited selection have on taken loss-leading rate management classes underwriting and accident in improved Partially and risk several estimated a the actions few we've to based year actions. portfolio was last over other current

by these reduced quarter in of result we dynamics and our a to million year as results. on the reflect $X portfolio the actions, these As favorable current as well pricing our losses year-to-date accident trends management impact

premiums. impact opportunity ratio execute prior of X about growth excited year first segment loss compares the while or year XX year-over-year. was All XX.X%, of XX.X% an accident ratio This excluding to catastrophes, maintaining basis period continue year accident reinstatement E&S on in our and point plans months attractive an or XX%, exceptional loss for have to E&S excluding Our the set a we of front in, margins. our place in improvement to team we remain the the in

Specialty to Admitted. Turning

on earlier, $XX.X sale and including XX-month As quarter, basis. our claims. trailing Individual the third sale This had the The during generated to million full we underwriting, Compensation Amynta the of the announced Risk Group. premium loss operations, a renewal the business encompasses control I gross mentioned written Workers business of rights of

we immediately step, focus Admitted a quarter there allowing program natural This strong of follows forward. discussed moving within to is and We last believe nonrenewal on segment space. next California program and our disciplined for strategic action Specialty our that growth the was compensation business large a fronting workers' opportunity the

and results supporting focus history, experienced was throughout been fronting which program ratio during included will Admitted the at has reinsurance on came in excluding the to for continued XX% third growth conservative programs approach and the to saw collateral. rate third included $X case premium, we profitable million, Segment profit growth our new several the gross and from in written meaningful programs, also We continue certain compensation. quarter and the with from in underwriting a quarter As areas. quarter growth programs workers' XX.X%. initiated in increases combined security Specialty existing

of our years reflect included Lastly, Casualty adjustments. underwriting treaties turning as segment. continue to loss premium as million prior in well quarter written The $X.X the and to for was various the Results earnings Reinsurance was the treaty development XXXX on by not treaties from years primary $X.X to specific from movement primarily million a GL Reserve subject driven few XXXX business of reserve to strengthening by driven exposure. LPT.

a settlements There -- were several model the modest favorable also of reserve loss and quarter experienced claim movements during level of a that treaties a result experience. as

construction we million. put Additionally, we on retroactive The in of million now reflecting the on construction covered is ago strengthening from and place deterioration exposures. defect remaining under X the that $X years $XX.X reinsurance experienced limit LPT, treaties reserve

River James quarter results employees core reflect competencies. continued dedicated refocus third our effort Our of around our the to

fronting remain well and market their underwriting advantage franchises remain attractive and to leaders Our dislocations. of conditions E&S respective specialties in positioned take market

remains for focus we on our capital can returns achieve shareholders. before, said deploying consistent where I've and As attractive

that, call And the let with me Sarah. over turn to

Sarah Doran

Thank everyone, very Good today. much, for you joining Frank. us thanks and morning,

First, we that the a transaction bit just announced. on more

As Holdings. entity Frank and underlying to our documentation sell segment business mentioned, morning, Casualty this executed earlier the definitive to we Fleming Reinsurance

mentioned, to closed the at grow. well our final this positioned few of the to our core strengths and significant risk As that market believe rights to transaction streamline our in renewal strengths focus workers' help this have and very Frank to the for colleagues September, positioned we according past is are drive compelling announced of where sale years pieces JRG well we these Re returns our key work thrilled and be at its advantage. of and shareholders book on compensation our organization, our We're point. individual franchise We to Fleming

a via Consideration of of be The pre-closing and of a with will regulatory sale approval. million $XXX executed agreement $XXX Fleming. close dividend. does stock require not at the cash The consist million we full purchase dividend will pre-closing separation

contribute conditions, approval the to our The to BMA. subject transaction customary is U.S. businesses. closing the expect We by transaction to insurance existing proceeds including

approximately transactions, move to sale at a which business we operations. we into consistent the loss entity which or per the $X.XX runoff discount XX% sale quarter, discontinued share, as will million with entirely we of on is book, the record fourth to expect sale have quarter, a $XX next Given

volatility earnings from to We we Reinsurance the able investment expect transaction business. earnings less expect has be to of Similarly, improve our returns, the segment. be underwriting contributions what of and the business to historical larger neutral to the from meaningfully exposure in loss with owing been stability, E&S to elimination to but largely

on common equity, expected AOCI, approximately XXXX Finally, it accretive to be tangible points. to by XXX is return basis excluding

with And early been to clear. conversations have be regulator. preliminary our had and conversations have rating days, We those positive, agency both while it's

capital the Given reserves do to are and we raise we to separation. need affect that not balance full particular selling, sheet in the

get to of to today. for this and their Citi, advisers help our months We thoughtful grateful the and on Tiger transaction, Debevoise are collaboration many very of Howden

