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Jamaica’s Legendary International Master Pianist For LA Performance

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Jamaica's Legendary Pianist Monty Alexander

Jamaica’s Legendary Pianist Monty Alexander

CaribPR Wire, NEW YORK, NY, Mon. Nov. 9 2015: Jamaica’s legendary award-winning international master pianist, Monty Alexander, fresh from a tour of Japan, will be taking his Harlem Kingston Express to Hollywood this weekend.

Alexander, who has built a reputation exploring and bridging the worlds of American jazz, popular song, and the music of his native Jamaica, will  bring ‘A Jamaica Reggae /Jazz One Love Party’ to Los Angeles, California this November 13th and 14th.

He and his Grammy-nominated band will perform at the popular Catalina Jazz Club at 6725 W. Sunset Blvd. in Hollywood, CA  from 8:30 PST over the two nights where he will treat fans to his own version of contemporary jazz.

Tickets can be purchased in advance at http://www.ticketweb.com/t3/sale/SaleEventDetail?dispatch=loadSelectionData&eventId=5995895&pl=cbg or by clicking here.

Alexander has over 70 recordings under his belt and has performed globally with renowned artists including Dizzy Gillespie, Frank Sinatra, Ray Brown, Natalie Cole and Tony Bennett among numerous others.

He was awarded the title of Commander in the Order of Distinction for outstanding services to Jamaica in August 2000 by the Jamaican government and in 2012, ‘Harlem Kingston Express: Live!’ was singled out by both the recording industry and fans and received a Grammy award nomination.

In the summer of 2012, the freewheeling virtuoso  was also awarded the prestigious German Jazz Trophy, “A Life for Jazz,” while in November of the same year, he received the Caribbean American Heritage Luminary Award from the Institute of Caribbean Studies in Washington, D.C.

His ‘Harlem-Kingston Express Vol. 2: The River Rolls On,’ was released in April on the Motéma Music label and remained for weeks at number one the Jazz radio charts.  Last year, ‘Harlem Kingston Express Vol. 2’ was nominated for a Soul Train award.

Alexander maintains a rigorous touring schedule worldwide because of his unchained improvisational style – playing from jazz clubs to concert halls and top Jazz Festivals.

For more on the Caribbean’s greatest jazz pianist and his music visit him on YouTube or at montyalexander.com. You can also like him on Facebook at facebook.com/officialmontyalexander or keep up to date on his performance on Twitter at @montyHKE.

MEDIA CONTACT:

Felicia Persaud

Hard Beat Communications

718-476-3616 (phone)

felicia@caribpr.com(email)

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James River Group Holdings informa ingresos netos de 19,0 millones de USD o 0,64 USD por acción diluida durante el tercer trimestre

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Informa ingresos netos operativos de 19,2 millones de USD o 0,65 USD por acción diluida.

Declara dividendos trimestrales de 0,16 USD por acción.

Declara dividendos especiales de 1,00 USD por acción.

Crecimiento del 33,0 % del segmento de Líneas de Excesos y Excedentes y 41,2% de crecimiento en el segmento Especial Admitido en el tercer trimestre.

El aumento en la escala impulsa reducciones del índice de gastos en Excesos y Excedentes (Excess and Surplus, E&S) y de segmentos Especiales Admitidos.

Ingresos netos del año de 40,8 millones de USD o 1,40 por acción, e ingresos netos operativos de 43,2 millones de USD o 1,48 USD por acción.

CaribPR Wire, PEMBROKE, Bermudas, Nov. 07, 2015: James River Group Holdings, Ltd. (NASDAQ:JRVR) anunció hoy los resultados financieros del tercer trimestre y los nueve meses que finalizaron el 30 de septiembre de 2015.

J. Adam Abram, director ejecutivo y presidente ejecutivo de James River Group Holdings, Ltd, comentó: “Mis colegas tuvieron excelentes rendimientos: el índice combinado se situó en el 89,0 %. James River continúa en la senda de una rentabilidad del 12 % sobre el capital tangible para nuestros accionistas durante el año calendario 2015. Nuestro crecimiento rentable le permitió a nuestro directorio complementar nuestros dividendos trimestrales regulares de 0,16 USD con un dividendo especial adicional de 1,00 USD por acción que se pagará en el cuarto trimestre.  Nos complace anunciar estos resultados y estos dividendos”.

Los factores significativos que deben tenerse en cuenta a la hora de evaluar el tercer trimestre de 2015 incluyen los siguientes:

  • Cada uno de los segmentos operativos de la compañía generó ganancias de suscripción.
  • Las ganancias operativas por acción diluidas son de 0,65 USD por acción en comparación con los 0,64 USD por acción del año anterior.
  • Ingresos netos operativos de 19,2 millones de USD en el tercer trimestre de 2015 en comparación con los 18,3 millones de USD del año anterior.
  • En el trimestre actual, la evolución favorable de las reservas antes de impuestos fue de 9,6 millones de USD (que representan 0,28 USD por acción) en comparación con la evolución favorable antes de impuestos de 15,4 millones de USD (que representan 0,48 USD por acción) del año anterior. Este fue el 13.° trimestre consecutivo en el que pudimos reducir las reservas respecto de los años de siniestros anteriores.
  • Nuestros segmentos comerciales continúan respondiendo de manera hábil a las condiciones del mercado:

– Nuestro segmento E&S altamente rentable observó un crecimiento del 33,0 % en las primas brutas emitidas, pasando de 61,9 millones de USD en el tercer trimestre de 2014 a 82,2 millones de USD.

– Nuestro segmento de seguros de productos especiales admitidos aumentó las primas brutas emitidas en un 41,2 %, pasando de 16,2 millones de USD en 2014 a 22,9 millones de USD, lo que ayudó a reducir el índice de gastos del segmento al 35,7 % en comparación con el 46,4 % en el tercer trimestre de 2014.

  • Nuestro índice combinado para el trimestre fue de 89,0 % en comparación con el 88,8 % del año anterior. Al 30 de septiembre de 2015, el 69 % de las reservas totales por pérdidas netas fueron designadas como reservas de siniestros ocurridos y no reportados (incurred but not reported reserves, IBNR), lo cual es coherente con nuestra historia de reservas fuertes.
  • Los ingresos netos por inversiones para el trimestre fueron de 9,5 millones de USD en comparación con los 10,0 millones de USD para el mismo período de 2014.
  • Las primas brutas emitidas en nuestro Segmento de Reaseguros de Responsabilidad disminuyeron de 93,3 millones de USD a 43,1 millones. Ello fue principalmente el resultado de una diferencia temporal, debido a que un gran contrato de reaseguro se renovó con anticipación. Asimismo, la gerencia de este segmento tomó decisiones de no renovar o de reducir el tamaño de otros contratos al momento de su renovación en el trimestre.

Los factores significativos que se deben tener en cuenta a la hora de evaluar el período de nueve meses que finalizó el 30 de septiembre de 2015 incluyen los siguientes:

  • Cada uno de los segmentos operativos de la compañía generó ganancias de suscripción.
  • Las ganancias operativas por acción diluidas subieron un 7,2 % a 1,48 USD por acción en comparación con los 1,38 USD por acción del año anterior.
  • Ingresos operativos netos de 43,2 millones de USD en 2015 en comparación con los 39,6 millones de USD del año anterior.
  • Durante los 9 meses de 2015, tuvimos una evolución favorable de las reservas de 14,6 millones de USD en comparación con los 19,1 millones de USD en los primeros 9 meses del año anterior.
  • Disfrutamos de un aumento en las primas brutas emitidas del 11,5 %, pasando de 415,6 millones de USD a 463,5 millones de USD, lo cual ayudó a disminuir los índices de gastos en nuestras dos aseguradoras principales:

– Las primas brutas de emisión del Segmento de Líneas de Excesos y Excedentes crecieron un 28,9 % hasta alcanzar 235,4 millones de USD, lo cual disminuyó el índice de gastos del segmento en 2,1 puntos porcentuales.

– Las primas brutas de emisión del Segmento de Seguros de Productos Especiales Admitidos crecieron en un 52,7 % hasta alcanzar 61,8 millones de USD, lo cual disminuyó el índice de gastos del segmento en 12,1 puntos porcentuales.

– Las primas brutas emitidas de nuestro Segmento de Reaseguros de Responsabilidad disminuyeron en un 13,6 %, pasando de 192,6 millones de USD en 2014 a 166,4 millones de USD.

El valor del capital tangible aumentó un 3,3 % durante el tercer trimestre de 2015, de 470,5 millones de USD al 30 de junio de 2015 a 485,9 millones de USD al 30 de septiembre de 2015. Esto se debió principalmente a nuestros ingresos netos de 19,0 millones de USD y a un aumento de otros ingresos globales acumulados (es decir, ganancias no realizadas en nuestra cartera de inversión) que aumentaron en 1,6 millones de USD (después de impuestos), pasando de 7,3 millones de USD al 30 de junio de 2015 a 8,9 millones de USD al 30 de septiembre de 2015, que fue compensado parcialmente por el dividendo de 4,6 millones de USD pagados durante el trimestre.  El aumento de las ganancias no realizadas fue impulsado principalmente por el cambio en las tasas de interés del mercado.

En cuanto al desempeño anual hasta la fecha, nuestro valor contable tangible aumentó un 4,3 %, de 466,0 millones de USD el 31 de diciembre de 2014 a 485,9 millones de USD el 30 de septiembre de 2015. Este aumento se debió principalmente a nuestros ingresos netos de 40,8 millones de USD, compensados parcialmente por una disminución de otros ingresos globales acumulados, que disminuyeron 9,5 millones de USD, de 18,4 millones de USD el 31 de diciembre de 2014 a 8,9 millones de USD el 30 de septiembre de 2015, así como también se debió a los 13,9 millones de USD de dividendos pagados y devengados durante 2015.

Las ganancias operativas netas por acción diluida del primer trimestre de 2015 fueron de 0,65 USD por acción, sin incluir 252 000 USD de costos antes de impuestos relacionados con las ganancias y pérdidas realizadas y con otros gastos no operativos. Este monto se compara con los 0,64 USD generados durante el mismo período de 2014. En cuanto a las ganancias anuales hasta la fecha, las ganancias operativas netas por acción diluidas del año 2015 fueron de 1,48 USD por acción, sin incluir 0,08 USD por acción de los costos relacionados con las ganancias y pérdidas realizadas y con otros gastos no operativos. Este monto puede compararse con los 1,38 USD para el mismo período de 2014.

Las ganancias por acción totalmente diluidas para el tercer trimestre de 2015 fueron de 0,64 USD, las cuales excedieron el monto de 0,60 USD del tercer trimestre de 2014. A la fecha, las ganancias por acción totalmente diluidas en el año 2015 fueron de 1,40 USD por acción. Este monto puede compararse con los 1,24 USD del mismo período de 2014.

El índice combinado de la compañía para el tercer trimestre de 2015 fue del 89,0 % (compuesto por un índice de pérdidas del 54,4 % y un índice de gastos del 34,7 %). Este puede compararse con el índice combinado del 88,8 % (compuesto por un índice de pérdidas del 54,5 % y un índice de gastos del 34,3 %) del año anterior. A la fecha, el índice combinado de la compañía para 2015 fue de 94,6 % (compuesto por un índice de pérdidas del 60,5 % y un índice de gastos del 34,1 %). Esto se compara con un índice combinado del año anterior de 94,5 % (compuesto por un índice de pérdidas del 60,1 % y un índice de gastos del 34,4 %).

Los resultados del trimestre que finalizó el 30 de septiembre de 2015 incluyen una evolución favorable de las reservas de 9,6 millones de USD respecto de los años de siniestros anteriores. Esto representó 7,8 puntos de nuestro índice de pérdidas y nuestro índice combinado, respectivamente, que puede compararse con una evolución favorable de las reservas de 15,4 millones de USD del año anterior, que representó 15,4 puntos de nuestro índice de pérdidas y nuestro índice combinado, respectivamente. La evolución favorable de las reservas para el trimestre es de 8,3 millones de USD después de impuestos (13,9 millones de USD el año anterior). Los parámetros anuales hasta la fecha para el año 2015 incluyen una evolución favorable de las reservas para años de siniestros anteriores de 14,6 millones de USD (o 12,4 millones de USD después de impuestos), que representa 4,2 puntos de nuestro índice de pérdidas y del índice combinado, respectivamente. En 2014, la evolución favorable de las reservas para este período de 9 meses fue de 19,1 millones de USD (o 16,8 millones de USD después de impuestos), que representó 6,7 puntos de nuestro índice de pérdidas y del índice combinado, respectivamente.

El aumento en el índice de gastos globales durante el tercer trimestre de 2015 en comparación con el mismo período del año anterior (34,7 % en 2015 frente a 34,3 % del año anterior) se debió a mayores comisiones a tarifa variable en nuestro segmento de Reaseguros de Responsabilidad (debido menores a índices de pérdidas subyacentes). Dicho incremento también se debió a mayores gastos de compensación basados en acciones y otros costos asociados a ser una compañía pública, pero fue compensado por el aumento del 22,7 % de nuestras primas devengadas durante el trimestre, de 100,0 millones de USD en 2014 a 122,7 millones de USD en 2015. Nuestro índice de gastos globales durante el período de 9 meses que finalizó el 30 de septiembre de 2015 disminuyó de 34,4 % en 2014 a 34,1 % en 2015, como consecuencia del aumento del 20,9 % en las primas devengadas, de 286,1 millones de USD en 2014 a 345,8 millones en 2015, pero fue compensado por el aumento de los gastos de compensación basados en acciones y los demás costos asociados a ser una compañía pública.

