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James River Group (NASDAQ: JRVR) lifts Q2 profit as it shrinks fronting book

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

James River Group Holdings, Inc. reported second quarter 2026 net income available to common shareholders of $4.4 million (diluted EPS $0.10), up from $2.8 million (EPS $0.06) a year earlier, a 59% increase. Net income from continuing operations available to common shareholders was $4.7 million, while adjusted net operating income was $10.0 million (diluted $0.20) versus $11.7 million (diluted $0.23) in 2025.

Total revenues fell to $161.3 million from $174.8 million as gross written premiums declined 29% to $268.9 million, driven by deliberate pullback in Specialty Admitted Insurance, where gross written premiums dropped 76%. Excess and Surplus Lines remained the core business with a combined ratio of 92.8% and loss ratio of 65.4%. Consolidated combined ratio including retroactive reinsurance impact was 105.2%.

Shareholders’ equity was $522.6 million at June 30 2026, with tangible common equity of $416.7 million, or $9.01 per share, up from $8.94 at December 31 2025. The Board declared a quarterly cash dividend of $0.01 per common share, payable September 30 2026. Net investment income was stable at $20.3 million with a 4.6% annualized yield.

Positive

  • Net income available to common shareholders rose 59% year over year to $4.4 million, with diluted EPS increasing to $0.10 from $0.06.
  • The core Excess and Surplus Lines segment produced an underwriting profit of $9.9 million and a 92.8% combined ratio, indicating profitable underwriting in that business.
  • Tangible common equity per share increased to $9.01 from $8.94 at December 31 2025, and tangible common equity rose to $416.7 million.
  • General and administrative expenses declined by 9% in the first half of 2026 versus 2025, with especially large reductions in Specialty Admitted (down 42%) and Corporate (down 12%) segments.

Negative

  • Total gross written premiums fell 29% to $268.9 million, including a 76% decline in Specialty Admitted Insurance gross written premiums.
  • Consolidated combined ratio including retroactive reinsurance impact was elevated at 105.2% for the quarter, above the break-even 100% level.
  • Specialty Admitted Insurance reported an underwriting loss of $2.8 million for the quarter, larger than the $1.4 million loss a year earlier.
  • Shareholders’ equity declined 2.9% to $522.6 million from $538.2 million at December 31 2025, and total assets decreased to $4.77 billion from $4.86 billion.

Filing Explained

The release reports 46,239,030 common shares outstanding at June 30, 2026, versus 45,968,584 at December 31, 2025; the filing does not establish a new issuance or dilution from that change alone.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income to common (Q2 2026) $4,430,000 Net income available to common shareholders for the three months ended June 30, 2026
Adjusted net operating income (Q2 2026) $10,024,000 Non-GAAP adjusted net operating income for the quarter ended June 30, 2026
Gross written premiums (Q2 2026) $268,899,000 Total gross written premiums for the three months ended June 30, 2026
E&S combined ratio (Q2 2026) 92.8 % Excess and Surplus Lines segment combined ratio for the quarter
Consolidated combined ratio incl. retro 105.2 % Company-wide combined ratio including impact of retroactive reinsurance for Q2 2026
Tangible common equity per share $9.01 Tangible common equity per share as of June 30, 2026
Net investment income (Q2 2026) $20,277,000 Net investment income for the three months ended June 30, 2026
Quarterly dividend per share $0.01 Cash dividend declared on common stock payable September 30, 2026
combined ratio financial
"Excess and Surplus Lines ("E&S") combined ratio of 92.8%, expense ratio of 27.4%"
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
retroactive reinsurance financial
"business not subject to retroactive reinsurance accounting and other operating expenses"
tangible common equity financial
"Tangible common equity2 per share of $9.01, an increase of 1% compared"
Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.
Excess and Surplus Lines financial
"The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines"
Excess and surplus lines refer to insurance coverage provided by specialized insurers for risks that standard insurers consider too unusual, high-risk, or hard to cover. These policies are important for investors because they help protect against rare or unexpected events that could impact financial stability or asset values, filling gaps where regular insurance options are unavailable.
fronting business financial
"reduced its exposure to the fronting business in view of comparably more attractive opportunities"
loss adjustment expenses financial
"Losses and loss adjustment expenses include expenses of $6.9 million and $21.1 million"
Costs an insurance company incurs to investigate, process, defend and settle claims — for example, fees for claims adjusters, legal defense, and settlement negotiations. These expenses act like the labor and admin needed to handle a warranty repair: they don’t pay the claim itself but add to the total cost of claims, so rising loss adjustment expenses reduce insurers’ profits and signal how efficiently future claims are likely to be handled.
Net income to common (Q2) $4,430,000 up from $2,790,000 in Q2 2025
Adjusted net operating income (Q2) $10,024,000 down from $11,693,000 in Q2 2025
Gross written premiums (Q2) $268,899,000 down from $378,003,000 in Q2 2025
E&S combined ratio (Q2) 92.8 % slightly higher than 91.7 % in Q2 2025

