James River Group Holdings, Inc. (JRVR): auditor change — James River restates Q1/Q2 2023 financials due to reinsurance premium error; Q3 net income $16.9M

James River Group Holdings, Inc.

Error in reinstatement premium accounting overstated net income by $7.8M (Q1) and $10.4M (H1 2023).
Material weakness in internal control over financial reporting; disclosure controls ineffective in Q1/Q2.
Q3 net income $16.9M ($0.45 diluted) vs net loss $7.2M in Q3 2022; adjusted net operating income $18.3M.
E&S segment combined ratio 88.4%; net investment income up 52% YoY; new business submissions +8.4%.
Dividend declared $0.05/share, payable Dec 29, 2023 to holders of record Dec 11, 2023.

item 2.02 item 4.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

James River Group Holdings, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Ernst & Young LLP

Exact text from the filing

on November 7, 2023, the Audit Committee of the Board of Directors of the Company, after considering the recommendation of management and discussion with its independent registered public accounting firm, Ernst & Young LLP ("EY"), concluded that the Prior Financial Statements included in the Original Filing should no longer be relied upon solely as a result of the above-described error in the accounting for the Reinstatement Premium and will require restatement.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

James River Group Holdings, Inc. reported the quarter ended September 30, 2023 results: net income $16.9 million ($0.45 per diluted share), EPS $0.45 per diluted share.

Period: the quarter ended September 30, 2023
Net income: $16.9 million ($0.45 per diluted share)
EPS: $0.45 per diluted share
Result: reported results

Exact text from the filing

James River Group Holdings, Ltd. ("James River" or the "Company") (NASDAQ: JRVR) today reported third quarter 2023 net income available to common shareholders of $16.9 million ($0.45 per diluted share)

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James River Group Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001620459-23-000124

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