Back to the quarter briefly.

quarter, third before September book we're common or start income per share net the For XX%. per $XX.XX was share prior at from in $X.XX year X.X% operating quarter, XX compared an to $X.XX increase year dividends. per share the the of of Tangible reporting adjusted X.X% increased the has and of value

-- by unrealized comprehensive other fixed During maturity loss due our AOC interest on the accumulated third the declined available-for-sale in due losses rise million to to quarter, $XX.X rates. portfolio

common book the the has earnings. per Excluding value before start impact of the XX.X% or tangible increased year from of AOCI, XX.X% our share

basis income continue growth million strong underwriting $X.X core on $XX.X including adjusted performance, profit of income the and businesses. pretax million $XX.X delivering income, We have investment of underwriting our and operating net a in solid to quarter. net million of investment We're for net consistent

our targets Our while quarter year, XX.X%, any in by call. not of segment. prior ratio catastrophe increase higher a We with losses X-point than quarter, we group quarter. did And higher experience prior unfavorable a provided driven year Casualty our XX.X% consistent fourth the in and mainly ratio expense development the expense our the was in on the Reinsurance reserve the third over ratio combined quarter is roughly

with line open So the to like I to would it that, for operator back to questions. the turn

Operator

Truist. [Operator Instructions] Our first question Hughes from Mark line comes of from the

Mark Hughes

folks now 'XX for of the seeing? you're through good adverse been in news, talk did 'XX but whole. Casualty the see, the What are a for Could what the for those then has lot are I'll what still 'XX a action the prompted reserves E&S. bit you you -- on more that little about industry of take total the a through accident you Clearly, the General what 'XX and lots the and outstanding focus challenge A years? as to

Frank D’Orazio

Sure.

industry, So General listen, I agree with much saw the you, pressure the of market years. on we Like some Casualty of from Mark. the signs of reserves soft our rest

a XXXX to industry as but mentioned, see, adjustments it's this the perceived extending IBNR. shift we some of weakness our in development quarter, you to we years to is to that that cycle the current some reserves to us clearly XXXX and Obviously, address during make some So chose the dynamic, as disappointing signs and it's benefit. to caused an pricing

I now the more the cycle So comfort yet have persistent take no market in overall in underwriting last of And that the than improvements achieved that based to back, strength this you we've take is cumulatively embedded the that stepping conservatism do years. major during with on rates up. that the overall in few signs concert with letting XX% we've and

the we've produced very after benefits as actions brought accident conditions. year organization, other the of we well and more in a into meaningful lot these time to management when have And recent risk picks made those oversight year substantial language our and been in exclusionary and strength believe tools. portfolio year rate market at discipline we conservative So gain and underwriting loss a as changes selection

we're to several the do like confidence excuse for rate the market look the and in of underwriting actions, now and at everything older years accident me years gives But market the I lot that and rest improvements me, -- So a software of terms overall. continue of industry, older closely. very certainly done we've soft watching

Mark Hughes

accident take but offset? favorable through did years in development? 'XX 'XX an development, favorable recognize -- any Did an any as you Not you the say, as offset, to

Sarah Doran

we front did the can but of don't of don't the I that don't We details We any I so, believe Mark. years. have believe on there, us go. in prior all

Mark Hughes

Okay.

this net-net, kind this of So the... was was

Sarah Doran

your absolutely right. me is The I'm question. sorry, $X understand let million net-net,

Mark Hughes

in might have The in older during higher years but $X Yes. conditions. Yes. harder I'm the was those whether million just is offset adverse -- there by net-net, been market curious years the subsequent but some gains

Sarah Doran

again, right focus of back more think We're was can the on million. I to that But the happy $X and so go Nothing now. look.

Mark Hughes

Yes.

the think still you Okay. And through of Casualty General 'XX, within then emergence? what number are about where what's reserves areas that kind is for 'XX we some from there -- rough if a left outstanding saw

Sarah Doran

sorry, front details. that on follow are to I'm number have of but don't in Mark, up we Apologies. happy right those us, we

Operator

comes Securities. question the The Matt from JMP of next line from Carletti

Matthew Carletti

at for transactions. one net I through, I kind walk is in income value and the remedied. overstatement for of just how material And release, the in on Is $XX.X and that to you just what around the months. one just press weakness come? the comments the the the yet that in release or it reflected X the question had a means reinsurance equity practical about of other of Can book of numbers of accounting it question is X/XX us that some we press gets million guess, see impact

Sarah Doran

there. in sits Yes, Sure.

is press look see of the you that you Page If on second XX release, quarter the can restated.