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FAQ

How did James River Group (JRVR) perform financially in Q2 2026?
James River reported net income available to common shareholders of $4.4 million in Q2 2026, up from $2.8 million a year earlier. Diluted EPS was $0.10, and adjusted net operating income was $10.0 million, or $0.20 per diluted share.

What underwriting profitability did James River Group (JRVR) report for Q2 2026?
For Q2 2026, the Excess and Surplus Lines segment posted an underwriting profit of $9.9 million with a 92.8% combined ratio. Consolidated combined ratio was 100.2% before retroactive reinsurance and 105.2% including its impact.

How strong is James River Group (JRVR)’s balance sheet and equity base?
At June 30 2026, shareholders’ equity was $522.6 million and total assets were $4.77 billion. Tangible common equity was $416.7 million, or $9.01 per share, up from $8.94 at December 31 2025.

What dividend did James River Group (JRVR) declare with Q2 2026 results?
The Board declared a cash dividend of $0.01 per common share, payable on September 30 2026 to shareholders of record on September 15 2026. This continues the company’s practice of paying a modest quarterly dividend.

How did James River Group (JRVR)’s investment portfolio perform in Q2 2026?
Net investment income was $20.3 million, slightly below $20.5 million in Q2 2025. The portfolio generated a 4.6% annualized gross yield, and net realized and unrealized gains on investments totaled $1.0 million for the quarter.

What cost-control actions did James River Group (JRVR) highlight for 2026?
Management reported general and administrative expenses declined by 9% in the first half of 2026 versus 2025. Reductions were notable in the Specialty Admitted segment (down 42%) and Corporate segment (down 12%), reflecting ongoing expense management efforts.
0001620459false00016204592026-08-102026-08-10

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):August 10, 2026
JAMES RIVER GROUP HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware001-3677798-0585280
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
1414 Raleigh Road, Suite 405, Chapel Hill, North Carolina, 27517
(Address of principal executive offices)
(Zip Code)
(919) 900-1200
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)
☐    Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))
☐    Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0002 per shareJRVRNASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02Results of Operations and Financial Condition.
On August 10, 2026, James River Group Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Form 8-K”).
The information in this Item 2.02 and in Exhibit 99.1 furnished herewith shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended or the Exchange Act unless specifically stated by the Company.
Item 8.01Other Events.
On August 10, 2026, the Company announced that its Board of Directors declared a cash dividend of $0.01 per share of common stock of the Company to be paid on September 30, 2026 to shareholders of record on September 15, 2026.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits
The following Exhibit is furnished as a part of this Form 8-K:
Exhibit No.
Description
99.1
Press Release of the Company dated August 10, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
JAMES RIVER GROUP HOLDINGS, INC.
Dated: August 10, 2026
By: /s/ Sarah C. Doran
 Sarah C. Doran
 Chief Financial Officer

Exhibit 99.1

    
image.jpg

JAMES RIVER ANNOUNCES SECOND QUARTER 2026 RESULTS

Chapel Hill, N.C., August 10, 2026 - James River Group Holdings, Inc. ("James River" or the "Company") (NASDAQ: JRVR) today reported the following results for the second quarter of 2026 as compared to the same period in 2025:
Three Months Ended
June 30,		Three Months Ended
June 30,
($ in thousands, except for share data)2026per diluted share2025per diluted share
Net income from continuing operations available to common shareholders$4,651 $0.10 $3,151 $0.07 
Net loss from discontinued operations1(221)$— (361)$(0.01)
Net income available to common shareholders4,430 $0.10 2,790 $0.06 
Adjusted net operating income2
10,024 $0.20 11,693 $0.23 
Unless specified otherwise, all underwriting performance ratios presented herein are for our continuing operations and business not subject to retroactive reinsurance accounting.
Second Quarter 2026 Highlights:
•Net income available to common shareholders of $4.4 million, an increase of 59% compared to the prior year quarter.
•Tangible common equity2 per share of $9.01, an increase of 1% compared to December 31, 2025 and 9.8% adjusted net operating return on tangible common equity.
•Excess and Surplus Lines ("E&S") combined ratio of 92.8%, expense ratio of 27.4%, and loss ratio of 65.4%.
•General and administrative expenses declined by 9% in the first half of 2026 compared to the first half of 2025, notably in the Specialty Admitted (down 42%) and Corporate (down 12%) segments.
•Specialty Admitted Insurance segment gross written premium, of which only a minority of net written premium is retained, has declined as the Company has deliberately reduced its exposure to the fronting business in view of comparably more attractive opportunities in E&S. Segment expenses have also been meaningfully reduced. Partly due to this dynamic, premium retention across the group is 55% this quarter, an increase compared to 47% in the prior year quarter.
1 The Company closed the sale of JRG Reinsurance Company Ltd. on April 16, 2024. As a result, the full financials for our former Casualty Reinsurance segment have been classified as discontinued operations for all periods.
2 Adjusted net operating income and tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Measures” at the end of this press release.
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JRVR Announces Second Quarter 2026 Results
Page 2

