James River Group Holdings, Inc.

Listed Company

JRVRCIK 0001620459NasdaqAcceleratedFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$687.61M

Net Income

$47.43M

Total Assets

—

Equity

—

Shares Out

46.24M

Op. Cash Flow

$-18.79M

Business

James River Group Holdings, Ltd. is a Bermuda-based holding company that owns and operates U.S.-focused specialty insurance companies underwriting small and middle-market casualty risks in the excess and surplus lines market. It offers casualty-dominant insurance products including excess and surplus commercial liability, selective excess property, and fronting/program services that generate fee income. Its operations are organized into Excess and Surplus Lines, Specialty Admitted Insurance (fronting and programs), and Corporate and Other segments. The company distributes policies nationwide across all U.S. states and the District of Columbia through wholesale brokers, MGAs, program administrators and select fronting partners.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gross written premiums	1,172	1,432	1,509	1,411	1,325
Ceded written premiums	−604	−851	−815	−746	−740
Net written premiums	569	581	694	665	585
Change in net unearned premiums	31	19	14	−36	−24
Net earned premiums	600	600	708	630	561
Net investment income	83	93	84	43	32
Net realized and unrealized gains (losses) on investments	−2	4	10	−16	11
Other income	6	11	10	4	5
Total revenues	688	708	812	662	609
Losses and loss adjustment expenses	427	554	500	441	—
Other operating expenses	184	193	194	153	133
Other expenses	2	6	4	795,000	3
Interest expense	24	25	25	14	9
Amortization of intangible assets	363,000	363,000	363,000	363,000	363,000
Impairment of intangible assets	0	0	3	0	0
Total expenses	637	779	725	608	717
Income (loss) from continuing operations before income taxes	51	−71	87	53	−108
Current	14	4	32	14	−3
Deferred	−13	−11	−6	5	−20
Total income tax expense (benefit)	723,000	−8	26	18	−23
Net income (loss) from continuing operations	50	−63	61	35	−85
Loss from discontinued operations	0	−14	−88	−4	−88
Loss on disposal of discontinued operations	−2	−4	−80	0	0
Total loss from discontinued operations	−2	−18	−169	−4	−88
Net income (loss)	47	−81	−108	31	−173
Dividends on Series A preferred shares	−8	−37	−11	−9	0
Net income (loss) available to common shareholders	40	−118	−118	22	−173
Net unrealized gains (losses), net of taxes of $9,372 in 2025, $(1,668) in 2024, and $6,384 in 2023	35	−6	99	−193	−52
Total comprehensive income (loss)	83	−87	−8	−162	−225
Continuing operations (in dollars per share)	0.91	−2.6	1.35	0.7	−2.43
Discontinued operations (in dollars per share)	−0.05	−0.46	−4.49	−0.11	−2.51
Basic (in dollars per share)	0.86	−3.06	−3.14	0.59	−4.94
Continuing operations (in dollars per share)	0.83	−2.6	1.34	0.69	−2.43
Discontinued operations (in dollars per share)	−0.04	−0.46	−4.47	−0.1	−2.51
Diluted (in dollars per share)	0.79	−3.06	−3.13	0.59	−4.94
Dividend declared per common share (in dollars per share)	0.04	0.16	0.2	0.2	1.2
Basic (in shares)	46	39	38	37	35
Diluted (in shares)	60	39	38	38	35