El índice combinado del segmento de Líneas de Excesos y Excedentes, compuesto por un índice de pérdidas del 49,9 % y un índice de gastos del 24,2 %, fue de 74,1 % durante el tercer trimestre de 2015. El año anterior, el índice combinado de este segmento fue de 74,6 % durante el segundo trimestre, compuesto por un índice de pérdidas de 46,6 % y un índice de gastos de 27,9 %. A la fecha, el índice combinado del segmento de Líneas de Excesos y Excedentes fue de 83,0 %, compuesto por un índice de pérdidas de 56,9 % y un índice de gastos de 26,1 %. El año anterior, el índice combinado a la fecha de este segmento fue de 84,1 %, compuesto por un índice de pérdidas de 55,9 % y un índice de gastos de 28,2 %. Durante el tercer trimestre, registramos una evolución favorable de las reservas antes de impuestos de 10,1 millones de USD, lo cual representó 15,3 puntos de nuestro índice de pérdidas y nuestro índice combinado, respectivamente. Durante el mismo período de 2014, registramos una evolución favorable de las reservas antes de impuestos de 12,0 millones de USD, lo cual representó 23,4 puntos de nuestro índice de pérdidas y nuestro índice combinado, respectivamente. A la fecha, 2015 incluye una evolución favorable de las reservas para años de siniestros anteriores de 18,5 millones de USD, lo cual representa 10,4 puntos de nuestro índice de pérdidas y del índice combinado, respectivamente. Durante el año 2014, esta evolución favorable de las reservas fue de 18,3 millones de USD, lo cual representó 13,2 puntos de nuestro índice de pérdidas y del índice combinado, respectivamente.

El índice combinado del segmento de Seguros de Productos Especiales Admitidos, compuesto por un índice de pérdidas del 60,0 % y un índice de gastos del 35,7 %, fue de 95,7 % durante el tercer trimestre de 2015. El año anterior, el índice combinado de este segmento fue de 97,7 %, compuesto por un índice de pérdidas de 51,3 % y un índice de gastos de 46,4 %. A la fecha, el índice combinado del segmento de Seguros de Productos Especiales Admitidos, compuesto por un índice de pérdidas de 60,4 % y un índice de gastos de 38,0 %, fue de 98,3 %. El año anterior, el índice combinado de este segmento fue de 104,7 %, compuesto por un índice de pérdidas de 54,5 % y un índice de gastos de 50,1 %. Durante el tercer trimestre, registramos una evolución favorable de las reservas antes de impuestos de 2,0 millones de USD, que representó 18,3 puntos de nuestro índice de pérdidas y nuestro índice combinado, respectivamente. Durante el mismo período de 2014, registramos una evolución favorable de las reservas antes de impuestos de 2,2 millones de USD, que representó 30,3 puntos de nuestro índice de pérdidas y nuestro índice combinado, respectivamente. A la fecha, 2015 incluye una evolución favorable de las reservas para los años de siniestros anteriores de 2,2 millones de USD, que representa 7,1 puntos de nuestro índice de pérdidas y del índice combinado, respectivamente. Durante el año 2014, este segmento tuvo una evolución favorable de las reservas de 3,3 millones de USD, lo cual representó 17,2 puntos de nuestro índice de pérdidas y del índice combinado, respectivamente. El índice de gastos anual hasta la fecha y del tercer trimestre de 2015, de 38,0 % y 35,7 %, respectivamente, ha comenzado a evidenciar las consecuencias del crecimiento exitoso de los programas y de las transacciones “fronting”, con un aumento global de las primas devengadas en este segmento. Durante el mismo período del año anterior, el índice de gastos fue del 50,1 % y del 46,4 %, respectivamente.

El índice combinado del segmento de Reaseguros de Responsabilidad, compuesto por un índice de pérdidas del 59,4 % y un índice de gastos del 40,0 %, fue de 99,4 % durante el tercer trimestre de 2015. El año anterior, el índice combinado de este segmento fue del 100,0 %, compuesto por un índice de pérdidas del 64,7 % y un índice de gastos del 35,2 %. El aumento del índice de gastos durante el tercer trimestre de 2015 fue el resultado de mayores comisiones a tarifas variables asociado con índices de pérdidas favorables, principalmente en el año de suscripción 2014. A la fecha, el índice combinado del segmento de Reaseguros de Responsabilidad, compuesto por un índice de pérdidas de 65,1 % y un índice de gastos de 34,2 %, fue de 99,3 %. El año anterior, el índice combinado de este segmento a la fecha fue de 99,7 %, compuesto por un índice de pérdidas de 65,4 % y un índice de gastos de 34,3 %. Durante el tercer trimestre, registramos una evolución desfavorable de las reservas de 2,5 millones de USD, que representó 5,3 puntos del índice de pérdidas y del índice combinado, respectivamente. El año anterior, registramos una evolución favorable de las reservas de 1,2 millones de USD, lo cual representó 2,9 puntos del índice de pérdidas y del índice combinado, respectivamente. A la fecha, 2015 incluye una evolución desfavorable de las reservas para los años de siniestros anteriores de 6,0 millones de USD , lo cual representa 4,4 puntos de nuestro índice de pérdidas y del índice combinado, respectivamente. Durante 2014, esta evolución desfavorable de las reservas fue de 2,4 millones de USD, lo cual representó 1,9 puntos de nuestro índice de pérdidas y del índice combinado, respectivamente.

La disminución de las primas brutas emitidas en este segmento durante el tercer trimestre de 2015 se debe, principalmente, al momento de la renovación de un contrato que se renovó en el tercer trimestre de 2014, pero que fue renovado en el segundo trimestre de 2015. Este contrato contribuyó 25,0 millones de USD a las primas brutas emitidas del tercer trimestre de 2014 y 16,0 millones a las del segundo trimestre de 2015. Asimismo, la gerencia de este Segmento tomó decisiones de no renovar, o de reducir el tamaño de otros contratos al momento de su renovación en el trimestre.

Los ingresos netos por inversiones durante el tercer trimestre de 2015 fueron de 9,5 millones de USD, que se comparan con los 10,0 millones de USD durante el mismo período en 2014. A la fecha, los ingresos netos por inversiones durante 2015 fueron de 34,5 millones de USD, que se comparan con los 33,2 millones para el mismo período de 2014. La disminución de los ingresos netos por inversiones para el trimestre pudo atribuirse, principalmente, a una disminución en el valor de mercado de nuestras inversiones en ciertas sociedades relacionadas con energías renovables llevadas a cabo en el tercer trimestre, de 659 000 USD, en comparación con un aumento de 697 000 en el tercer trimestre del año anterior. A la fecha, estas sociedades relacionadas con la energía han contribuido a nuestros ingresos netos por inversiones 4,0 millones de USD y 4,7 millones de USD durante los nueve meses finalizados el 30 de septiembre de 2015 y 2014, respectivamente. El aumento a la fecha de los ingresos netos por inversiones también pudo atribuirse al aumento en nuestro saldo en efectivo y activos invertidos que aumentaron un 5,9 %, de 1302,1 millones de USD al 30 de septiembre de 2014 a 1378,9 millones al 30 de septiembre de 2015. Asimismo, los ingresos netos por inversión se vieron afectados por nuestro flujo de caja operativo positivo, parcialmente compensado por los 70 millones de USD en dividendos que pagamos el 30 de septiembre de 2014, los cuales redujeron nuestros activos invertibles, así como también el rendimiento de la cartera. Nuestro rendimiento bruto anualizado de inversiones sobre los valores de vencimiento fijo promedio para los períodos de tres y nueve meses que finalizaron el 30 de septiembre de 2015 fue de 3,4 % y 3,3 %, respectivamente, mientras que la duración promedio de nuestra cartera fue de 3,5 años.

Durante el tercer trimestre, registramos pérdidas realizadas netas antes de impuestos por un total de 17 000 USD (diecisiete mil dólares estadounidenses). A la fecha, registramos ganancias realizadas netas antes de impuestos por un total de 2,5 millones de USD. Este monto incluye los 3,4 millones de USD en pérdidas durante el primer trimestre de 2015 en relación con el segmento energético de nuestra cartera. Al 30 de septiembre de 2015, ésta tenía un valor contable residual de 21,0 millones de USD y un valor de mercado de 16,1 millones de USD.

Dividendos

La compañía anunció que su Junta Directiva declaró un dividendo en efectivo de 0,16 USD por acción ordinaria. Este dividendo se pagará el 28 de diciembre de 2015 a todos los accionistas que se encuentren registrados el lunes 14 de diciembre de 2015.

Dividendos especiales

La compañía también anunció que su Junta Directiva declaró un dividendo en efectivo de 1,00 USD por acción ordinaria. Este dividendo se pagará el lunes 28 de diciembre de 2015 a todos los accionistas que se encuentren registrados el lunes 14 de diciembre de 2015.

Conferencia telefónica

James River Group Holdings llevará a cabo una conferencia telefónica para hablar sobre este comunicado de prensa mañana, 05 de noviembre de 2015, a las 9.00 a. m., hora del este. Los inversionistas pueden participar en la conferencia llamando al (877) 930-8055; el número de identificación de la conferencia es el 17443071. O bien a través de Internet en www.jrgh.net, haciendo clic en el enlace “Investor Relations” (Relaciones con los inversionistas). Ingrese al sitio web al menos 15 minutos antes del evento para inscribirse, y descargar e instalar el software de audio necesario. La repetición estará disponible poco después de la finalización de la conferencia y hasta el momento de cierre de la jornada del 04 de diciembre de 2015 en el número de teléfono y en el sitio web antes mencionados.

Declaraciones a futuro

Este comunicado de prensa contiene declaraciones a futuro, según la definición del término establecida en la Ley de Reforma de Litigios sobre Valores Privados (Private Securities Litigation Reform Act) de 1995. En algunas ocasiones, estas declaraciones a futuro pueden identificarse por el uso de términos tales como “creer”, “esperar”, “buscar”, “poder”, “será”, “pretender”, “proyectar”, “anticipar” “planificar”, “estimar” u otras palabras similares. Las declaraciones a futuro implican riesgos e incertidumbres que podrían causar que los resultados reales difieran materialmente de los previstos en ellas. Si bien no es posible identificar todos los riesgos y factores, entre ellos se incluyen los siguientes: pérdidas que excedan las reservas, pérdida de empleados o de miembros de la gerencia claves, factores económicos adversos, disminución de nuestra capacidad financiera, pérdida de un grupo de corredores o agentes que representan una parte importante de nuestro negocio, pérdida de nuestra cartera de inversiones, reglamentaciones gubernamentales o del mercado adicionales, posibilidad de quedar sujetos a impuestos estadounidenses y otros riesgos descritos en los documentos presentados por la compañía ante la Comisión de Bolsa y Valores. Estas declaraciones a futuro son válidas únicamente a la fecha de este comunicado y no asumimos ninguna obligación de actualizar o revisar la información de cualquiera de estas declaraciones a futuro para reflejar cambios en las suposiciones, eventos imprevistos o cualquier otra situación.

Índices que no se ajustan a los principios de contabilidad generalmente aceptados

Al presentar los resultados de James River Group Holding, la gerencia incluyó índices financieros que no se calculan de acuerdo con los estándares o las reglas comprendidos en los principios de contabilidad generalmente aceptados (Generally Accepted Accounting Principles, GAAP) en Estados Unidos. Estos índices, que incluyen las ganancias de seguros, los ingresos operativos netos y el rendimiento sobre el capital tangible, se denominan índices financieros no ajustados a los principios de contabilidad generalmente aceptados. Es posible que otras compañías definan o calculen estos índices de manera diferente. No debe considerarse que estos índices sustituyen aquellos establecidos de acuerdo con los GAAP. Al final de este comunicado se incluye la conciliación de estos índices con los índices GAAP más similares.

Acerca de James River Group Holdings, Ltd.

James River Group Holdings, Ltd. es un holding empresarial de seguros con sede en las Bermudas que posee y opera un grupo de compañías especializadas de seguros y reaseguros fundadas por miembros de nuestro equipo gerencial. La compañía opera en tres segmentos especializados de seguros y reaseguros de responsabilidad y patrimoniales: Líneas de Excesos y Excedentes, Seguros de Productos Especiales Admitidos y Reaseguros de Responsabilidad. En cada uno de los segmentos, la compañía tiende a enfocarse en cuentas asociadas con pequeñas y medianas empresas. A.M. Best Company calificó con “A-” (excelente) y una “perspectiva positiva” a cada una de las subsidiarias de seguro reguladas de la compañía.