From there our months, which So $XX.X restating the days the as That's very X area the through third there million. well. close running it was is in the an found $XX.X for that early million found $XX.X practical a to the is losses And of was in may quarter, significant because quarter. the we premiums when that income, the related million I this in net had know while, been treaty Specialty a we've triggers as at for Matt, had of you've some layer least large our it box. you covering second out when reinstatement a us up Casualty changed, structure restatements on year component until recall, [indiscernible] perspective,

this third of the XXXX. We phenomenon also had quarter in

in the -- quarter had we first third excuse quarter losses in second this of larger So the X and me, year.

the all we timing premiums. impact were and had which at the the of they that's think booked I energy, just

Matthew Carletti

maybe more in Frank, comments over seen evolve, gave And then it the like a in specific sound market as about continue obviously, just quarters? certain we what you then areas dig state zoom high-level to pulling in more others, have recently of of of you little on bit. markets some out several terms a helpful. bit very kind the Can little seen has good. -- Okay. All just of opportunity in right. little your the have and back the That's and constant divisions, a the been kind as think past things or you and you underwriting

Frank D’Orazio

it's No, Yes. good Matt. question, a

we've say business. renewal the So I persist think our any rate very don't change continue still of opportunities we nearly much healthy solid that the and seen in reporting E&S growth saw would in quarter. of divisions set the I The positive E&S significant divisions majority across underwriting platform, for to report third all changes. opportunity our growth,

divisions of segment, about healthy of E&S XX.X%, double-digit commercial driven all core XX% a our stand is grew clip, course, certainly the you now, increases. as at that underwriting E&S by rate at which, know, year-to-date with exception some auto, so Our of at

growth think divisions highest in That's QX great increases, in including I growing than was And attractive over greater I for are which the many certainly up submissions, the the New future a of quarter contract for binding, energy. referenced script, XXXX, it's certainly growth. an sports at X.X% entertainment, underwriting rate liability, indicator is our professional last and been pace, year.

and a divisions, where biggest X of of & Manufacturers our opportunity then Casualty And Contractors. we underwriting see General lot

types spoke think be submission healthy the get about trends strong I I where So commercial rate, that, But market to I suggests of is auto. dynamics guess next it favorable side year. that conditions it's we very these you as other that should move the of continue into and

suggests surprise in the listen, years auto. lot X last the a most money point in of commercial your no data made So industry hasn't

subsectors aware concerned most acutely well of cost purposefully pushing classes delivery to the as the we're of being trend and size particularly loss as the And we're that the I rate, by mentioned food suggest about, aggressively social of would and inflation. I our reduce selective, of before. portfolio continue in We extremely impact

And to quarter. by prior decreased as compared actions, year portfolio writings these quarter result, a the management our the types we of XX% in

So to that be our views about growth our to rate. trend And that relative probably on in just going E&S a resulted a would I drag will commercial X-point continue say on auto. forward

Operator

The from question of next Benguigui comes line the Barclays. Tracy from

Tracy Dolin-Benguigui

Congrats Re sale JRG announcement. on your

some And structurally, X.XXx through but I wondering feel maybe this book why runoff could to is While is valuation. fair range, price if I'm get that valuation you you reduce other will do you a sale overhang, in the place. about in deals LPT walk about. tangible that equity, you if loss to of sizable. have million. I'm net your dilution compare common that talked or And $XX It thinking million kind the then $XXX.X also that I feels was that

Frank D’Orazio

Yes.