Frank D'Orazio, the Company’s Chief Executive Officer, commented, "Our second quarter results reflect progress as we execute against our key priorities. We continue to see meaningful growth in submissions and quotes, creating attractive opportunities across targeted areas of our core casualty and specialty divisions. Amid today's competitive E&S backdrop, we remain committed to our disciplined approach of putting capital to work. Our primary focus is on cautious risk selection, expense management, and operating efficiency enabled by innovation to deliver returns for our shareholders.”



Second Quarter 2026 Operating Results
•Gross written premium of $268.9 million, consisting of the following:
Three Months Ended
June 30,
($ in thousands)20262025% Change
Excess and Surplus Lines$250,170 $300,444 (17)%
Specialty Admitted Insurance18,729 77,559 (76)%
$268,899 $378,003 (29)%

•Net written premium of $148.4 million, consisting of the following:
Three Months Ended
June 30,
($ in thousands)20262025% Change
Excess and Surplus Lines$147,657 $166,645 (11)%
Specialty Admitted Insurance741 9,345 (92)%
$148,398 $175,990 (16)%

•Net earned premium of $139.0 million, consisting of the following:
Three Months Ended
June 30,
($ in thousands)20262025% Change
Excess and Surplus Lines$137,306 $141,370 (3)%
Specialty Admitted Insurance1,712 11,239 (85)%
$139,018 $152,609 (9)%
•Pre-tax net adverse reserve development by segment on business not subject to retroactive reinsurance accounting was as follows:
Three Months Ended
June 30,
($ in thousands)20262025
Excess and Surplus Lines$(275)$(2,327)
Specialty Admitted Insurance(294)(700)
$(569)$(3,027)
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JRVR Announces Second Quarter 2026 Results
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•The Company experienced de minimis net adverse reserve development in each of the two insurance segments and utilized the remaining $7.5 million of aggregate limit on the adverse development reinsurance contract with Cavello Bay ("E&S Top Up ADC"). The Company continues to observe lower frequency and incurred losses in its more recent accident years following the significant underwriting changes made to its portfolio during that time.
•In the second quarter of 2026, the Company reduced general and administrative expenses by 7% as compared to the prior year quarter, notably in the Specialty Admitted (down 39%) and Corporate (down 9%) segments.
Investment Results
Net investment income for the second quarter of 2026 was $20.3 million, largely flat to the $20.5 million of the prior year quarter. Private investment income of $0.3 million was $0.7 million less than that of the prior year period, largely driven by a sizable prior year return from one private investment. Fixed income securities, which represent the majority of the Company's invested assets and cash, generated higher net investment income compared to the prior year period. The fixed income portfolio continues to benefit from the increase in higher-yielding "A" rated structured securities added to the portfolio in the second half of 2025.
The Company’s net investment income consisted of the following:
Three Months Ended
June 30,
($ in thousands)20262025% Change
Total Net Investment Income$20,277 $20,516 (1)%
Private Investments334 986 (66)%
All Other Investments19,943 19,530 2 %
The Company’s annualized gross investment yield on average fixed maturity, bank loan and equity securities for the three months ended June 30, 2026 was 4.6% (versus 4.6% for the three months ended June 30, 2025).
Net realized and unrealized gains on investments of $1.0 million for the three months ended June 30, 2026 were driven primarily by unrealized gains within the bank loan portfolio as well as gains within the preferred stock portfolio.
Capital Management
The Company announced that its Board of Directors declared a cash dividend of $0.01 per share of common stock. This dividend is payable on Wednesday, September 30, 2026 to all shareholders of record as of Tuesday, September 15, 2026.
Tangible Common Equity
Shareholders' equity of $522.6 million at June 30, 2026 decreased 2.9% compared to shareholders' equity of $538.2 million at December 31, 2025 and increased 0.8% compared to shareholders' equity of $518.4 million at March 31, 2026. Tangible common equity3 of $416.7
3 Tangible common equity is a non-GAAP financial measure. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Measures” at the end of this press release.
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JRVR Announces Second Quarter 2026 Results
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million at June 30, 2026 increased 1.4% from $411.0 million at December 31, 2025 and increased 2.8% compared to tangible common equity of $405.5 million at March 31, 2026. Other comprehensive loss was $1.0 million for the three months ended June 30, 2026, increasing accumulated other comprehensive loss to $44.9 million due to the increase in fixed income yields year to date.
Conference Call
James River will hold a conference call to discuss its second quarter results tomorrow, August 11, 2026 at 8:30 a.m. Eastern Time. Investors may access the conference call by dialing (800) 715-9871, Conference ID 7866656, or via the investor website at https://investors.jrvrgroup.com and clicking on the “Investor Relations” link. A webcast replay of the call will be available by visiting the company website.