Visite el sitio web de James River Group Holdings, Ltd. en www.jrgh.net

James River Group Holdings, Ltd. y sus subsidiarias
Información del balance condensado consolidado
(No auditado)
September 30,
2015
December 31,
2014
($ in thousands, except for share amounts)
ASSETS
Invested assets:
Fixed maturity securities, available-for-sale $ 888,480 $ 756,963
Fixed maturity securities, trading 1,251 7,388
Equity securities, available-for-sale 74,453 67,905
Bank loan participations, held-for-investment 213,625 239,511
Short-term investments 50,225 131,856
Other invested assets 74,301 33,622
Total investments 1,302,335 1,237,245
Cash and cash equivalents 76,561 73,383
Accrued investment income 8,281 7,273
Premiums receivable and agents’ balances 197,962 162,527
Reinsurance recoverable on unpaid losses 133,273 127,254
Reinsurance recoverable on paid losses 5,835 1,725
Deferred policy acquisition costs 72,673 60,202
Goodwill and intangible assets 221,509 221,956
Other assets 77,686 67,727
Total assets $ 2,096,115 $ 1,959,292
LIABILITIES AND SHAREHOLDERS’ EQUITY
Reserve for losses and loss adjustment expenses $ 779,009 $ 716,296
Unearned premiums 329,867 277,579
Senior debt 88,300 88,300
Junior subordinated debt 104,055 104,055
Accrued expenses 29,250 31,107
Other liabilities 58,218 54,034
Total liabilities 1,388,699 1,271,371
Total shareholders’ equity 707,416 687,921
Total liabilities and shareholders’ equity $ 2,096,115 $ 1,959,292
Tangible equity $ 485,907 $ 465,965
Tangible equity per common share outstanding $ 16.89 $ 16.33
Total shareholders’ equity per common share outstanding $ 24.59 $ 24.10
Common shares outstanding at end-of-period 28,769,487 28,540,350
Debt to total capitalization ratio 21.4 % 21.9 %
James River Group Holdings, Ltd. and Subsidiaries
Condensed Consolidated Income Statement Data
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
($ in thousands, except for share data)
REVENUES
Gross written premiums $ 148,236 $ 171,415 $ 463,505 $ 415,616
Net written premiums $ 122,928 $ 153,836 $ 390,401 $ 367,618
Net earned premiums $ 122,705 $ 99,989 $ 345,776 $ 286,057
Net investment income 9,510 9,996 34,496 33,189
Net realized investment (losses) gains (17 ) 2,033 (2,473 ) (1,678 )
Other income 925 (201 ) 2,018 740
Total revenues 133,123 111,817 379,817 318,308
EXPENSES
Losses and loss adjustment expenses 66,718 54,486 209,133 171,936
Other operating expenses 43,387 34,114 119,764 98,971
Other expenses 69 2,459 207 2,848
Interest expense 1,769 1,557 5,217 4,661
Amortization of intangible assets 149 149 447 447
Total expenses 112,092 92,765 334,768 278,863
Income before taxes 21,031 19,052 45,049 39,445
Income tax expense (2,070 ) (1,884 ) (4,222 ) (3,626 )
NET INCOME $ 18,961 $ 17,168 $ 40,827 $ 35,819
NET OPERATING INCOME $ 19,177 $ 18,288 $ 43,230 $ 39,639
EARNINGS PER SHARE
Basic $ 0.66 $ 0.60 $ 1.43 $ 1.26
Diluted $ 0.64 $ 0.60 $ 1.40 $ 1.24
NET OPERATING INCOME PER SHARE
Basic $ 0.67 $ 0.64 $ 1.51 $ 1.39
Diluted $ 0.65 $ 0.64 $ 1.48 $ 1.38
Weighted-average common shares outstanding:
Basic 28,735,087 28,540,350 28,608,398 28,540,350
Diluted 29,418,251 28,793,815 29,244,520 28,787,500
Cash dividends declared per common share $ 1.16 $ 2.45 $ 1.48 $ 2.45
Ratios:
Loss ratio 54.4 % 54.5 % 60.5 % 60.1 %
Expense ratio 34.7 % 34.3 % 34.1 % 34.4 %
Combined ratio 89.0 % 88.8 % 94.6 % 94.5 %
James River Group Holdings, Ltd. and Subsidiaries
Segment Results
EXCESS AND SURPLUS LINES
Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
($ in thousands)
Gross written premiums $ 82,249 $ 61,857 $ 235,384 $ 182,544
Net written premiums $ 68,731 $ 51,079 $ 191,951 $ 150,618
Net earned premiums $ 65,804 $ 51,230 $ 178,071 $ 138,313
Losses and loss adjustment expenses (32,853 ) (23,882 ) (101,383 ) (77,362 )
Underwriting expenses (15,904 ) (14,315 ) (46,429 ) (39,020 )
Underwriting profit (a), (b) $ 17,047 $ 13,033 $ 30,259 $ 21,931
Ratios:
Loss ratio 49.9 % 46.6 % 56.9 % 55.9 %
Expense ratio 24.2 % 27.9 % 26.1 % 28.2 %
Combined ratio 74.1 % 74.6 % 83.0 % 84.1 %
(a) See “Reconciliation of Non-GAAP Measures.”
(b) Underwriting results include fee income of $861,000 and $(218,000) for the three months ended September 30, 2015 and 2014, respectively, and $1.8 million and $565,000 for the respective nine month periods.
SPECIALTY ADMITTED INSURANCE
Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
($ in thousands)
Gross written premiums $ 22,898 $ 16,211 $ 61,755 $ 40,447
Net written premiums $ 11,110 $ 9,212 $ 31,751 $ 24,855
Net earned premiums $ 10,743 $ 7,185 $ 30,448 $ 18,847
Losses and loss adjustment expenses (6,448 ) (3,687 ) (18,377 ) (10,274 )
Underwriting expenses (3,833 ) (3,336 ) (11,565 ) (9,451 )
Underwriting profit (loss) (a), (b) $ 462 $ 162 $ 506 $ (878 )
Ratios:
Loss ratio 60.0 % 51.3 % 60.4 % 54.5 %
Expense ratio 35.7 % 46.4 % 38.0 % 50.1 %
Combined ratio 95.7 % 97.7 % 98.3 % 104.7 %
(a) See “Reconciliation of Non-GAAP Measures.”
(b) Underwriting results include fee income of $328,000 and $211,000 for the three months ended September 30, 2015 and 2014, respectively, and $992,000 and $514,000 for the respective nine month periods.
CASUALTY REINSURANCE
Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
($ in thousands)
Gross written premiums $ 43,089 $ 93,347 $ 166,366 $ 192,625
Net written premiums $ 43,087 $ 93,545 $ 166,699 $ 192,145
Net earned premiums $ 46,158 $ 41,574 $ 137,257 $ 128,897
Losses and loss adjustment expenses (27,417 ) (26,917 ) (89,373 ) (84,300 )
Underwriting expenses (18,465 ) (14,640 ) (46,973 ) (44,173 )
Underwriting profit (a) $ 276 $ 17 $ 911 $ 424
Ratios:
Loss ratio 59.4 % 64.7 % 65.1 % 65.4 %
Expense ratio 40.0 % 35.2 % 34.2 % 34.3 %
Combined ratio 99.4 % 100.0 % 99.3 % 99.7 %
(a) See “Reconciliation of Non-GAAP Measures.”

CONCILIACIÓN DE LAS NORMAS NO AJUSTADAS A LOS PRINCIPIOS DE CONTABILIDAD GENERALMENTE ACEPTADOS

El cuadro siguiente concilia las ganancias (pérdidas) de seguros por segmento operativo individual y de la compañía en su totalidad con los ingresos consolidados antes de impuestos. Creemos que estas normas son útiles para los inversores al evaluar el desempeño de la compañía y de sus segmentos operativos, porque nuestro objetivo es obtener ganancias de seguros en forma consistente. Evaluamos el desempeño de nuestros segmentos operativos y asignamos recursos principalmente en función de las ganancias (pérdidas) de seguros de los segmentos operativos. Las ganancias (pérdidas) de seguros no pueden compararse con los de otras compañías.

Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
($ in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines $ 17,047 $ 13,033 $ 30,259 $ 21,931
Specialty Admitted Insurance 462 162 506 (878 )
Casualty Reinsurance 276 17 911 424
Total underwriting profit of operating segments 17,785 13,212 31,676 21,477
Other operating expenses of the Corporate and
Other segment
(4,324 ) (2,041 ) (12,958 ) (5,762 )
Underwriting profit (a) 13,461 11,171 18,718 15,715
Net investment income 9,510 9,996 34,496 33,189
Net realized investment (losses) gains (17 ) 2,033 (2,473 ) (1,678 )
Other income and expenses (5 ) (2,442 ) (28 ) (2,673 )
Interest expense (1,769 ) (1,557 ) (5,217 ) (4,661 )
Amortization of intangible assets (149 ) (149 ) (447 ) (447 )
Consolidated income before taxes $ 21,031 $ 19,052 $ 45,049 $ 39,445
(a)  Included in underwriting results for the three months ended September 30, 2015 and 2014 is fee income of $1.2 million and $(7,000), respectively, and $2.8 million and $1.1 million for the respective nine month periods.

Definimos a los ingresos netos operativos como ingresos netos, excluidas las ganancias y pérdidas netas realizadas por inversión, los gastos relacionados con los costos de diligencia debida por varias actividades de fusión y adquisición, costos asociados con nuestra oferta pública inicial, costos de indemnizaciones asociadas con el despido de empleados, cargos por deterioro del fondo de comercio y los activos intangibles, y ganancias por la extinción de deudas. Utilizamos los ingresos netos operativos como una medida de desempeño interno en la gestión de nuestras operaciones, porque creemos que le otorga a nuestra gerencia y a otros usuarios de nuestra información financiera un conocimiento útil de los resultados de nuestras operaciones y de nuestro desempeño de negocios subyacente. Los ingresos operativos netos no deberían ser considerados como un sustituto de los ingresos netos calculados de acuerdo con los principios de contabilidad generalmente aceptados, y nuestra definición de ingresos operativos netos tal vez no sea comparable a la de otras compañías.

Nuestros ingresos antes de impuestos y nuestros ingresos netos durante los tres y nueve meses finalizados el 30 de septiembre de 2015 y 2014, respectivamente, se concilian con nuestros ingresos netos operativos de la siguiente forma:

Three Months Ended
September 30,
2015 2014
Income
Before
Taxes
Net
Income
Income
Before
Taxes
Net
Income
($ in thousands)
Income as reported $ 21,031 $ 18,961 $ 19,052 $ 17,168
Net realized investment losses (gains) 17 63 (2,033 ) (1,420 )
Other expenses 69 45 2,459 (a) 2,434
Interest expense on leased building the Company is deemed to own for accounting purposes 166 108 163 106
Net operating income $ 21,283 $ 19,177 $ 19,641 $ 18,288
Nine Months Ended
September 30,
2015 2014
Income
Before
Taxes
Net
Income
Income
Before
Taxes
Net
Income
($ in thousands)
Income as reported $ 45,049 $ 40,827 $ 39,445 $ 35,819
Net realized investment losses 2,473 1,946 1,678 723
Other expenses 207 135 2,848 (a) 2,775
Interest expense on leased building the Company is deemed to own for accounting purposes 496 322 495 322
Net operating income $ 48,225 $ 43,230 $ 44,466 $ 39,639
(a)  Principally costs of the initial public offering.

Definimos al capital tangible como la suma del patrimonio neto menos la el fondo de comercio y los activos intangibles (neto de amortización). Es posible que nuestra definición de capital tangible no sea comparable con la de otras compañías, y no debe considerarse como un sustituto del patrimonio neto calculado de acuerdo con los principios de contabilidad generalmente aceptados. Utilizamos al capital tangible internamente para evaluar la fortaleza de nuestro balance y para comparar rendimientos relativos a esta medida. El siguiente cuadro concilia el patrimonio neto con el capital tangible al 30 de septiembre de 2015, 30 de junio de 2015 y 31 de diciembre de 2014.

September 30, June 30, December 31,
2015 2015 2014
Shareholders’ equity $ 707,416 $ 692,185 $ 687,921
Less:  Goodwill and intangible assets 221,509 221,658 221,956
Tangible equity $ 485,907 $ 470,527 $ 465,965

Para obtener más información, comuníquese con:

Robert Myron
Presidente y director de Operaciones
1-441-278-4583

InvestorRelations@jrgh.net

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James River Group Holdings Reports Third Quarter Net Income of $19.0 Million, or $0.64 Per Diluted Share

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Reports Net Operating Income of $19.2 Million, or $0.65 Per Diluted Share

Declares $0.16 Per Share Quarterly Dividend

Declares $1.00 Per Share Special Dividend

33.0% Growth in Excess and Surplus Lines Segment and 41.2% Growth in Specialty Admitted Segment in the Third Quarter

Increased Scale Drives Expense Ratio Reductions in E&S and Specialty Admitted Segments

Year-to-Date Net Income of $40.8 Million or $1.40 Per Share and Net Operating Income of $43.2 Million or $1.48 Per Share

CaribPR Wire, PEMBROKE, Bermuda, Nov. 04, 2015: — James River Group Holdings, Ltd. (NASDAQ:JRVR) today announced financial results for the third quarter and nine months ended September 30, 2015.

J. Adam Abram, Chairman and CEO of James River Group Holdings, Ltd. commented, “My colleagues delivered strong returns, producing an 89.0% combined ratio. James River remains on track to earn a 12% return on tangible equity for our shareholders for calendar 2015.  Our profitable growth permitted our Board to supplement our regular $0.16 quarterly dividend with an additional special dividend of $1.00 per share to be paid in the fourth quarter. We are very pleased to announce these results and these dividends.”

