James River profits flat in Q4

US P&C (re)insurer James River reported relatively flat
profits for the final quarter of 2015 despite a "poor
result" from its reinsurance division.
The Bermuda-domiciled carrier reported net operating income of
$17.9mn in Q4, down from $18.8mn for the same period in 2014.
The group posted a combined ratio of 92.3 percent, a slight
deterioration from the 90.1 percent it generated for the fourth
quarter the year before.
The narrowing of underwriting margins stemmed from a reduction
in reserve