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, should, intend, project, anticipate, plan, estimate, guidance 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 uncertainties, they include, among others, the following: the inherent uncertainty of estimating loss and loss adjustment expense reserves and the possibility that incurred losses and loss adjustment expenses may be greater than our estimate used to compute loss and loss adjustment expense reserves included in the financial statements; inaccurate estimates and judgments in our risk management may expose us to greater risks than intended; downgrades in the financial strength rating or outlook of our regulated insurance subsidiaries impacting our competitive position and ability to attract and retain insurance business that our subsidiaries write and ultimately our financial condition and triggering a default on our credit facility; the potential loss of key members of our management team or key employees, and our ability to attract and retain personnel; adverse economic and competitive factors resulting in the sale of fewer policies than expected or an increase in the frequency or severity of claims, or both; risks associated with strategic transactions and initiatives, including our ability to identify, negotiate, consummate and realize the anticipated benefits of acquisitions, dispositions, investments, joint ventures, reinsurance transactions, capital-raising transactions and other strategic alternatives; the impact of a higher than expected inflationary environment on our reserves, loss adjustment expenses, the values of our investments and investment returns, and our compensation expenses; exposure to credit risk, interest rate risk and other market risk in our investment portfolio and our reinsurers; reliance on a select group of brokers and agents for a significant portion of our business and the impact of our potential failure to maintain such relationships; reliance on a select group of customers for a significant portion of our business and the impact of our potential failure to maintain, or decision to terminate, such relationships; our ability to obtain insurance and reinsurance coverage at prices and on terms that allow us to transfer risk, adequately protect our Company against financial loss and that supports our growth plans; losses resulting from reinsurance counterparties failing to pay us on reinsurance claims, insurance companies with whom we have a fronting arrangement failing to pay us for claims, or a former customer with whom we have an
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JRVR Announces Second Quarter 2026 Results
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indemnification arrangement failing to perform its reimbursement obligations, and our potential inability to demand or maintain adequate collateral to mitigate such risks; the inherent uncertainty of estimating reinsurance recoverable on unpaid losses and the possibility that reinsurance may be less than our estimate of reinsurance recoverable on unpaid losses; inadequacy of premiums we charge to compensate us for our losses incurred; an impairment of our goodwill or other intangible assets affecting our results of operations and book value; changes in laws or government regulation, including tax or insurance laws and regulations; changes in U.S. tax laws (including associated regulations) and the interpretation of certain provisions applicable to insurance/reinsurance businesses with U.S. and non-U.S. operations, which may be retroactive and could have a significant effect on us including, among other things, by potentially increasing our tax rate, as well as on our shareholders; a failure of any of the loss limitations or exclusions we utilize in our insurance products to shield us from unanticipated financial losses or legal exposures, or other liabilities; losses from catastrophic events, such as natural disasters and terrorist acts, which substantially exceed our expectations and/or exceed the amount of reinsurance we have purchased to protect us from such events; potential effects on our business of emerging claim and coverage issues; the potential impact of internal or external fraud, operational errors, systems malfunctions or cyber security incidents; our ability to manage our growth effectively; failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act of 2002, as amended; changes in our financial condition, regulations or other factors that may restrict our subsidiaries’ ability to pay us dividends; an adverse result in any litigation or legal proceedings we are or may become subject to; and inability to generate taxable income and execute tax planning strategies which could adversely impact our ability to recognize deferred tax assets at the level reflected on our balance sheet. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those in the forward-looking statements, is contained in our filings with the U.S. Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date of this release and the Company does 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, Inc.’s 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 (loss) profit, adjusted net operating (loss) income, tangible equity, tangible common equity, and adjusted net operating return on tangible common equity (which is calculated as annualized adjusted net operating income expressed as a percentage of the average quarterly tangible common equity balances in the respective period), 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 measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