Significant factors to consider when evaluating the third quarter of 2015 include:

  • Each of the Company’s operating segments made an underwriting profit;
  • Diluted operating earnings per share are $0.65 per share compared to $0.64 per share in the prior year;
  • Net operating income for the third quarter 2015 of $19.2 million compared to $18.3 million in the prior year;
  • In the current quarter, pre-tax favorable reserve development was $9.6 million (representing $0.28 per share) compared to pre-tax favorable development of $15.4 million (representing $0.48 per share) in the prior year.  This was the 13th consecutive quarter where we have been able to reduce reserves on prior accident years;
  • Our business segments continue to respond nimbly to market conditions:
    • Our highly profitable E&S Segment grew gross written premiums 33.0% to $82.2 million from $61.9 million in the third quarter of 2014;
    • Our Specialty Admitted Insurance Segment increased gross written premiums 41.2% to $22.9 million from $16.2 million in 2014, which helped to reduce the segment’s expense ratio to 35.7% from 46.4% in the third quarter of 2014.
  • Our combined ratio for the quarter was 89.0% compared to 88.8% in the prior year.  As of September 30, 2015, 69% of total net loss reserves were designated as IBNR, which is consistent with our history of strong reserves;
  • Net investment income for the quarter was $9.5 million compared to $10.0 million for the same period in 2014;
  • The decrease in gross written premiums in our Casualty Reinsurance Segment from $93.3 million to $43.1 million was primarily the result of a timing difference, as a large reinsurance contract renewed out of sequence.  Additionally, management of this Segment made underwriting decisions to either non-renew or reduce the size of other contracts at renewal in the quarter.

Significant factors to consider when evaluating the nine-month period ended September 30, 2015 include:

  • Each of the Company’s operating segments made an underwriting profit;
  • Diluted operating earnings per share up 7.2% to $1.48 per share compared to $1.38 per share in the prior year.
  • Net operating income in 2015 of $43.2 million compared to $39.6 million in the prior year;
  • For the nine months of 2015, we had favorable reserve development of $14.6 million, compared to $19.1 million in the first nine months of 2014;
  • We enjoyed an increase in gross written premiums of 11.5% to $463.5 from $415.6 million, which helped lower expense ratios in our two primary insurers:
    • The Excess and Surplus Lines Segment’s gross written premiums grew 28.9% to $235.4 million, which lowered the segment’s expense ratio by 2.1 percentage points;
    • The Specialty Admitted Insurance Segment’s gross written premiums grew by 52.7% to $61.8 million, which lowered the Segment’s expense ratio by 12.1 percentage points;
    • A decrease in our Casualty Reinsurance Segment’s gross written premiums of 13.6% to $166.4 million from $192.6 million in 2014.

Tangible equity value increased 3.3% for the third quarter of 2015 from $470.5 million at June 30, 2015 to $485.9 million at September 30, 2015. This was primarily due to our net income of $19.0 million and an increase in accumulated other comprehensive income (i.e. unrealized gains in our investment portfolio) which increased $1.6 million (after-tax) from $7.3 million at June 30, 2015 to $8.9 million at September 30, 2015, partially offset by the dividend of $4.6 million paid during the quarter. The increase in unrealized gains was primarily driven by the change in market rates of interest.

On a year-to-date basis, our tangible book value increased 4.3% from $466.0 million at December 31, 2014 to $485.9 million at September 30, 2015. This increase was primarily due to our net income of $40.8 million partially offset by a decrease in accumulated other comprehensive income which decreased $9.5 million from $18.4 million at December 31, 2014 to $8.9 million at September 30, 2015, as well as the $13.9 million of dividends paid and accrued during 2015.

Net operating earnings per diluted share for the third quarter of 2015 were $0.65 per share and excluded $252,000 of pre-tax costs related to realized gains and losses and other non-operating expenses. This amount compares to $0.64 for the same period in 2014. On a year-to-date basis, net operating earnings per diluted share for 2015 were $1.48 per share and excluded $0.08 per share of costs related to realized gains and losses and other non-operating expenses. This amount compares to $1.38 for the same period in 2014.

Fully diluted earnings per share for the third quarter of 2015 were $0.64 which exceeded the amount in the third quarter of 2014 of $0.60. On a year-to-date basis, fully diluted earnings per share for 2015 were $1.40 per share. This amount compares to $1.24 for the same period in 2014.

The combined ratio for the Company was 89.0% (comprised of a loss ratio of 54.4% and an expense ratio of 34.7%) for the third quarter of 2015. This compares to a combined ratio of 88.8% (comprised of a loss ratio of 54.5% and an expense ratio of 34.3%) in the prior year. On a year-to-date basis, the combined ratio for the Company for 2015 was 94.6% (comprised of a loss ratio of 60.5% and an expense ratio of 34.1%). This compares to a combined ratio in the prior year of 94.5% (comprised of a loss ratio of 60.1% and an expense ratio of 34.4%).

Results for the quarter ended September 30, 2015 include favorable reserve development on prior accident years of $9.6 million, representing 7.8 points of our loss and combined ratio, respectively, which compares to favorable reserve development in the prior year of $15.4 million, representing 15.4 points of our loss and combined ratio, respectively. On an after-tax basis, favorable reserve development for the quarter is $8.3 million ($13.9 million in the prior year). On a year-to-date basis, 2015 includes favorable reserve development on prior accident years of $14.6 million (or $12.4 million on an after-tax basis) representing 4.2 points of our loss and combined ratio, respectively. In 2014, this nine-month favorable reserve development was $19.1 million (or $16.8 million on an after-tax basis) representing 6.7 points of our loss and combined ratio, respectively.

The increase in the overall expense ratio in the third quarter of 2015 compared to the same period in the prior year (34.7% in 2015 vs. 34.3% in the prior year) was due to increased sliding scale commissions at our Casualty Reinsurance segment (due to lower underlying loss ratios) as well as the increased share based compensation expenses and other costs of being a public company, offset by the increase in our earned premiums which grew 22.7% in the quarter from $100.0 million in 2014 to $122.7 million in 2015. For the nine months ended September 30, 2015 our expense ratio decreased to 34.1% in 2015 from 34.4% in 2014 as a result of earned premiums increasing 20.9% from $286.1 million in 2014 to $345.8 million in 2015, offset by the increased share based compensation expenses and other costs of being a public company.

The Excess and Surplus Lines segment’s combined ratio was 74.1% for the third quarter of 2015, comprised of a loss ratio of 49.9% and an expense ratio of 24.2%. In the prior year, this segment’s combined ratio was 74.6% for the third quarter, comprised of a loss ratio of 46.6% and an expense ratio of 27.9%. For the year-to-date, the Excess and Surplus Lines segment’s combined ratio was 83.0%, comprised of a loss ratio of 56.9% and an expense ratio of 26.1%. In the prior year, this segment’s combined ratio on a year-to-date basis was 84.1%, comprised of a loss ratio of 55.9% and an expense ratio of 28.2%. In the third quarter, we recognized $10.1 million in pre-tax, favorable reserve development representing 15.3 points of our loss and combined ratio, respectively. In the same period in 2014, we recognized $12.0 million in pre-tax favorable reserve development representing 23.4 points of our loss and combined ratio, respectively. On a year-to-date basis, 2015 includes favorable reserve development on prior accident years of $18.5 million representing 10.4 points of our loss and combined ratio, respectively. In 2014, this favorable reserve development was $18.3 million representing 13.2 points of our loss and combined ratio, respectively.

The Specialty Admitted Insurance segment’s combined ratio was 95.7% for the third quarter of 2015, comprised of a loss ratio of 60.0% and an expense ratio of 35.7%. In the prior year, this segment’s combined ratio was 97.7%, comprised of a loss ratio of 51.3% and an expense ratio of 46.4%. For the year-to-date, the Specialty Admitted Insurance segment’s combined ratio was 98.3%, comprised of a loss ratio of 60.4% and an expense ratio of 38.0%. In the prior year, this segment’s combined ratio was 104.7%, comprised of a loss ratio of 54.5% and an expense ratio of 50.1%. In the third quarter, we recognized $2.0 million in pre-tax, favorable reserve development representing 18.3 points of our loss and combined ratio, respectively. In the same period in 2014, we recognized $2.2 million in pre-tax, favorable reserve development representing 30.3 points of the loss and combined ratio, respectively. On a year-to-date basis, 2015 includes favorable reserve development on prior accident years of $2.2 million representing 7.1 points of our loss and combined ratio, respectively. In 2014, this segment had favorable reserve development of $3.3 million representing 17.2 points of our loss and combined ratio, respectively. The expense ratio for the third quarter and year-to-date 2015 of 35.7% and 38.0%, respectively, has begun to show the effects of the successful ramp up of the programs and fronting business along with an overall increase in earned premiums in this segment. For the same periods in the prior year, the expense ratio was 46.4% and 50.1%, respectively.

The Casualty Reinsurance segment’s combined ratio was 99.4% for the third quarter of 2015, comprised of a loss ratio of 59.4% and an expense ratio of 40.0%.  In the prior year, this segment’s combined ratio was 100.0% comprised of a loss ratio of 64.7% and an expense ratio of 35.2%. The increase in the expense ratio during the third quarter of 2015 was the result of increased sliding scale commissions associated with favorable loss ratios, principally in the 2014 underwriting year. For the year-to-date, the Casualty Reinsurance segment’s combined ratio was 99.3%, comprised of a loss ratio of 65.1% and an expense ratio of 34.2%. In the prior year, this segment’s combined ratio on a year-to-date basis was 99.7%, comprised of a loss ratio of 65.4% and an expense ratio of 34.3%. In the third quarter, we recognized $2.5 million of adverse reserve development representing (5.3) points of the loss and combined ratio, respectively. In the prior year, we recognized $1.2 million of favorable reserve development representing 2.9 points of the loss and combined ratio, respectively. On a year-to-date basis, 2015 includes adverse reserve development on prior accident years of $6.0 million representing (4.4) points of our loss and combined ratio, respectively. In 2014, this adverse reserve development was $2.4 million representing (1.9) points of our loss and combined ratio, respectively.

The decrease in gross written premium in this segment for the third quarter of 2015 is principally due to the timing of the renewal of one contract which renewed in the third quarter of 2014 but was renewed in the second quarter of 2015. This contract contributed $25.0 million to this segment’s gross written premium in the third quarter of 2014 and $16.0 million to the second quarter of 2015. Additionally, management of this Segment made underwriting decisions to either non-renew or reduce the size of other contracts at renewal in the quarter.

Net investment income for the third quarter of 2015 was $9.5 million which compares to $10.0 million for the same period in 2014. On a year-to-date basis, net investment income for 2015 was $34.5 million which compares to $33.2 million for the same period in 2014. The decrease in net investment income for the quarter was primarily attributable to a decrease in the fair value of our investments in certain renewable energy partnerships in the third quarter of $(659,000) compared to an increase of $697,000 in the third quarter of the prior year. On a year-to-date basis, these energy partnerships have contributed $4.0 million and $4.7 million for the nine months ended September 30, 2015 and 2014, respectively, to our net investment income. The increase in net investment income on a year-to-date basis was also attributable to the increase in our balance of cash and invested assets which grew 5.9% from $1,302.1 million at September 30, 2014 to $1,378.9 million at September 30, 2015. Additionally net investment income was affected by our positive operating cash flow partially offset by the $70 million dividend we paid on September 30, 2014, which reduced our investable assets, as well as declining portfolio yields. Our annualized gross investment yield on average fixed maturity securities for the three and nine months ended September 30, 2015 was 3.4% and 3.3%, respectively, and the average duration of our portfolio was 3.5 years.

During the third quarter, we recognized $17,000 (seventeen thousand dollars) of pre-tax net realized losses. On a year-to-date basis for 2015, we recognized $2.5 million in pre-tax net realized losses. Included in this amount was $3.4 million in losses during the first quarter of 2015 relating to our energy portfolio, which at September 30, 2015 had a remaining carrying value of $21.0 million and a fair market value of $16.1 million.

Dividend

The Company announced that its Board of Directors declared a cash dividend of $0.16 per common share. This dividend is payable on Monday, December 28, 2015 to all shareholders of record on Monday, December 14, 2015.

Special Dividend

The Company also announced that its Board of Directors declared a cash dividend of $1.00 per common share. This dividend is payable on Monday, December 28, 2015 to all shareholders of record on Monday, December 14, 2015.

Conference Call

James River Group Holdings will hold a conference call to discuss this press release tomorrow, November 5, 2015, at 9:00 a.m. Eastern time. Investors may access the conference call by dialing (877) 930-8055 Conference ID# 17443071 or via the internet by going to www.jrgh.net and clicking on the “Investor Relations” link. Please visit the website at least 15 minutes early to register and download any necessary audio software. A replay will be available shortly after the call and through the end of business on December 4, 2015 at the number and website referenced above.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, intend, project, anticipate, plan, estimate or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.  Although it is not possible to identify all of these risks and factors, they include, among others, the following: losses exceeding reserves; loss of key members of our management or employees; adverse economic factors; a decline in our financial strength; loss of a group of brokers or agents that generate significant portions of our business; losses in our investment portfolio; additional government or market regulation; potentially becoming subject to United States taxation and other risks described in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Non-GAAP Financial Measures

In presenting James River Group Holdings’ results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including underwriting profit, net operating income and return on tangible equity are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

About James River Group Holdings, Ltd.

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company which owns and operates a group of specialty insurance and reinsurance companies founded by members of our management team. The Company operates in three specialty property-casualty insurance and reinsurance segments: Excess and Surplus Lines, Specialty Admitted Insurance and Casualty Reinsurance. The Company tends to focus on accounts associated with small or medium-sized businesses in each of its segments. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) with a “positive outlook” by A.M. Best Company.

