Specialty lines insurer James River Group Inc. today reported more than $12 million profit for the fourth quarter of 2005–despite $12.1 million after-tax costs for Hurricane Katrina–and said it is changing its coastal risk appetite.

The Chapel Hill, N.C.-based insurer reported fourth-quarter net income in 2005 increased 276 percent, or $9 million, going from $3.3 million, or 33 cents a share, to $12.3 million, or 78 cents a share. Revenues increased 42 percent, or $12.3 million, going from $29.5 million to $42 million.

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