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JRVR Announces Second Quarter 2026 Results
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About James River Group Holdings, Inc.
James River Group Holdings, Inc. is a holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries is rated “A-” (Excellent) by A.M. Best Company.
Visit James River Group Holdings, Inc. on the web at https://jrvrgroup.com.
For more information contact:
Bob Zimardo
SVP, Investments and Investor Relations
InvestorRelations@james-river-group.com
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JRVR Announces Second Quarter 2026 Results
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James River Group Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet Data (Unaudited)

($ in thousands, except for share data) 
June 30, 2026December 31, 2025
ASSETS
Invested assets:
Fixed maturity securities, available-for-sale, at fair value$1,439,293 $1,404,774 
Equity securities, at fair value73,639 73,092 
Bank loan participations, at fair value
156,669 155,138 
Short-term investments4,037 0 
Other invested assets69,966 64,152 
Total invested assets1,743,604 1,697,156 
Cash and cash equivalents195,576 260,941 
Restricted cash equivalents (a)8,633 8,481 
Accrued investment income14,380 12,744 
Premiums receivable and agents’ balances, net137,969 153,638 
Reinsurance recoverable on unpaid losses, net2,032,045 2,026,110 
Reinsurance recoverable on paid losses79,129 118,243 
Deferred policy acquisition costs31,366 31,286 
Goodwill and intangible assets213,736 213,918 
Other assets316,640 337,413 
Total assets$4,773,078 $4,859,930 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Reserve for losses and loss adjustment expenses$3,090,045 $3,099,418 
Unearned premiums417,643 447,644 
Funds held (a)7,485 7,485 
Deferred reinsurance gain107,836 86,720 
Senior debt225,800 225,800 
Junior subordinated debt104,055 104,055 
Accrued expenses20,227 31,006 
Other liabilities144,271 186,534 
Total liabilities4,117,362 4,188,662 
Series A redeemable preferred shares133,115 133,115 
Total shareholders’ equity522,601 538,153 
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity$4,773,078 $4,859,930 
Tangible equity (b)$549,816 $544,070 
Tangible equity per share (b)$9.20 $9.15 
Tangible common equity per share (b)
$9.01 $8.94 
Shareholders' equity per share
$11.30 $11.71 
Common shares outstanding46,239,030 45,968,584 
(a) Restricted cash equivalents and the funds held liability includes funds posted by the Company to a trust account for the benefit of a third party administrator handling the claims on the Rasier commercial auto policies in run-off. Such funds held in trust secure the Company's obligations to reimburse the administrator for claims payments, and are primarily sourced from the collateral posted to the Company by Rasier and its affiliates to support their obligations under the indemnity agreements and the loss portfolio transfer reinsurance agreement with the Company.
(b) See “Reconciliation of Non-GAAP Measures”
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JRVR Announces Second Quarter 2026 Results
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James River Group Holdings, Inc. and Subsidiaries
Condensed Consolidated Income Statement Data (Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
($ in thousands, except for share data)2026202520262025
REVENUES
Gross written premiums$268,899 $378,003 $505,272 $672,364 
Net written premiums (a)148,398 175,990 268,496 303,946 
Net earned premiums (a)139,018 152,609 274,730 304,511 
Net investment income20,277 20,516 41,604 40,524 
Net realized and unrealized gains (losses) on investments999 (352)(5,633)(1,723)
Other income1,050 2,070 2,027 3,820 
Total revenues161,344 174,843 312,728 347,132 
EXPENSES
Losses and loss adjustment expenses (b)99,105 113,141 207,265 212,666 
Other operating expenses47,201 47,471 95,252 98,031 
Other expenses873 1,008 1,001 1,571 
Interest expense5,613 5,805 11,202 11,346 
Intangible asset amortization and impairment91 91 182 182 
Total expenses152,883 167,516 314,902 323,796 
Income (loss) from continuing operations before income taxes8,461 7,327 (2,174)23,336 
Income tax expense on continuing operations1,841 2,207 (20)7,228 
Net income (loss) from continuing operations6,620 5,120 (2,154)16,108 
Net loss from discontinued operations(221)(361)(370)(1,775)
NET INCOME (LOSS)6,399 4,759 (2,524)14,333 
Dividends on Series A preferred shares(1,969)(1,969)(3,938)(3,938)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS$4,430 $2,790 $(6,462)$10,395 
ADJUSTED NET OPERATING INCOME (c)$10,024 $11,693 $15,830 $20,795 
INCOME (LOSS) PER COMMON SHARE
Basic
Continuing operations$0.10 $0.07 $(0.13)$0.27 
Discontinued operations$0.00 $(0.01)$(0.01)$(0.04)
$0.10 $0.06 $(0.14)$0.23 
Diluted
Continuing operations$0.10 $0.07 $(0.13)$0.26 
Discontinued operations$0.00 $(0.01)$(0.01)$(0.04)
$0.10 $0.06 $(0.14)$0.22 
ADJUSTED NET OPERATING INCOME PER COMMON SHARE
Basic$0.22 $0.25 $0.34 $0.45 
Diluted (d)$0.20 $0.23 $0.33 $0.41 
Weighted-average common shares outstanding:
Basic46,319,945 46,032,626 46,210,545 45,918,697 
Diluted46,962,276 46,726,255 46,210,545 46,432,481 
Cash dividends declared per common share$0.01 $0.01 $0.02 $0.02 
Ratios:
Loss ratio66.3 %68.1 %67.8 %67.4 %
Expense ratio (e)33.9 %30.5 %34.6 %31.7 %
Combined ratio100.2 %98.6 %102.4 %99.1 %
Accident year loss ratio (f)65.6 %64.9 %65.9 %65.2 %
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JRVR Announces Second Quarter 2026 Results
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(a) Net written premium and net earned premium were impacted by $552,000 and $7.2 million of reinsurance reinstatement premiums incurred during the three and six months ending June 30, 2026, respectively ($2.7 million and $5.8 million in the respective prior year periods). In the current year, these premiums were associated predominantly with a single claim within the Company's E&S segment.
(b) Losses and loss adjustment expenses include expenses of $6.9 million and $21.1 million for deferred retroactive reinsurance gains in the three and six months ended June 30, 2026, respectively ($9.2 million and $7.3 million in the respective prior year periods).
(c) See "Reconciliation of Non-GAAP Measures".
(d) Outstanding RSUs were dilutive in all current and prior year periods. Potential common shares related to RSUs were included in the denominator in the calculation. The outstanding Series A preferred shares were also dilutive in all current and prior year periods. Dividends on the Series A preferred shares were added back to the numerator of the calculations and common shares from an assumed conversion of the Series A preferred shares were included in the denominator.
(e) Calculated with a numerator comprising other operating expenses less gross fee income (in specific instances when the Company is not retaining insurance risk) included in “Other income” in our Condensed Consolidated Income Statements of $34,000 and $124,000 for the three and six months ended June 30, 2026, respectively ($828,000 and $1.7 million in the respective prior year periods).
(f) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).