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2025 $1,448,750; 2024 $1,278,337)	1,405	1,190	1,324	1,171	1,678
Equity securities, at fair value (cost: 2025 $66,916; 2024 $82,678)	73	86	120	115	108
Bank loan participations, at fair value	155	142	156	54	156
Short-term investments	0	97	72	95	137
Other invested assets	64	37	33	27	52
Total invested assets	1,697	1,552	1,706	1,464	2,130
Cash and cash equivalents	261	362	274	159	190
Restricted cash equivalents	8	29	72	103	102
Accrued investment income	13	11	12	10	11
Premiums receivable and agents balances, net	154	244	249	240	394
Reinsurance recoverable on unpaid losses, net	2,026	1,997	1,358	1,260	1,349
Reinsurance recoverable on paid losses	118	101	158	114	82
Prepaid reinsurance premiums	204	297	293	269	291
Deferred policy acquisition costs	31	30	31	33	21
Intangible assets, net	32	32	33	36	36
Goodwill	182	182	182	182	182
Deferred tax assets, net	65	61	48	49	26
Income taxes receivable	0	22	224,000	0	3
Other assets	69	87	115	73	82
Total assets	4,860	5,007	5,317	5,137	4,949
Reserve for losses and loss adjustment expenses	3,099	3,084	2,606	2,341	—
Unearned premiums	448	572	588	578	728
Payables to reinsurers	68	133	159	123	136
Funds held	7	25	65	97	97
Deferred reinsurance gain	87	58	21	16	0
Senior debt	226	201	222	222	262
Junior subordinated debt	104	104	104	104	104
Accrued expenses	31	53	57	57	58
Income taxes payable	14	0	0	14	0
Other liabilities	105	183	175	135	90
Total liabilities	4,189	4,413	4,638	4,438	4,223
Commitments and contingent liabilities	—	—	—	—	—
Series A redeemable preferred shares 2025 and 2024: 165,000 shares authorized; 112,500 shares issued and outstanding	133	133	145	145	0
Common stock 2025 and 2024: $0.0002 par value; 200,000,000 shares authorized; 45,968,584 and 45,644,318 shares issued and outstanding, respectively	9,000	9,000	7,000	7,000	—
Preferred stock 2025 and 2024: $0.00125 par value; 19,835,000 shares authorized; no shares issued and outstanding	0	0	0	—	—
Additional paid-in capital	938	933	876	869	862
Retained deficit	−365	−402	−278	−152	−167
Accumulated other comprehensive loss	−35	−70	−64	−163	30
Total shareholders equity	538	461	535	554	725
Total liabilities, Series A redeemable preferred shares, and shareholders equity	4,860	5,007	5,317	5,137	4,949

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred policy acquisition costs	−67	−66	−73	−80	−75
Amortization of policy acquisition costs	65	69	96	89	70
Net realized and unrealized losses on investments	2	7	43	28	−16
Distributions from equity method investments	4	405,000	43,000	4	2
Income from equity method investments	−2	−4	−5	−2	−918,000
Loss on disposal of discontinued operations	0	−2	80	0	—
Deferred U.S. federal income tax benefit	−13	−11	−6	5	—
Provision for depreciation and amortization	−717,000	−709,000	−475,000	1	—
Share based compensation expense	5	7	9	8	7
Excess tax benefits from equity incentive plan transactions	984,000	740,000	449,000	530,000	−208,000
Reserve for losses and loss adjustment expenses	15	453	279	21	556
Unearned premiums	−124	−24	−71	−52	97
Premiums receivable and agents balances	90	15	23	53	−47
Reinsurance balances	11	−553	−66	96	−602
Funds held	−18	−67	−108	−61	−763
Payable to insurance companies	0	−3	2	−3	2
Other	−36	12	−10	83	43
Net cash (used in) provided by operating activities	−19	−247	88	223	−914
Sale of JRG Re	0	96	0	0	—
Purchases	−337	−179	−197	−710	−363
Sales	15	200	35	207	136
Maturities and calls	152	162	140	175	296
Purchases	−8	−11	−12	−39	−22
Sales and redemptions	22	57	13	17	7
Purchases	−133	−109	−73	−89	−126
Sales	86	84	52	52	65
Maturities	32	37	28	22	60
Purchases	−34	−5	−14	—	—
Return of capital	3	1	3	20	2
Proceeds from sales and repayments	706,000	4	10	3	—
Securities receivable or payable, net	−8	−169,000	3	−7	2
Short-term investments, net	97	−25	36	29	−6
Purchases of property and equipment	−5	−5	−6	−8	−6
Net cash (used in) provided by investing activities	−116	307	17	−328	36
Senior debt issuances	25	0	0	0	0
Senior debt repayments	0	−22	0	−40	0
Enstar common stock investment (Note 13)	0	13	0	0	192
Payroll taxes withheld and remitted on net settlement of RSUs	−745,000	−847,000	−2	−1	−3
Dividends on Series A preferred shares	−8	−13	−11	−6	0
Dividends on common stock	−2	−6	−8	−8	−43
Payment of debt issuance costs	−1	0	−1	0	0
Net cash provided by (used in) financing activities	13	−29	−21	90	148
Change in cash, cash equivalents, and restricted cash equivalents	−122	31	84	−16	−730
U.S. federal income taxes (refunded) paid, net	−22	25	45	—	—
U.S. state income taxes paid	289,000	546,000	367,000	—	—
Interest paid	26	29	31	17	10
Change in restricted cash equivalents	−20	−44	−31	1	−758

Filings

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