me about how Let transaction. commentary the start some thought we with about

felt, biggest our in investors company think we were Reinsurance that clearly, questions So I surrounding Bermuda concerns other segment. the had the stakeholders and the our

whether frankly, the from to raise entity. to need prior to to including get purchased shore from adverse further legacy steps we we're years, and experience whether So whether limit capital LPT we development additional take up event to a where had point going we to had enough we the the market continue in

we roughly removes for of sell comp proposition. raise leader renewal left And we're those very now well-regarded the a very took of well-performing one a with James the rights $XXX and deep reserves from a after in $X team sector steps capital. recognized third risks, companies. around with River E&S It's as workers' our the few the portfolio, value in million and been roughly of a to, volatile while carrier, what the fronting And a feel now, coveted and is again, without so the to transaction addresses this sheet quarter, need balance we the billion

mean, your to I relative But we're valuation-sensitive. question, certainly,

over industry purely it that's that to Tracy, transaction the a writing think years. last discount in price, occurred of XX the this live bit is was I And also the on entity obviously, entity the factor, for and roughly business, reinsurance. analyze terms have sales solely recently this focused of while nature greener As we a how and

the transactions, to still discount just live that is Reinsurance. limit removed LPT Bermuda the idiosyncrasies scenarios, value referenced it book the the a felt we've of from fact even we far the there, being prior still we're in not but the underwriting between some very and So comfortably that of operation, is that with range purely

and think to transaction, a consideration, we've the position break in for And providing the from a all so taking with expertise. on simplified our areas great is entire addition and in in clean new prospectively, better the of just final a where business, providing team company this and and scale much segment focused that home I got

Tracy Dolin-Benguigui

That was thoughtful... very

Sarah Doran

more if just Yes. to I to points couple a going was I questions, your could. add data

few also the very runoff points. where entity, you entity-level obviously, Obviously, the not see is valuation level disparate just get So transactions, the for a to ton age liabilities more a of a of and place the runoff a of liability. in

add the on to of just So metric. to of XX% book kind value

think the by, certainly this place, to reserves. the referenced, for LPT only been LPT in the runoff some place, a The at have yes, I point. Frank couple quarters as but counterbalanced in second, to has degree of the helpful in entity it's of greenness

capital question. significant over spot on. of loss the capital. $XXX of hold certainly which have number total we're against $XXX equity Second, our a common of and amount shareholders' the we tangible million Total million transaction reserves offloading of equity tangible equity million through $XXX on to We

capital ratios from net they loss million your where are out. pieces, different two against those the reserves between $XX Again, they to are book. too not of think discount I those as kind

Obviously, So a of that hold reserves. we hopefully, lot those helps. capital against

Tracy Dolin-Benguigui

helpful. No, that's very

if could net million that $XX underwriting I grow. if capacity wondering all I'm together, that your piece to squeeze So loss

Sarah Doran

expect We do to. it not

down to consistent entities, pretty metric. so our stayed as rating surplus premium we at with the but consistent, reserves have to is said very we as Our think loss -- agencies the the capital more they where equity I in contribute but said I U.S. that ratios my that been. idea, remarks, looking And are

business. reserves being squeeze light there's it's in our remaining so reinsurance businesses going that that's our no casualty more stable to Again, effectively expectation the rate, growth than with the fairly capital especially

that's think kicker. probably the I

Tracy Dolin-Benguigui

retention due a on to some treaty? Okay. dipped And E&S color new reinsurance share casualty your you that can

Frank D’Orazio

some color give I Yes, you there. can

recall product at you'll the line, our midyear, by year X last So XX points a our at on we percentage net retention at specifically to quarters. gross the midyear one E&S XXXX reinsurance a looked midyear while protection utilizing of renewal, undertook our broad relationships we and the the structure very seeded at to goal partners. and our reinsurance higher we Treaty, Casualty income with last and point, strong of trying over a certainly increased underwriting review retention improve that drove Excess the that volatility But have our maximizing

structure it So the of think based way the to or make conditions this and new appetite we market about on the allows changes performance us reinsurer ultimately portfolio.

So share the treaty primary provides casualty new broader including all across lines, quota participations. coverage

basically as And different. us in of E&S what such well portfolio I'll as elements some the call volatile with sharing that's provides of some so, the doing across as of our risk maybe larger So lines more ceding it we as and favorable that to relative fortunately, very dollar Casualty before. ceding General Manufacturers have first areas both as and protection & it commissions structure And didn't well us Contractors. economics a in gives

So think a is Sarah our it the bit particularly that spoke to excess point us structure, noting kind of of protection, move to loss I which in quarter, rated that is of worth that expanded flat use we to this other allowed earlier. reinsurance

impacted our reinstatement written volatility business new notably, that the in very that and Energy for go treaty So charges away have results under structure. Excess that means the

under be charges. structure, in that reinstatement would this reserved accident wrote we years written follow-up no prior there So been were losses the this that year had

relative So expect, forward. overall, quarter with we're I outcome third to the to gross proxy be would think, the pleased to reasonable very a pretty going retention the and net