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JRVR Announces Second Quarter 2026 Results
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James River Group Holdings, Inc. and Subsidiaries
Segment Results

EXCESS AND SURPLUS LINES
Three Months Ended
June 30,		Six Months Ended
June 30,
($ in thousands)20262025% Change20262025% Change
Gross written premiums$250,170 $300,444 (16.7)%$462,455 $513,687 (10.0)%
Net written premiums (a)$147,657 $166,645 (11.4)%$266,342 $281,724 (5.5)%
Net earned premiums (a)$137,306 $141,370 (2.9)%$269,132 $278,398 (3.3)%
Losses and loss adjustment expenses excluding retroactive reinsurance(89,760)(93,860)(4.4)%(179,345)(182,664)(1.8)%
Underwriting expenses(37,617)(35,803)5.1 %(75,202)(72,369)3.9 %
Underwriting profit (b)$9,929 $11,707 (15.2)%$14,585 $23,365 (37.6)%
Ratios:
Loss ratio65.4 %66.4 %66.6 %65.6 %
Expense ratio27.4 %25.3 %28.0 %26.0 %
Combined ratio92.8 %91.7 %94.6 %91.6 %
Accident year loss ratio (c)64.9 %63.5 %64.8 %63.5 %
(a) Net written premium and net earned premium were impacted by $552,000 and $7.2 million of reinsurance reinstatement premiums incurred during the three and six months ending June 30, 2026, respectively ($2.7 million and $5.8 million in the respective prior year periods). In the current year, these premiums were associated predominantly with a single claim within the Company's E&S segment.
(b) See "Reconciliation of Non-GAAP Measures".
(c) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).
SPECIALTY ADMITTED INSURANCE
Three Months Ended
June 30,		Six Months Ended
June 30,
($ in thousands)20262025% Change20262025% Change
Gross written premiums$18,729 $77,559 (75.9)%$42,817 $158,677 (73.0)%
Net written premiums$741 $9,345 (92.1)%$2,154 $22,222 (90.3)%
Net earned premiums$1,712 $11,239 (84.8)%$5,598 $26,113 (78.6)%
Losses and loss adjustment expenses(2,418)(10,042)(75.9)%(6,804)(22,691)(70.0)%
Underwriting expenses(2,101)(2,618)(19.7)%(3,396)(5,149)(34.0)%
Underwriting loss (a), (b)$(2,807)$(1,421)97.5 %$(4,602)$(1,727)166.5 %
(a) See "Reconciliation of Non-GAAP Measures".
(b) Underwriting results for the three and six months ended June 30, 2026 include gross fee income of $977,000 and $2.5 million, respectively ($3.9 million and $8.3 million in the respective prior year periods).

