Adjusted net operating income was $0.23 per share for the quarter, with net income from continuing operations available to common shareholders at $3.2 million or $0.07 per diluted share.
Gross written premium for casualty E&S increased 4% year-over-year, with the overall E&S segment growing 3%.
James River Group reported an annualized adjusted net operating return on tangible common equity of 14% for Q2 2025, consistent with their mid-teens return target.
Net investment income was $20.5 million, up from $20 million in the previous quarter, with a conservative portfolio averaging an A+ credit rating and 3.5 duration.
Segment expenses declined over 20% year-to-date compared to the prior year, with corporate expenses down $2.4 million sequentially and $400,000 quarter-over-quarter.
Tangible common book value per share increased 5.3% to $7.49.
The combined ratio in the E&S segment was 91.7%, nearly 4 points lower than the prior year quarter, supported by underwriting profit of $11.7 million.
The group's overall combined ratio was 98.6%, consisting of a 68.1% loss ratio and a 30.5% expense ratio, with retroactive capacity lowering the combined ratio by 6.1%.
AFFO generated during Q2 2025 was approximately $16 million.
Core FFO per diluted share for Q2 2025 was $0.36 versus $0.37 in Q2 2024, with a $0.01 decrease due to higher net interest expense from refinancing activity.
No final debt maturities until 2028 and $450 million available under revolving credit line.
Portfolio trading at roughly $200 per square foot valuation with an implied yield on cost after CapEx of more than 10%.
Repurchased approximately $68 million of 9.25% bonds, recognizing a $7.5 million loss on early extinguishment of debt but expected to save $7.5 million in total interest over 3 years.
Sale of three nonstrategic projects and downtime from lease expirations offset growth from higher economic occupancy and rental rate growth.
Dafinchi