Visit James River Group Holdings, Ltd. on the web at www.jrgh.net

James River Group Holdings, Ltd. and Subsidiaries
Condensed Consolidated Balance Sheet Data
(Unaudited)
September 30,
2015
December 31,
2014
($ in thousands, except for share amounts)
ASSETS
Invested assets:
Fixed maturity securities, available-for-sale $ 888,480 $ 756,963
Fixed maturity securities, trading 1,251 7,388
Equity securities, available-for-sale 74,453 67,905
Bank loan participations, held-for-investment 213,625 239,511
Short-term investments 50,225 131,856
Other invested assets 74,301 33,622
Total investments 1,302,335 1,237,245
Cash and cash equivalents 76,561 73,383
Accrued investment income 8,281 7,273
Premiums receivable and agents’ balances 197,962 162,527
Reinsurance recoverable on unpaid losses 133,273 127,254
Reinsurance recoverable on paid losses 5,835 1,725
Deferred policy acquisition costs 72,673 60,202
Goodwill and intangible assets 221,509 221,956
Other assets 77,686 67,727
Total assets $ 2,096,115 $ 1,959,292
LIABILITIES AND SHAREHOLDERS’ EQUITY
Reserve for losses and loss adjustment expenses $ 779,009 $ 716,296
Unearned premiums 329,867 277,579
Senior debt 88,300 88,300
Junior subordinated debt 104,055 104,055
Accrued expenses 29,250 31,107
Other liabilities 58,218 54,034
Total liabilities 1,388,699 1,271,371
Total shareholders’ equity 707,416 687,921
Total liabilities and shareholders’ equity $ 2,096,115 $ 1,959,292
Tangible equity $ 485,907 $ 465,965
Tangible equity per common share outstanding $ 16.89 $ 16.33
Total shareholders’ equity per common share outstanding $ 24.59 $ 24.10
Common shares outstanding at end-of-period 28,769,487 28,540,350
Debt to total capitalization ratio 21.4 % 21.9 %

James River Group Holdings, Ltd. and Subsidiaries
Condensed Consolidated Income Statement Data
(Unaudited)
Three Months Ended
September 30,

Nine Months Ended
September 30,

2015 2014 2015 2014
($ in thousands, except for share data)
REVENUES
Gross written premiums $ 148,236 $ 171,415 $ 463,505 $ 415,616
Net written premiums $ 122,928 $ 153,836 $ 390,401 $ 367,618
Net earned premiums $ 122,705 $ 99,989 $ 345,776 $ 286,057
Net investment income 9,510 9,996 34,496 33,189
Net realized investment (losses) gains (17 ) 2,033 (2,473 ) (1,678 )
Other income 925 (201 ) 2,018 740
Total revenues 133,123 111,817 379,817 318,308
EXPENSES
Losses and loss adjustment expenses 66,718 54,486 209,133 171,936
Other operating expenses 43,387 34,114 119,764 98,971
Other expenses 69 2,459 207 2,848
Interest expense 1,769 1,557 5,217 4,661
Amortization of intangible assets 149 149 447 447
Total expenses 112,092 92,765 334,768 278,863
Income before taxes 21,031 19,052 45,049 39,445
Income tax expense (2,070 ) (1,884 ) (4,222 ) (3,626 )
NET INCOME $ 18,961 $ 17,168 $ 40,827 $ 35,819
NET OPERATING INCOME $ 19,177 $ 18,288 $ 43,230 $ 39,639
EARNINGS PER SHARE
Basic $ 0.66 $ 0.60 $ 1.43 $ 1.26
Diluted $ 0.64 $ 0.60 $ 1.40 $ 1.24
NET OPERATING INCOME PER SHARE
Basic $ 0.67 $ 0.64 $ 1.51 $ 1.39
Diluted $ 0.65 $ 0.64 $ 1.48 $ 1.38
Weighted-average common shares outstanding:
Basic 28,735,087 28,540,350 28,608,398 28,540,350
Diluted 29,418,251 28,793,815 29,244,520 28,787,500
Cash dividends declared per common share $ 1.16 $ 2.45 $ 1.48 $ 2.45
Ratios:
Loss ratio 54.4 % 54.5 % 60.5 % 60.1 %
Expense ratio 34.7 % 34.3 % 34.1 % 34.4 %
Combined ratio 89.0 % 88.8 % 94.6 % 94.5 %

James River Group Holdings, Ltd. and Subsidiaries
Segment Results
EXCESS AND SURPLUS LINES
Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
($ in thousands)
Gross written premiums $ 82,249 $ 61,857 $ 235,384 $ 182,544
Net written premiums $ 68,731 $ 51,079 $ 191,951 $ 150,618
Net earned premiums $ 65,804 $ 51,230 $ 178,071 $ 138,313
Losses and loss adjustment expenses (32,853 ) (23,882 ) (101,383 ) (77,362 )
Underwriting expenses (15,904 ) (14,315 ) (46,429 ) (39,020 )
Underwriting profit (a), (b) $ 17,047 $ 13,033 $ 30,259 $ 21,931
Ratios:
Loss ratio 49.9 % 46.6 % 56.9 % 55.9 %
Expense ratio 24.2 % 27.9 % 26.1 % 28.2 %
Combined ratio 74.1 % 74.6 % 83.0 % 84.1 %
(a) See “Reconciliation of Non-GAAP Measures.”
(b) Underwriting results include fee income of $861,000 and $(218,000) for the three months ended September 30, 2015 and 2014, respectively, and $1.8 million and $565,000 for the respective nine month periods.
SPECIALTY ADMITTED INSURANCE
Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
($ in thousands)
Gross written premiums $ 22,898 $ 16,211 $ 61,755 $ 40,447
Net written premiums $ 11,110 $ 9,212 $ 31,751 $ 24,855
Net earned premiums $ 10,743 $ 7,185 $ 30,448 $ 18,847
Losses and loss adjustment expenses (6,448 ) (3,687 ) (18,377 ) (10,274 )
Underwriting expenses (3,833 ) (3,336 ) (11,565 ) (9,451 )
Underwriting profit (loss) (a), (b) $ 462 $ 162 $ 506 $ (878 )
Ratios:
Loss ratio 60.0 % 51.3 % 60.4 % 54.5 %
Expense ratio 35.7 % 46.4 % 38.0 % 50.1 %
Combined ratio 95.7 % 97.7 % 98.3 % 104.7 %
(a) See “Reconciliation of Non-GAAP Measures.”
(b) Underwriting results include fee income of $328,000 and $211,000 for the three months ended September 30,
2015 and 2014, respectively, and $992,000 and $514,000 for the respective nine month periods.
CASUALTY REINSURANCE
Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
($ in thousands)
Gross written premiums $ 43,089 $ 93,347 $ 166,366 $ 192,625
Net written premiums $ 43,087 $ 93,545 $ 166,699 $ 192,145
Net earned premiums $ 46,158 $ 41,574 $ 137,257 $ 128,897
Losses and loss adjustment expenses (27,417 ) (26,917 ) (89,373 ) (84,300 )
Underwriting expenses (18,465 ) (14,640 ) (46,973 ) (44,173 )
Underwriting profit (a) $ 276 $ 17 $ 911 $ 424
Ratios:
Loss ratio 59.4 % 64.7 % 65.1 % 65.4 %
Expense ratio 40.0 % 35.2 % 34.2 % 34.3 %
Combined ratio 99.4 % 100.0 % 99.3 % 99.7 %
(a) See “Reconciliation of Non-GAAP Measures.”

RECONCILIATION OF NON-GAAP MEASURES

The following table reconciles the underwriting profit (loss) by individual operating segment and of the whole Company to consolidated income before taxes. We believe that these measures are useful to investors in evaluating the performance of our Company and its operating segments because our objective is to consistently earn underwriting profits.  We evaluate the performance of our operating segments and allocate resources based primarily on underwriting profit (loss) of operating segments.  Our definition of underwriting profit (loss) of operating segments and underwriting profit (loss) may not be comparable to that of other companies.

Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
($ in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines $ 17,047 $ 13,033 $ 30,259 $ 21,931
Specialty Admitted Insurance 462 162 506 (878 )
Casualty Reinsurance 276 17 911 424
Total underwriting profit of operating segments 17,785 13,212 31,676 21,477
Other operating expenses of the Corporate and
Other segment
(4,324 ) (2,041 ) (12,958 ) (5,762 )
Underwriting profit (a) 13,461 11,171 18,718 15,715
Net investment income 9,510 9,996 34,496 33,189
Net realized investment (losses) gains (17 ) 2,033 (2,473 ) (1,678 )
Other income and expenses (5 ) (2,442 ) (28 ) (2,673 )
Interest expense (1,769 ) (1,557 ) (5,217 ) (4,661 )
Amortization of intangible assets (149 ) (149 ) (447 ) (447 )
Consolidated income before taxes $ 21,031 $ 19,052 $ 45,049 $ 39,445
(a)  Included in underwriting results for the three months ended September 30, 2015 and 2014 is fee income of
$1.2 million and $(7,000), respectively, and $2.8 million and $1.1 million for the respective nine month periods.

We define net operating income as net income excluding net realized investment gains and losses, expenses related to due diligence costs for various merger and acquisition activities, costs associated with our initial public offering, severance costs associated with terminated employees, impairment charges on goodwill and intangible assets and gains on extinguishment of debt. We use net operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance.  Net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of net operating income may not be comparable to that of other companies.

Our income before taxes and net income for the three and nine months ended September 30, 2015 and 2014, respectively, reconciles to our net operating income as follows:

Three Months Ended
September 30,
2015 2014
Income
Before
Taxes
Net
Income
Income
Before
Taxes
Net
Income
($ in thousands)
Income as reported $ 21,031 $ 18,961 $ 19,052 $ 17,168
Net realized investment losses (gains) 17 63 (2,033 ) (1,420 )
Other expenses 69 45 2,459 (a) 2,434
Interest expense on leased building the
Company is deemed to own for
accounting purposes
166 108 163 106
Net operating income $ 21,283 $ 19,177 $ 19,641 $ 18,288
Nine Months Ended
September 30,
2015 2014
Income
Before
Taxes
Net
Income
Income
Before
Taxes
Net
Income
($ in thousands)
Income as reported $ 45,049 $ 40,827 $ 39,445 $ 35,819
Net realized investment losses 2,473 1,946 1,678 723
Other expenses 207 135 2,848 (a) 2,775
Interest expense on leased building the
Company is deemed to own for accounting
purposes
496 322 495 322
Net operating income $ 48,225 $ 43,230 $ 44,466 $ 39,639
(a)  Principally costs of the initial public offering.

We define tangible equity as the sum of shareholders’ equity less goodwill and intangible assets (net of amortization).  Our definition of tangible equity may not be comparable to that of other companies, and it should not be viewed as a substitute for shareholders’ equity calculated in accordance with GAAP.  We use tangible equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity for September 30, 2015, June 30, 2015 and December 31, 2014.

September 30, June 30, December 31,
2015 2015 2014
Shareholders’ equity $ 707,416 $ 692,185 $ 687,921
Less:  Goodwill and intangible assets 221,509 221,658 221,956
Tangible equity $ 485,907 $ 470,527 $ 465,965

For more information contact:

Robert Myron
President and Chief Operating Officer
1-441-278-4583

InvestorRelations@jrgh.net

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James River Group Holdings Reports Third Quarter Net Income of $19.0 Million, or $0.64 Per Diluted Share

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Reports Net Operating Income of $19.2 Million, or $0.65 Per Diluted Share

Declares $0.16 Per Share Quarterly Dividend

Declares $1.00 Per Share Special Dividend

33.0% Growth in Excess and Surplus Lines Segment and 41.2% Growth in Specialty Admitted Segment in the Third Quarter

Increased Scale Drives Expense Ratio Reductions in E&S and Specialty Admitted Segments

Year-to-Date Net Income of $40.8 Million or $1.40 Per Share and Net Operating Income of $43.2 Million or $1.48 Per Share

CaribPR Wire, PEMBROKE, Bermuda, Nov. 04, 2015: — James River Group Holdings, Ltd. (NASDAQ:JRVR) today announced financial results for the third quarter and nine months ended September 30, 2015.

J. Adam Abram, Chairman and CEO of James River Group Holdings, Ltd. commented, “My colleagues delivered strong returns, producing an 89.0% combined ratio. James River remains on track to earn a 12% return on tangible equity for our shareholders for calendar 2015.  Our profitable growth permitted our Board to supplement our regular $0.16 quarterly dividend with an additional special dividend of $1.00 per share to be paid in the fourth quarter. We are very pleased to announce these results and these dividends.”

Significant factors to consider when evaluating the third quarter of 2015 include:

  • Each of the Company’s operating segments made an underwriting profit;
  • Diluted operating earnings per share are $0.65 per share compared to $0.64 per share in the prior year;
  • Net operating income for the third quarter 2015 of $19.2 million compared to $18.3 million in the prior year;
  • In the current quarter, pre-tax favorable reserve development was $9.6 million (representing $0.28 per share) compared to pre-tax favorable development of $15.4 million (representing $0.48 per share) in the prior year.  This was the 13th consecutive quarter where we have been able to reduce reserves on prior accident years;
  • Our business segments continue to respond nimbly to market conditions:
    • Our highly profitable E&S Segment grew gross written premiums 33.0% to $82.2 million from $61.9 million in the third quarter of 2014;
    • Our Specialty Admitted Insurance Segment increased gross written premiums 41.2% to $22.9 million from $16.2 million in 2014, which helped to reduce the segment’s expense ratio to 35.7% from 46.4% in the third quarter of 2014.
  • Our combined ratio for the quarter was 89.0% compared to 88.8% in the prior year.  As of September 30, 2015, 69% of total net loss reserves were designated as IBNR, which is consistent with our history of strong reserves;
  • Net investment income for the quarter was $9.5 million compared to $10.0 million for the same period in 2014;
  • The decrease in gross written premiums in our Casualty Reinsurance Segment from $93.3 million to $43.1 million was primarily the result of a timing difference, as a large reinsurance contract renewed out of sequence.  Additionally, management of this Segment made underwriting decisions to either non-renew or reduce the size of other contracts at renewal in the quarter.