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Underwriting Performance Ratios

The following table provides the underwriting performance ratios of the Company's continuing operations inclusive of the business subject to retroactive reinsurance accounting. There is no economic impact to the Company over the life of a retroactive reinsurance contract so long as any additional losses subject to the contract are within the limit of the contract and the counterparty performs under the contract. Retroactive reinsurance accounting is not indicative of our current and ongoing operations. Management believes that providing loss ratios and combined ratios on business not subject to retroactive reinsurance accounting gives the users of our financial statements useful information in evaluating our current and ongoing operations.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Excess and Surplus Lines:
Loss Ratio65.4 %66.4 %66.6 %65.6 %
Impact of retroactive reinsurance5.0 %6.5 %7.8 %2.6 %
Loss Ratio including impact of retroactive reinsurance70.4 %72.9 %74.4 %68.2 %
Combined Ratio92.8 %91.7 %94.6 %91.6 %
Impact of retroactive reinsurance5.0 %6.5 %7.8 %2.6 %
Combined Ratio including impact of retroactive reinsurance97.8 %98.2 %102.4 %94.2 %
Consolidated:
Loss Ratio66.3 %68.1 %67.8 %67.4 %
Impact of retroactive reinsurance5.0 %6.1 %7.7 %2.4 %
Loss Ratio including impact of retroactive reinsurance71.3 %74.2 %75.5 %69.8 %
Combined Ratio100.2 %98.6 %102.4 %99.1 %
Impact of retroactive reinsurance5.0 %6.1 %7.7 %2.4 %
Combined Ratio including impact of retroactive reinsurance105.2 %104.7 %110.1 %101.5 %

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JRVR Announces Second Quarter 2026 Results
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RECONCILIATION OF NON-GAAP MEASURES

Underwriting Profit

The following table reconciles the underwriting profit by individual operating segment and for the entire Company to consolidated income from continuing operations before taxes. We believe that the disclosure of underwriting profit by individual segment and of the Company as a whole is useful to investors, analysts, rating agencies and other users of our financial information in evaluating our performance because our objective is to consistently earn underwriting profits. We evaluate the performance of our segments and allocate resources based primarily on underwriting profit. We define underwriting profit as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) less losses and loss adjustment expenses on business from continuing operations not subject to retroactive reinsurance accounting and other operating expenses. Other operating expenses include the underwriting, acquisition, and insurance expenses of the operating segments and, for consolidated underwriting profit, the expenses of the Corporate and Other segment. Our definition of underwriting profit may not be comparable to that of other companies.
Three Months Ended
June 30,		Six Months Ended
June 30,
($ in thousands)2026202520262025
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines
$9,929 $11,707 $14,585 $23,365 
Specialty Admitted Insurance
(2,807)(1,421)(4,602)(1,727)
Total underwriting profit of operating segments7,122 10,286 9,983 21,638 
Other operating expenses of the Corporate and Other segment(7,449)(8,222)(16,530)(18,853)
Underwriting (loss) profit (a)
(327)2,064 (6,547)2,785 
Losses and loss adjustment expenses - retroactive reinsurance(6,927)(9,239)(21,116)(7,311)
Net investment income20,277 20,516 41,604 40,524 
Net realized and unrealized gains (losses) on investments999 (352)(5,633)(1,723)
Other income143 234 902 589 
Interest expense(5,613)(5,805)(11,202)(11,346)
Amortization of intangible assets(91)(91)(182)(182)
Income (loss) from continuing operations before taxes$8,461 $7,327 $(2,174)$23,336 
(a) Included in underwriting results for the three and six months ended June 30, 2026 is gross fee income of $977,000 and $2.5 million, respectively ($3.9 million and $8.3 million in the respective prior year periods), and the negative impact of $552,000 and $7.2 million of reinsurance reinstatement premiums incurred during the three and six months ending June 30, 2026, respectively ($2.7 million and $5.8 million in the respective prior year periods). In the current year, these premiums were associated predominantly with a single claim within the Company's E&S segment.