Tracy Dolin-Benguigui

favorable. the were that commissions mentioned ceding You

still that's a Do So costs. see policy to spread? acquisition your you relative nice

Frank D’Orazio

say headwinds in number the of some would we up on that reinsurance them place despite make Yes. Well, and treaties structure. -- what's think overall, I think a there's this there's the I market, I that

I a slight had think points. several of pickup basis we

Operator

line Your Brian Meredith from UBS. from next the of question comes

Brian Meredith

James in segment, ones you development A loss a was couple I did of more doesn't I together fit this and philosophy given was to and maybe at high fit surprised fairly I wondering, of adverse thought that process down all? the in Just into little E&S reserve together as how the -- took those am that curious, forward? as had reserving kind there used you. picks mean have River or little behind kind quick development Frank, at I'm just if coming you X adverse for seem much a of here it hold year. the that a change you they picks

Frank D’Orazio

Yes, I start can least here. at

much that out kind of time have years last to steps think lot earlier comments of of set in some a number over similar in. at to gotten just relative portfolio to exclusionary underwriting a we've that taken in the year loss to language. a recent leaders that We've it's been I loss specific of given when the couple of very and in and time had done our have conservative my picks accident we organization, so relative additional oversight discipline

to the was those all us benefits plus taken we've that so step feel an in comfortable actions of And made take. that these market rate conditions the appropriate

Brian Meredith

well. rating talked that control with just that about agencies have one I the discussed Great. And then Is transaction, reinsurance agencies that. but just you internal just as know rating here. been one on the I'm quick The the something other the weakness. reaction curious.

Sarah Doran

No, Brian. absolutely,

for a ago, that with dialogue We through regular we of a them, and few have all days went sure. very quarterly

Operator

next Meyer from the from Shields KBW. question comes Our line of

Meyer Shields

portfolio being the transferred the to Casualty purposes, give investment us the to as can modeling Fleming? that's sense on was for of redeal. hoping, a size Congratulations you Sarah, I

Sarah Doran

Re Sure. The million, investment Meyer. about portfolio JRG $XXX is at

it's So about XX% of our give portfolio, or take. overall

Meyer Shields

your gone, -- a pulling the current can auto to be Uber back going in in commercial you that's Frank, us comments the I mentioned you E&S. And give of sense auto how are? guess, perfect. big the It's Okay, think ignoring within reserves I commercial stuff

Frank D’Orazio

front is front that's $XX have of question. probably itself that not numbers about don't million I mean right but in not portfolio. the significant, it's now. that $XX portfolio I me know reserve of the million, have don't a in I I me. your I mean

specifically? portfolio, non-rideshare talking You're about

Meyer Shields

Yes. exactly. Yes,

Frank D’Orazio

have I don't it. Sarah,

Sarah Doran

I me. don't have that in of front

Frank D’Orazio

you have I'm sorry, that. with to we'll up follow on

Operator

Alexander from Point. Instructions] next Compass question the Casey [Operator comes line of The from

Casey Alexander

Two ratio of sale develop we Re a moving the the expect questions. to also Casualty lot One, the expense once people. of How is business sale complete? should is the

Sarah Doran

Sure, Casey. people, actually people in Bermuda. X X It's

I there off. -- -- impact So to know commission small business as But think historically. team. it's a reinsurance in be on going running the you because would an so because that the the more expense is structure fairly ratio there's business of wouldn't

impact on I expect the ratio any So much wouldn't of expense forward. going

Casey Alexander

million this on $XX $X that -- be by your last on other LPT over with the expectation been losses Okay. Casualty the quarters book Is way million be Then the actually at Would argues in that this you time? that again Re development point the developing taking XXXX. one may question. several that's remaining,

Sarah Doran

Well, next to Casey, per the sell close our to sheet. hope balance it hope press release, would quarter. transaction we'd did that to the announce We transaction the we sell in --

if along after would to second starting close exposure not XXXX quarter that that by sheet, -- able the business, So that of that schedule. construct, it we're to we have like balance to in any

Operator

to Sir? to no now CEO, our I'd over further turn D'Orazio. Frank are There time. questions like the back at this call

Frank D’Orazio

forward day. for everyone of and in look today results. XXXX the our Enjoy thank received with and Thank certainly the quarter discuss your for their we I to fourth the you. speaking rest all We on year call. want to full questions time to you

Operator

today's This conference concludes call.

disconnect. now may You

James River (JRVR) 8 Nov 232023 Q3 Earnings call transcript