Significant factors to consider when evaluating the nine-month period ended September 30, 2015 include:

  • Each of the Company’s operating segments made an underwriting profit;
  • Diluted operating earnings per share up 7.2% to $1.48 per share compared to $1.38 per share in the prior year.
  • Net operating income in 2015 of $43.2 million compared to $39.6 million in the prior year;
  • For the nine months of 2015, we had favorable reserve development of $14.6 million, compared to $19.1 million in the first nine months of 2014;
  • We enjoyed an increase in gross written premiums of 11.5% to $463.5 from $415.6 million, which helped lower expense ratios in our two primary insurers:
    • The Excess and Surplus Lines Segment’s gross written premiums grew 28.9% to $235.4 million, which lowered the segment’s expense ratio by 2.1 percentage points;
    • The Specialty Admitted Insurance Segment’s gross written premiums grew by 52.7% to $61.8 million, which lowered the Segment’s expense ratio by 12.1 percentage points;
    • A decrease in our Casualty Reinsurance Segment’s gross written premiums of 13.6% to $166.4 million from $192.6 million in 2014.

Tangible equity value increased 3.3% for the third quarter of 2015 from $470.5 million at June 30, 2015 to $485.9 million at September 30, 2015. This was primarily due to our net income of $19.0 million and an increase in accumulated other comprehensive income (i.e. unrealized gains in our investment portfolio) which increased $1.6 million (after-tax) from $7.3 million at June 30, 2015 to $8.9 million at September 30, 2015, partially offset by the dividend of $4.6 million paid during the quarter. The increase in unrealized gains was primarily driven by the change in market rates of interest.

On a year-to-date basis, our tangible book value increased 4.3% from $466.0 million at December 31, 2014 to $485.9 million at September 30, 2015. This increase was primarily due to our net income of $40.8 million partially offset by a decrease in accumulated other comprehensive income which decreased $9.5 million from $18.4 million at December 31, 2014 to $8.9 million at September 30, 2015, as well as the $13.9 million of dividends paid and accrued during 2015.

Net operating earnings per diluted share for the third quarter of 2015 were $0.65 per share and excluded $252,000 of pre-tax costs related to realized gains and losses and other non-operating expenses. This amount compares to $0.64 for the same period in 2014. On a year-to-date basis, net operating earnings per diluted share for 2015 were $1.48 per share and excluded $0.08 per share of costs related to realized gains and losses and other non-operating expenses. This amount compares to $1.38 for the same period in 2014.

Fully diluted earnings per share for the third quarter of 2015 were $0.64 which exceeded the amount in the third quarter of 2014 of $0.60. On a year-to-date basis, fully diluted earnings per share for 2015 were $1.40 per share. This amount compares to $1.24 for the same period in 2014.

The combined ratio for the Company was 89.0% (comprised of a loss ratio of 54.4% and an expense ratio of 34.7%) for the third quarter of 2015. This compares to a combined ratio of 88.8% (comprised of a loss ratio of 54.5% and an expense ratio of 34.3%) in the prior year. On a year-to-date basis, the combined ratio for the Company for 2015 was 94.6% (comprised of a loss ratio of 60.5% and an expense ratio of 34.1%). This compares to a combined ratio in the prior year of 94.5% (comprised of a loss ratio of 60.1% and an expense ratio of 34.4%).

Results for the quarter ended September 30, 2015 include favorable reserve development on prior accident years of $9.6 million, representing 7.8 points of our loss and combined ratio, respectively, which compares to favorable reserve development in the prior year of $15.4 million, representing 15.4 points of our loss and combined ratio, respectively. On an after-tax basis, favorable reserve development for the quarter is $8.3 million ($13.9 million in the prior year). On a year-to-date basis, 2015 includes favorable reserve development on prior accident years of $14.6 million (or $12.4 million on an after-tax basis) representing 4.2 points of our loss and combined ratio, respectively. In 2014, this nine-month favorable reserve development was $19.1 million (or $16.8 million on an after-tax basis) representing 6.7 points of our loss and combined ratio, respectively.

The increase in the overall expense ratio in the third quarter of 2015 compared to the same period in the prior year (34.7% in 2015 vs. 34.3% in the prior year) was due to increased sliding scale commissions at our Casualty Reinsurance segment (due to lower underlying loss ratios) as well as the increased share based compensation expenses and other costs of being a public company, offset by the increase in our earned premiums which grew 22.7% in the quarter from $100.0 million in 2014 to $122.7 million in 2015. For the nine months ended September 30, 2015 our expense ratio decreased to 34.1% in 2015 from 34.4% in 2014 as a result of earned premiums increasing 20.9% from $286.1 million in 2014 to $345.8 million in 2015, offset by the increased share based compensation expenses and other costs of being a public company.

The Excess and Surplus Lines segment’s combined ratio was 74.1% for the third quarter of 2015, comprised of a loss ratio of 49.9% and an expense ratio of 24.2%. In the prior year, this segment’s combined ratio was 74.6% for the third quarter, comprised of a loss ratio of 46.6% and an expense ratio of 27.9%. For the year-to-date, the Excess and Surplus Lines segment’s combined ratio was 83.0%, comprised of a loss ratio of 56.9% and an expense ratio of 26.1%. In the prior year, this segment’s combined ratio on a year-to-date basis was 84.1%, comprised of a loss ratio of 55.9% and an expense ratio of 28.2%. In the third quarter, we recognized $10.1 million in pre-tax, favorable reserve development representing 15.3 points of our loss and combined ratio, respectively. In the same period in 2014, we recognized $12.0 million in pre-tax favorable reserve development representing 23.4 points of our loss and combined ratio, respectively. On a year-to-date basis, 2015 includes favorable reserve development on prior accident years of $18.5 million representing 10.4 points of our loss and combined ratio, respectively. In 2014, this favorable reserve development was $18.3 million representing 13.2 points of our loss and combined ratio, respectively.

The Specialty Admitted Insurance segment’s combined ratio was 95.7% for the third quarter of 2015, comprised of a loss ratio of 60.0% and an expense ratio of 35.7%. In the prior year, this segment’s combined ratio was 97.7%, comprised of a loss ratio of 51.3% and an expense ratio of 46.4%. For the year-to-date, the Specialty Admitted Insurance segment’s combined ratio was 98.3%, comprised of a loss ratio of 60.4% and an expense ratio of 38.0%. In the prior year, this segment’s combined ratio was 104.7%, comprised of a loss ratio of 54.5% and an expense ratio of 50.1%. In the third quarter, we recognized $2.0 million in pre-tax, favorable reserve development representing 18.3 points of our loss and combined ratio, respectively. In the same period in 2014, we recognized $2.2 million in pre-tax, favorable reserve development representing 30.3 points of the loss and combined ratio, respectively. On a year-to-date basis, 2015 includes favorable reserve development on prior accident years of $2.2 million representing 7.1 points of our loss and combined ratio, respectively. In 2014, this segment had favorable reserve development of $3.3 million representing 17.2 points of our loss and combined ratio, respectively. The expense ratio for the third quarter and year-to-date 2015 of 35.7% and 38.0%, respectively, has begun to show the effects of the successful ramp up of the programs and fronting business along with an overall increase in earned premiums in this segment. For the same periods in the prior year, the expense ratio was 46.4% and 50.1%, respectively.

The Casualty Reinsurance segment’s combined ratio was 99.4% for the third quarter of 2015, comprised of a loss ratio of 59.4% and an expense ratio of 40.0%.  In the prior year, this segment’s combined ratio was 100.0% comprised of a loss ratio of 64.7% and an expense ratio of 35.2%. The increase in the expense ratio during the third quarter of 2015 was the result of increased sliding scale commissions associated with favorable loss ratios, principally in the 2014 underwriting year. For the year-to-date, the Casualty Reinsurance segment’s combined ratio was 99.3%, comprised of a loss ratio of 65.1% and an expense ratio of 34.2%. In the prior year, this segment’s combined ratio on a year-to-date basis was 99.7%, comprised of a loss ratio of 65.4% and an expense ratio of 34.3%. In the third quarter, we recognized $2.5 million of adverse reserve development representing (5.3) points of the loss and combined ratio, respectively. In the prior year, we recognized $1.2 million of favorable reserve development representing 2.9 points of the loss and combined ratio, respectively. On a year-to-date basis, 2015 includes adverse reserve development on prior accident years of $6.0 million representing (4.4) points of our loss and combined ratio, respectively. In 2014, this adverse reserve development was $2.4 million representing (1.9) points of our loss and combined ratio, respectively.

The decrease in gross written premium in this segment for the third quarter of 2015 is principally due to the timing of the renewal of one contract which renewed in the third quarter of 2014 but was renewed in the second quarter of 2015. This contract contributed $25.0 million to this segment’s gross written premium in the third quarter of 2014 and $16.0 million to the second quarter of 2015. Additionally, management of this Segment made underwriting decisions to either non-renew or reduce the size of other contracts at renewal in the quarter.

Net investment income for the third quarter of 2015 was $9.5 million which compares to $10.0 million for the same period in 2014. On a year-to-date basis, net investment income for 2015 was $34.5 million which compares to $33.2 million for the same period in 2014. The decrease in net investment income for the quarter was primarily attributable to a decrease in the fair value of our investments in certain renewable energy partnerships in the third quarter of $(659,000) compared to an increase of $697,000 in the third quarter of the prior year. On a year-to-date basis, these energy partnerships have contributed $4.0 million and $4.7 million for the nine months ended September 30, 2015 and 2014, respectively, to our net investment income. The increase in net investment income on a year-to-date basis was also attributable to the increase in our balance of cash and invested assets which grew 5.9% from $1,302.1 million at September 30, 2014 to $1,378.9 million at September 30, 2015. Additionally net investment income was affected by our positive operating cash flow partially offset by the $70 million dividend we paid on September 30, 2014, which reduced our investable assets, as well as declining portfolio yields. Our annualized gross investment yield on average fixed maturity securities for the three and nine months ended September 30, 2015 was 3.4% and 3.3%, respectively, and the average duration of our portfolio was 3.5 years.

During the third quarter, we recognized $17,000 (seventeen thousand dollars) of pre-tax net realized losses. On a year-to-date basis for 2015, we recognized $2.5 million in pre-tax net realized losses. Included in this amount was $3.4 million in losses during the first quarter of 2015 relating to our energy portfolio, which at September 30, 2015 had a remaining carrying value of $21.0 million and a fair market value of $16.1 million.

Dividend

The Company announced that its Board of Directors declared a cash dividend of $0.16 per common share. This dividend is payable on Monday, December 28, 2015 to all shareholders of record on Monday, December 14, 2015.

Special Dividend

The Company also announced that its Board of Directors declared a cash dividend of $1.00 per common share. This dividend is payable on Monday, December 28, 2015 to all shareholders of record on Monday, December 14, 2015.

Conference Call

James River Group Holdings will hold a conference call to discuss this press release tomorrow, November 5, 2015, at 9:00 a.m. Eastern time. Investors may access the conference call by dialing (877) 930-8055 Conference ID# 17443071 or via the internet by going to www.jrgh.net and clicking on the “Investor Relations” link. Please visit the website at least 15 minutes early to register and download any necessary audio software. A replay will be available shortly after the call and through the end of business on December 4, 2015 at the number and website referenced above.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, intend, project, anticipate, plan, estimate or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.  Although it is not possible to identify all of these risks and factors, they include, among others, the following: losses exceeding reserves; loss of key members of our management or employees; adverse economic factors; a decline in our financial strength; loss of a group of brokers or agents that generate significant portions of our business; losses in our investment portfolio; additional government or market regulation; potentially becoming subject to United States taxation and other risks described in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Non-GAAP Financial Measures

In presenting James River Group Holdings’ results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including underwriting profit, net operating income and return on tangible equity are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

About James River Group Holdings, Ltd.

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company which owns and operates a group of specialty insurance and reinsurance companies founded by members of our management team. The Company operates in three specialty property-casualty insurance and reinsurance segments: Excess and Surplus Lines, Specialty Admitted Insurance and Casualty Reinsurance. The Company tends to focus on accounts associated with small or medium-sized businesses in each of its segments. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) with a “positive outlook” by A.M. Best Company.