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JRVR Announces Second Quarter 2026 Results
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Adjusted Net Operating Income

We define adjusted net operating income as income available to common shareholders excluding a) income (loss) from discontinued operations, b) the impact of retroactive reinsurance accounting, c) net realized and unrealized gains (losses) on investments, d) certain non-operating expenses such as professional service fees related to certain lawsuits, various strategic initiatives, and the filing of registration statements for the offering of securities, e) severance costs associated with terminated employees, and f) deemed dividends recorded with the amendment of the Series A Preferred Shares. Adjusted net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of adjusted net operating income may not be comparable to that of other companies.

Our income available to common shareholders reconciles to our adjusted net operating income as follows:
Three Months Ended June 30,
20262025
Income
Before
Taxes		Net
Income		Income
Before
Taxes		Net
Income
($ in thousands)
Income available to common shareholders$6,213 $4,430 $4,997 $2,790 
Loss from discontinued operations279 221 361 361 
Losses and loss adjustment expenses - retroactive reinsurance6,927 5,472 9,239 7,299 
Net realized and unrealized investment (gains) losses(999)(789)352 278 
Other expenses873 690 1,008 965 
Adjusted net operating income$13,293 $10,024 $15,957 $11,693 
Six Months Ended June 30,
20262025
(Loss) Income
Before
Taxes		Net
(Loss) Income		Income
Before
Taxes		Net
Income
($ in thousands)
(Loss) income available to common shareholders$(6,580)$(6,462)$17,623 $10,395 
Loss from discontinued operations468 370 1,775 1,775 
Losses and loss adjustment expenses - retroactive reinsurance21,116 16,681 7,311 5,776 
Net realized and unrealized investment losses5,633 4,450 1,723 1,361 
Other expenses1,001 791 1,571 1,488 
Adjusted net operating income$21,638 $15,830 $30,003 $20,795 


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JRVR Announces Second Quarter 2026 Results
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Tangible Equity (per Share) and Tangible Common Equity (per Share)

We define tangible equity as shareholders' equity plus mezzanine Series A Preferred Shares and the deferred retroactive reinsurance gain less goodwill and intangible assets, net of amortization. Tangible equity per share represents tangible equity divided by the sum of total shares of common stock outstanding plus the shares of common stock resulting from an assumed conversion of the outstanding Series A Preferred Shares into common stock (at the conversion price effective as of the last day of the applicable period). We define tangible common equity as tangible equity less mezzanine Series A Preferred Shares and tangible common equity per share represents tangible common equity divided by the total shares of common stock outstanding. Our definitions of tangible equity, tangible equity per share, tangible common equity and tangible common equity per share may not be comparable to those of other companies, and they should not be viewed as a substitute for shareholders' equity and shareholders' equity per share calculated in accordance with GAAP. We use tangible equity and tangible common 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 and tangible common equity for June 30, 2026, March 31, 2026, December 31, 2025, and June 30, 2025.

June 30, 2026March 31, 2026December 31, 2025June 30, 2025
($ in thousands, except for share data)
Shareholders' equity$522,601 $518,416 $538,153 $492,558 
Plus: Series A redeemable preferred shares133,115 133,115 133,115 133,115 
Plus: Deferred reinsurance gain107,836 100,909 86,720 65,281 
Less: Goodwill and intangible assets213,736 213,827 213,918 214,099 
Tangible equity$549,816 $538,613 $544,070 $476,855 
Less: Series A redeemable preferred shares133,115 133,115 133,115 133,115 
Tangible common equity$416,701 $405,498 $410,955 $343,740 
Common shares outstanding46,239,030 46,236,856 45,968,584 45,895,335 
Common shares from assumed conversion of Series A preferred shares13,521,634 13,521,634 13,521,634 13,521,634 
Common shares outstanding after assumed conversion of Series A preferred shares59,760,664 59,758,490 59,490,218 59,416,969 
Equity per share:
Shareholders' equity$11.30 $11.21 $11.71 $10.73 
Tangible equity$9.20 $9.01 $9.15 $8.03 
Tangible common equity$9.01 $8.77 $8.94 $7.49 
-END-

Source: View Original Filing on SEC EDGAR

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