Visit James River Group Holdings, Ltd. on the web at www.jrgh.net

James River Group Holdings, Ltd. and Subsidiaries
Condensed Consolidated Balance Sheet Data
(Unaudited)
September 30,
2015
December 31,
2014
($ in thousands, except for share amounts)
ASSETS
Invested assets:
Fixed maturity securities, available-for-sale $ 888,480 $ 756,963
Fixed maturity securities, trading 1,251 7,388
Equity securities, available-for-sale 74,453 67,905
Bank loan participations, held-for-investment 213,625 239,511
Short-term investments 50,225 131,856
Other invested assets 74,301 33,622
Total investments 1,302,335 1,237,245
Cash and cash equivalents 76,561 73,383
Accrued investment income 8,281 7,273
Premiums receivable and agents’ balances 197,962 162,527
Reinsurance recoverable on unpaid losses 133,273 127,254
Reinsurance recoverable on paid losses 5,835 1,725
Deferred policy acquisition costs 72,673 60,202
Goodwill and intangible assets 221,509 221,956
Other assets 77,686 67,727
Total assets $ 2,096,115 $ 1,959,292
LIABILITIES AND SHAREHOLDERS’ EQUITY
Reserve for losses and loss adjustment expenses $ 779,009 $ 716,296
Unearned premiums 329,867 277,579
Senior debt 88,300 88,300
Junior subordinated debt 104,055 104,055
Accrued expenses 29,250 31,107
Other liabilities 58,218 54,034
Total liabilities 1,388,699 1,271,371
Total shareholders’ equity 707,416 687,921
Total liabilities and shareholders’ equity $ 2,096,115 $ 1,959,292
Tangible equity $ 485,907 $ 465,965
Tangible equity per common share outstanding $ 16.89 $ 16.33
Total shareholders’ equity per common share outstanding $ 24.59 $ 24.10
Common shares outstanding at end-of-period 28,769,487 28,540,350
Debt to total capitalization ratio 21.4 % 21.9 %

James River Group Holdings, Ltd. and Subsidiaries
Condensed Consolidated Income Statement Data
(Unaudited)
Three Months Ended
September 30,

Nine Months Ended
September 30,

2015 2014 2015 2014
($ in thousands, except for share data)
REVENUES
Gross written premiums $ 148,236 $ 171,415 $ 463,505 $ 415,616
Net written premiums $ 122,928 $ 153,836 $ 390,401 $ 367,618
Net earned premiums $ 122,705 $ 99,989 $ 345,776 $ 286,057
Net investment income 9,510 9,996 34,496 33,189
Net realized investment (losses) gains (17 ) 2,033 (2,473 ) (1,678 )
Other income 925 (201 ) 2,018 740
Total revenues 133,123 111,817 379,817 318,308
EXPENSES
Losses and loss adjustment expenses 66,718 54,486 209,133 171,936
Other operating expenses 43,387 34,114 119,764 98,971
Other expenses 69 2,459 207 2,848
Interest expense 1,769 1,557 5,217 4,661
Amortization of intangible assets 149 149 447 447
Total expenses 112,092 92,765 334,768 278,863
Income before taxes 21,031 19,052 45,049 39,445
Income tax expense (2,070 ) (1,884 ) (4,222 ) (3,626 )
NET INCOME $ 18,961 $ 17,168 $ 40,827 $ 35,819
NET OPERATING INCOME $ 19,177 $ 18,288 $ 43,230 $ 39,639
EARNINGS PER SHARE
Basic $ 0.66 $ 0.60 $ 1.43 $ 1.26
Diluted $ 0.64 $ 0.60 $ 1.40 $ 1.24
NET OPERATING INCOME PER SHARE
Basic $ 0.67 $ 0.64 $ 1.51 $ 1.39
Diluted $ 0.65 $ 0.64 $ 1.48 $ 1.38
Weighted-average common shares outstanding:
Basic 28,735,087 28,540,350 28,608,398 28,540,350
Diluted 29,418,251 28,793,815 29,244,520 28,787,500
Cash dividends declared per common share $ 1.16 $ 2.45 $ 1.48 $ 2.45
Ratios:
Loss ratio 54.4 % 54.5 % 60.5 % 60.1 %
Expense ratio 34.7 % 34.3 % 34.1 % 34.4 %
Combined ratio 89.0 % 88.8 % 94.6 % 94.5 %

James River Group Holdings, Ltd. and Subsidiaries
Segment Results
EXCESS AND SURPLUS LINES
Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
($ in thousands)
Gross written premiums $ 82,249 $ 61,857 $ 235,384 $ 182,544
Net written premiums $ 68,731 $ 51,079 $ 191,951 $ 150,618
Net earned premiums $ 65,804 $ 51,230 $ 178,071 $ 138,313
Losses and loss adjustment expenses (32,853 ) (23,882 ) (101,383 ) (77,362 )
Underwriting expenses (15,904 ) (14,315 ) (46,429 ) (39,020 )
Underwriting profit (a), (b) $ 17,047 $ 13,033 $ 30,259 $ 21,931
Ratios:
Loss ratio 49.9 % 46.6 % 56.9 % 55.9 %
Expense ratio 24.2 % 27.9 % 26.1 % 28.2 %
Combined ratio 74.1 % 74.6 % 83.0 % 84.1 %
(a) See “Reconciliation of Non-GAAP Measures.”
(b) Underwriting results include fee income of $861,000 and $(218,000) for the three months ended September 30, 2015 and 2014, respectively, and $1.8 million and $565,000 for the respective nine month periods.
SPECIALTY ADMITTED INSURANCE
Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
($ in thousands)
Gross written premiums $ 22,898 $ 16,211 $ 61,755 $ 40,447
Net written premiums $ 11,110 $ 9,212 $ 31,751 $ 24,855
Net earned premiums $ 10,743 $ 7,185 $ 30,448 $ 18,847
Losses and loss adjustment expenses (6,448 ) (3,687 ) (18,377 ) (10,274 )
Underwriting expenses (3,833 ) (3,336 ) (11,565 ) (9,451 )
Underwriting profit (loss) (a), (b) $ 462 $ 162 $ 506 $ (878 )
Ratios:
Loss ratio 60.0 % 51.3 % 60.4 % 54.5 %
Expense ratio 35.7 % 46.4 % 38.0 % 50.1 %
Combined ratio 95.7 % 97.7 % 98.3 % 104.7 %
(a) See “Reconciliation of Non-GAAP Measures.”
(b) Underwriting results include fee income of $328,000 and $211,000 for the three months ended September 30,
2015 and 2014, respectively, and $992,000 and $514,000 for the respective nine month periods.
CASUALTY REINSURANCE
Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
($ in thousands)
Gross written premiums $ 43,089 $ 93,347 $ 166,366 $ 192,625
Net written premiums $ 43,087 $ 93,545 $ 166,699 $ 192,145
Net earned premiums $ 46,158 $ 41,574 $ 137,257 $ 128,897
Losses and loss adjustment expenses (27,417 ) (26,917 ) (89,373 ) (84,300 )
Underwriting expenses (18,465 ) (14,640 ) (46,973 ) (44,173 )
Underwriting profit (a) $ 276 $ 17 $ 911 $ 424
Ratios:
Loss ratio 59.4 % 64.7 % 65.1 % 65.4 %
Expense ratio 40.0 % 35.2 % 34.2 % 34.3 %
Combined ratio 99.4 % 100.0 % 99.3 % 99.7 %
(a) See “Reconciliation of Non-GAAP Measures.”

RECONCILIATION OF NON-GAAP MEASURES

The following table reconciles the underwriting profit (loss) by individual operating segment and of the whole Company to consolidated income before taxes. We believe that these measures are useful to investors in evaluating the performance of our Company and its operating segments because our objective is to consistently earn underwriting profits.  We evaluate the performance of our operating segments and allocate resources based primarily on underwriting profit (loss) of operating segments.  Our definition of underwriting profit (loss) of operating segments and underwriting profit (loss) may not be comparable to that of other companies.

Three Months Ended
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014
($ in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines $ 17,047 $ 13,033 $ 30,259 $ 21,931
Specialty Admitted Insurance 462 162 506 (878 )
Casualty Reinsurance 276 17 911 424
Total underwriting profit of operating segments 17,785 13,212 31,676 21,477
Other operating expenses of the Corporate and
Other segment
(4,324 ) (2,041 ) (12,958 ) (5,762 )
Underwriting profit (a) 13,461 11,171 18,718 15,715
Net investment income 9,510 9,996 34,496 33,189
Net realized investment (losses) gains (17 ) 2,033 (2,473 ) (1,678 )
Other income and expenses (5 ) (2,442 ) (28 ) (2,673 )
Interest expense (1,769 ) (1,557 ) (5,217 ) (4,661 )
Amortization of intangible assets (149 ) (149 ) (447 ) (447 )
Consolidated income before taxes $ 21,031 $ 19,052 $ 45,049 $ 39,445
(a)  Included in underwriting results for the three months ended September 30, 2015 and 2014 is fee income of
$1.2 million and $(7,000), respectively, and $2.8 million and $1.1 million for the respective nine month periods.

We define net operating income as net income excluding net realized investment gains and losses, expenses related to due diligence costs for various merger and acquisition activities, costs associated with our initial public offering, severance costs associated with terminated employees, impairment charges on goodwill and intangible assets and gains on extinguishment of debt. We use net operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance.  Net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of net operating income may not be comparable to that of other companies.

Our income before taxes and net income for the three and nine months ended September 30, 2015 and 2014, respectively, reconciles to our net operating income as follows:

Three Months Ended
September 30,
2015 2014
Income
Before
Taxes
Net
Income
Income
Before
Taxes
Net
Income
($ in thousands)
Income as reported $ 21,031 $ 18,961 $ 19,052 $ 17,168
Net realized investment losses (gains) 17 63 (2,033 ) (1,420 )
Other expenses 69 45 2,459 (a) 2,434
Interest expense on leased building the
Company is deemed to own for
accounting purposes
166 108 163 106
Net operating income $ 21,283 $ 19,177 $ 19,641 $ 18,288
Nine Months Ended
September 30,
2015 2014
Income
Before
Taxes
Net
Income
Income
Before
Taxes
Net
Income
($ in thousands)
Income as reported $ 45,049 $ 40,827 $ 39,445 $ 35,819
Net realized investment losses 2,473 1,946 1,678 723
Other expenses 207 135 2,848 (a) 2,775
Interest expense on leased building the
Company is deemed to own for accounting
purposes
496 322 495 322
Net operating income $ 48,225 $ 43,230 $ 44,466 $ 39,639
(a)  Principally costs of the initial public offering.

We define tangible equity as the sum of shareholders’ equity less goodwill and intangible assets (net of amortization).  Our definition of tangible equity may not be comparable to that of other companies, and it should not be viewed as a substitute for shareholders’ equity calculated in accordance with GAAP.  We use tangible equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity for September 30, 2015, June 30, 2015 and December 31, 2014.

September 30, June 30, December 31,
2015 2015 2014
Shareholders’ equity $ 707,416 $ 692,185 $ 687,921
Less:  Goodwill and intangible assets 221,509 221,658 221,956
Tangible equity $ 485,907 $ 470,527 $ 465,965

For more information contact:

Robert Myron
President and Chief Operating Officer
1-441-278-4583

InvestorRelations@jrgh.net

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Human Parasites Cause Acne, Pimples, Blackheads & Whiteheads? Yuck!

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Acne can be stopped.

ATLANTA, Nov. 3, 2015 /PRNewswire-HISPANIC PR WIRE/ – Most acne, pimples, blackheads and whiteheads are caused by parasites living on the human face and body.  Getting rid of the parasites by using natural topical treatments can stop acne in 3-4 months.

Photo – http://photos.prnewswire.com/prnh/20151102/282841

Demodex folliculorum and Demodex brevis are mites that live in hair follicles and sebaceous glands.  Mites are found on the face, chest, back, balding scalp and other areas.  The prevalence of Demodex in humans is estimated as high as 95-100% in some populations.  Anti-mite products are available at http://vexdex.com/products.

Most people are asymptomatic, but an over-abundance of Demodex in a reactive person results in adverse dermatological conditions.  The mites have lifespans of weeks, reproduce, die and decompose inside hair follicles or sebaceous glands.  The decomposition and associated bacteria in mite feces cause acne.  Remove the mites and acne usually stops.  Many clinical acne treatments address symptoms, not the cause, which is why results can be spotty (excuse the pun!) and can leave people dealing with unpleasant drug side-effects.  The most effective solution is to eradicate the mites.

The good news is that treatment is readily available in most countries.  Vex Dex is a company that creates anti-mite products and ships internationally.  The treatments use naturally occurring ingredients.  Treatment involves a regimen of (1) significantly reducing the mite population, then (2) maintaining a low population.  Step (1) takes 3-4 months.  Treatments kill mites, but not their eggs.  Therefore, treatment must be sustained long enough to allow eggs to hatch and generations of mites to be eradicated as reproduction ceases.

Simple topical products that most people are accustomed to, but with anti-mite ingredients added, can effectively treat an infestation.  A morning wash, daytime cream, evening wash-off mask and nighttime cream, supplemented with Tea Tree Oil, work well.  There’s little change to the daily routine – only change to the selection of products used for that familiar routine.

The mites can live in towels, bedsheets and clothing.  Vex Dex tells how to treat those and avoid re-infection.

Tell people you care about.  Skin can be restored to its rightful, beautiful state at any age.  Be beautiful.  Let it show.

About Vex Dex: Founded by a 30-plus-years acne sufferer, who saw blackheads disappear within 1 month and breakouts cease within 4 months, the company is passionate about making acne relief available to all.  Email: info@vexdex.com Website: www.vexdex.com

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CITIVA and UWI Join Forces to Lead Global Charge in Marijuana Research

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KINGSTON, Jamaica, Nov. 2, 2015 /PRNewswire-HISPANIC PR WIRE/ — CITIVA Jamaica (CITIVA) has made another major step in their ongoing relationship with the University of the West Indies, Mona Campus (UWI). The medical research company held its first Continuing Medical Education (CME) Seminar on October 15, 2015, during which CITIVA’s Chief Medical Officer, Jack D’Angelo MD, MBA, delivered a lecture on Cannabinoids and the Management of Multiple Disease States.

CITIVA is focused on advancing the study of marijuana and its efficacy in the field of medicine. In July, CITIVA initiated construction of the world’s first facility dedicated to medical marijuana research at UWI.

“In the US we are only allowed to legally study the undesirable effects [of marijuana]; those are the only studies that can be funded,” said D’Angelo, adding that, “these studies are a little bit unfair in their interpretation.” CITIVA’s research will focus on the endocannabinoid system – a system within the human body which is involved in a variety of physiological processes including appetite, pain-sensation, mood, and memory. CITIVA is seeking to show how the naturally occurring cannabinoids in marijuana affect different disease states, particularly Type II Diabetes, Epilepsy and Neuropathic Pain.

Support for the inaugural seminar came from an array of medical fields, with many individuals looking forward to the start of CITIVA’s clinical trials. “It’s good to see that there was a multidisciplinary turnout,” said Eric Williams, who is a consultant in Emergency Medicine at the University Hospital. Amongst those in attendance were, pediatric neurologist Dr. Roxanne Melbourne-Chambers, senior lecturer in Physiology at UWI, Dr. Dagogo Pebble, and Executive Director of the Jamaican Epilepsy Association, Joy McHugh.

“This is a growing industry,” said Pebble, “and having Citiva here will be like having [the research] at the home of the plant.” CITIVA’s research into Type II Diabetes, epilepsy and neuropathic pain could have additional benefits for the local population. “Particularly within our context and our strained resources, this would seem to be an option worth researching to see if it is clinically applicable,” said Chambers, who treats many children with severe epilepsy at the University Hospital. The cost of cannabinoid treatments is expected to be significantly lower than synthetic products.

Along with their work at UWI, CITIVA is working closely with the Diabetes Association of Jamaica (DAJ) and the Jamaican Epilepsy Association (JEA) to study these diseases and how cannabinoids can be beneficial to treatment. One initiative, spear-headed by CITIVA and the JEA, is to make cannabinoid treatments available to all children afflicted with epilepsy. “People in the US move to states where [marijuana is] available to treat their children,” said D’Angelo, who used the CNN piece by Dr. Sanjay Gupta as a prime example of how these treatments work.

CITIVA seeks to make medical practitioners and educators aware of the advancements in marijuana research. “Still in medical schools we don’t spend any time educating people on this topic,” according to D’Angelo. The hope is to grow this series of CME Seminars into a program at the UWI which will be a critical part of proving the efficacy of cannabinoid treatments.

CONTACT: For further information and/or to schedule interviews, please contact: Tiffany Grey, DRT Communications Ltd., Email: tiffany@drtcommunications.com, Tel: 631-8663

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Invest Caribbean Now Partners To Expand Capital Access To Diaspora Businesses

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Part of the audience at ICN 2015. (ICN image)

Part of the audience at ICN 2015. (ICN image)

CaribPR Wire, NEW YORK, NY, Fri. Oct. 30, 2015:  Access to capital is critical to the growth of small businesses, whether in the Caribbean/Latin America US Diaspora or Canada and often many have nowhere to turn.

But true to its goal of wealth building for the region and its Diasporas, Invest Caribbean Now, the global private sector Caribbean investment agency, has teamed with several US-based organizations to expand capital access to small to medium Caribbean and Hispanic-owned enterprises in the US and Canadians Diaspora.

ICN is partnering with two top organizations to offer cash advances to existing micro-enterprises as well as low interest loans and lines of credit of between US$5,000 to $250,000 to small to medium-sized businesses.

“We are thrilled to fulfil phase one of our 2014 goal of helping to provide access to capital for Caribbean and Hispanic-owned Diaspora Enterprises,” said ICN founder Felicia J. Persaud. “Partnerships are key to our success and we continue to build this with this new service. Now it gives me hope that one day we will also be able to do this for SME’s across the Caribbean region.”

To learn more log on now to investcaribbeannow.com or contact us here or via http://www.investcaribbeannow.com/contact.html

ABOUT INVEST CARIBBEAN NOW

Invest Caribbean Now (ICN) is the definitive private sector investment agency of the Caribbean. It is based in America’s financial capital of the world, New York City. Now in its fifth year, ICN is the brainchild of Caribbean-born media entrepreneur, Felicia J. Persaud and is owned by Hard Beat Communications, Inc.

Invest Caribbean Now promotes and pushes for the right investment opportunities in the Caribbean region; offers a concierge service for high end investors seeking to make the right connection with key opportunities, governments and other parties in any Caribbean destination and connects small entrepreneurs in the Diaspora with SME loans and cash advances.

###

SOURCE: Invest Caribbean Now

MEDIA CONTACT:

Kathy Bronson

Communications Coordinator

Invest Caribbean Now

kbronson@hardbeatcommunications.com

718-476-3616

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Jamaica’s Legendary International Master Pianist For LA Performance

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Jamaica's Legendary Pianist Monty Alexander

Jamaica’s Legendary Pianist Monty Alexander

CaribPR Wire, NEW YORK, NY, Mon. Oct. 26, 2015: Jamaica’s legendary award-winning international master pianist, Monty Alexander, fresh from a tour of Japan, will be taking his Harlem Kingston Express to Hollywood this November.

Alexander, who has built a reputation exploring and bridging the worlds of American jazz, popular song, and the music of his native Jamaica, will  bring ‘A Jamaica Reggae /Jazz One Love Party’ to Los Angeles, California this November 13th and 14th.

He and his Grammy-nominated band will perform at the popular Catalina Jazz Club at 6725 W. Sunset Blvd. in Hollywood, CA  from 8:30 PST over the two nights where he will treat fans to his own version of contemporary jazz.

Tickets can be purchased in advance at http://www.ticketweb.com/t3/sale/SaleEventDetail?dispatch=loadSelectionData&eventId=5995895&pl=cbg or by clicking here.

Alexander has over 70 recordings under his belt and has performed globally with renowned artists including Dizzy Gillespie, Frank Sinatra, Ray Brown, Natalie Cole and Tony Bennett among numerous others.

He was awarded the title of Commander in the Order of Distinction for outstanding services to Jamaica in August 2000 by the Jamaican government and in 2012, ‘Harlem Kingston Express: Live!’ was singled out by both the recording industry and fans and received a Grammy award nomination.

In the summer of 2012, the freewheeling virtuoso  was also awarded the prestigious German Jazz Trophy, “A Life for Jazz,” while in November of the same year, he received the Caribbean American Heritage Luminary Award from the Institute of Caribbean Studies in Washington, D.C.

His ‘Harlem-Kingston Express Vol. 2: The River Rolls On,’ was released in April on the Motéma Music label and remained for weeks at number one the Jazz radio charts.  Last year, ‘Harlem Kingston Express Vol. 2’ was nominated for a Soul Train award.

Alexander maintains a rigorous touring schedule worldwide because of his unchained improvisational style – playing from jazz clubs to concert halls and top Jazz Festivals.

For more on the Caribbean’s greatest jazz pianist and his music visit him on YouTube or at montyalexander.com. You can also like him on Facebook at facebook.com/officialmontyalexander or keep up to date on his performance on Twitter at @montyHKE.

MEDIA CONTACT:

Felicia Persaud

Hard Beat Communications

718-476-3616 (phone)

felicia@caribpr.com(email)

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JetBlue and Seaborne Airlines Launch Codeshare Agreement Throughout The Caribbean

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Agreement Expands Travel Options At San Juan Focus City

NEW YORK, Oct. 21, 2015 /PRNewswire-HISPANIC PR WIRE/ – JetBlue (NASDAQ: JBLU) and Seaborne Airlines today began selling flights under a codeshare agreement that will offer customers increased travel options and new destinations throughout the Caribbean. Connections will be made via San Juan’s Luis Muñoz Marín International Airport (SJU), where JetBlue is the largest carrier.

Customers flying on JetBlue and Seaborne will enjoy the benefit of traveling on a single ticket which allows for one-stop check-in, baggage transfer to the final destination, and conveniently timed connections in San Juan. Flights are available for purchase today on JetBlue.com.

“This latest codeshare agreement combines Seaborne Airlines’ experience serving exciting Caribbean destinations with JetBlue’s established footing as an award-winning carrier to the region,” said Scott Laurence, senior vice president, airline planning at JetBlue.

Initially, JetBlue will place its ‘B6′ designator code on eight Seaborne Airlines routes allowing JetBlue customers to reach more destinations in the Caribbean on a single itinerary.:

  • Anguilla (AXA)
  • Tortola, British Virgin Islands (EIS)
  • Dominica (DOM)
  • Nevis (NEV)
  • St. Kitts (SKB)
  • St. Maarten (SXM)
  • St. Thomas, U.S. Virgin Islands (STT)
  • St. Croix, U.S. Virgin Islands (STX)

Following receipt of all necessary government approvals, JetBlue will place the ‘B6′ designator code on the remainder of the Seaborne Airlines network to include:

  • Antigua (ANU)
  • Fort-de-France, Martinique (FDF)
  • La Romana, Dominican Republic (LRM)
  • Point-a-Pitre, Guadeloupe (PTP)
  • Punta Cana, Dominican Republic (PUJ)
  • Santo Domingo, Dominican Republic (SDQ)

“The entire Seaborne Airlines team is excited to begin our codeshare relationship with JetBlue,” said Gary Foss, President and CEO of Seaborne Airlines.  “I’m confident that our customers, Caribbean residents, and tourism to our region will all benefit as a result of this agreement.”

The routes add to JetBlue’s already extensive list of destinations in the Caribbean and Latin America including Grenada, Curacao, Antigua and Mexico City, which were all added to the JetBlue route map in the past year. Additionally, flights to Quito, Ecuador begin in February 2016.

The partnership between JetBlue, a leading carrier to the Caribbean, and Seaborne Airlines, the largest regional operator in the Caribbean, expands upon the carriers’ successful interline agreement established in 2013.

About JetBlue Airways
JetBlue is New York’s Hometown Airline™, and a leading carrier in Boston, Fort Lauderdale-Hollywood, Los Angeles (Long Beach), Orlando, and San Juan. JetBlue carries more than 32 million customers a year to 91 cities in the U.S., Caribbean, and Latin America with an average of 875 daily flights. For more information please visit JetBlue.com.

About Seaborne Airlines
Seaborne Airlines has been operating in the Caribbean for over 23 years, carrying approximately 3 million customers safely. With over 1,500 monthly departures to 17 airports, Seaborne serves San Juan’s Luis Muñoz Marin International Airport, St. Thomas airport and Seaplane base, St. Croix airport and Seaplane Base, Anguilla, Antigua, Tortola, Dominica, Martinique, Guadeloupe, Saint Martin, St. Kitts, Nevis, La Romana, Punta Cana and Santo Domingo.  All Flights operate with two pilots and two engines under Federal Air Regulations Part 121, the strictest code of the US Federal Air Regulation governing air travel.

CONTACT: Sandra Colon Perez, scolon@nlppr.com

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New Scientific Study Finds Coral Reefs Under Attack From Chemical In Sunscreen As Global Bleaching Event Hits

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SANTO DOMINGO, Dominican Republic, Oct. 20, 2015 /PRNewswire-HISPANIC PR WIRE/ — A new study published today in a toxicology journal has found that a chemical widely used in personal care products such as sunscreen, poses an ecological threat to corals and coral reefs and threatens their existence.

Oxybenzone is found in over 3,500 sunscreen products worldwide, and pollutes coral reefs from swimmers wearing sunscreens and through wastewater discharges from municipal sewage outfalls and from coastal septic systems.

The study comes less than two weeks after NOAA declared the third ever global coral bleaching event and warned that locally produced threats to coral, such as pollution, stress the health of corals and decrease the likelihood that they will resist bleaching, or recover from it.

It demonstrates that exposure of coral planulae (baby coral) to oxybenzone, produces gross morphological deformities, damages their DNA, and, most alarmingly, acts as an endocrine disruptor. The latter causes the coral to encase itself in its own skeleton leading to death.

These effects were observed as low as 62 parts per trillion, the equivalent to a drop of water in six and a half Olympic-sized swimming pools.

Measurements of oxybenzone in seawater within coral reefs in Hawaii and the U.S. Virgin Islands, for example, found concentrations ranging from 800 parts per trillion to 1.4 parts per million.  This is over 12 times higher than the concentrations necessary to impact on coral.

A team of marine scientists from Virginia, Florida, Israel, the National Aquarium (US) and the US National Oceanic & Atmospheric Administration, undertook the study.  Lead author Dr. Craig Downs of Haereticus Environmental Laboratory Virginia, said, “The use of oxybenzone-containing products needs to be seriously deliberated in islands and areas where coral reef conservation is a critical issue.  We have lost at least 80% of the coral reefs in the Caribbean. Any small effort to reduce oxybenzone pollution could mean that a coral reef survives a long, hot summer, or that a degraded area recovers. Everyone wants to build coral nurseries for reef restoration, but this will achieve little if the factors that originally killed off the reef remain or intensify in the environment.”

Between 6,000 and 14,000 tons of sunscreen lotion are emitted into coral reef areas each year, much of which contains between one and 10% oxybenzone.

Further information about the study can be found at haereticus-lab.org and marinesafe.org.

CONTACT:  Patricia Roy; patricia@communicationinc.co.uk ;  +34.696.905.907

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