James River posts $189M net loss in Q3 2026
A non-cash goodwill charge drove the GAAP loss, while adjusted results also turned to a loss and premiums declined.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
James River Group Holdings, Inc. reported a third-quarter 2026 net loss available to common shareholders of $189.4 million, or $4.08 per diluted share, including a non-cash $181.8 million goodwill impairment. The impairment did not affect adjusted net operating results, statutory capital or debt-covenant compliance. Adjusted net operating results were a $4.4 million loss, versus $17.4 million of income a year earlier.
Gross written premiums were $186.1 million, down 22% year over year, while net earned premiums were $127.7 million, down 14%. The combined ratio was 115.6%, compared with 94.0%. James River recorded $19.2 million of adverse reserve development in Excess and Surplus Lines, primarily from a Product Liability portfolio in runoff, and $1.4 million in Specialty Admitted; the E&S amount was against $1.0 billion of net reserves. General and administrative expenses fell 9%. Net investment income was $22.2 million, up 1% year over year. Tangible common equity was $367.8 million at September 30, 2026, down 10.5% from December 31, 2025. The board declared a $0.01-per-share cash dividend, payable December 31, 2026 to shareholders of record December 15, 2026.
0 points · 0 major0 major · 3 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Moderate pointQuarterly adjusted net operating results were a $4.4 million loss, versus $17.4 million of income a year earlier.
- Moderate pointThe combined ratio was 115.6%, compared with 94.0% in the prior-year quarter.
- Moderate pointGross written premiums fell 22% to $186.1 million year over year.
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
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, or exhibit attachments filed with this report.
Key Figures
Net loss available to common shareholders: $189.4 million loss
Goodwill impairment: $181.8 million
Adjusted net operating result: $4.4 million loss
+4 more
7 metrics
Net loss available to common shareholders
$189.4 million loss
Third quarter 2026
Goodwill impairment
$181.8 million
Non-cash charge in third quarter 2026
Adjusted net operating result
$4.4 million loss
Third quarter 2026; compared with $17.4 million income in third quarter 2025
Gross written premiums
$186.1 million
Third quarter 2026; down 22% from the prior-year quarter
Combined ratio
115.6%
Third quarter 2026; 94.0% in third quarter 2025
E&S adverse reserve development
$19.2 million
Third quarter 2026; on $1.0 billion of E&S net reserves
Cash dividend per common share
$0.01
Payable December 31, 2026 to shareholders of record December 15, 2026
Key Terms
goodwill impairment, adverse reserve development, combined ratio, retroactive reinsurance accounting, +1 more
5 terms
goodwill impairment financial
"a non-cash goodwill impairment of $181.8 million"
Goodwill impairment occurs when a company’s valued reputation or brand strength, known as goodwill, is found to be worth less than previously recorded on its financial statements. This usually happens when the company's performance declines or market conditions change, signaling that the expected benefits from acquisitions or brand value are no longer as strong. It matters to investors because it can indicate that a company's assets are less valuable than initially thought, potentially affecting its overall financial health.
adverse reserve development financial
"recognized net adverse development of $19.2 million"
An increase in an insurer's loss reserves because claims turned out larger or more costly than previously estimated. It means a company raises the liability it holds for past policy periods after reviewing claim experience or new information; the increase is recorded in the insurer’s financial statements and reduces reported underwriting profit for the period when the adjustment is made. Adverse reserve development typically relates to prior accident or policy years (including incurred-but-not-reported claims) and reflects a deterioration in past loss estimates rather than new underwriting in the current period.
combined ratio financial
"Combined ratio 115.6%"
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 accounting financial
"business not subject to retroactive reinsurance accounting"
tangible common equity financial
"Tangible common equity of $367.8 million"
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.
Earnings Snapshot
Net loss available to common shareholders: $189.4 million loss
Third quarter 2026
Net loss available to common shareholders
$189.4 million loss
Compared with a $948,000 loss in third quarter 2025
Adjusted net operating result
$4.4 million loss
Compared with $17.4 million income in third quarter 2025
Gross written premiums
$186.1 million
Down 22% from third quarter 2025
Combined ratio
115.6%
Compared with 94.0% in third quarter 2025
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were JRVR's third-quarter 2026 earnings?
JRVR reported a $189.4 million net loss available to common shareholders, or $4.08 per diluted share, and an adjusted net operating loss of $4.4 million. A year earlier, those measures were a $948,000 net loss and $17.4 million of adjusted net operating income, respectively.
What caused JRVR's third-quarter 2026 net loss?
A $181.8 million non-cash goodwill impairment was included in the quarter's results. The goodwill had been added to the balance sheet when the company was acquired by an investor group in 2007, rather than through an acquisition made by the company.
What dividend did JRVR declare, and when is it payable?
JRVR declared a $0.01-per-share cash dividend, payable December 31, 2026, to shareholders of record December 15, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): | |||||
(Exact name of registrant as specified in its charter) | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(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):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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 2.02 | Results of Operations and Financial Condition. | ||||
On November 9, 2026, James River Group Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 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 8.01 | Other Events. | ||||
On November 9, 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 December 31, 2026 to shareholders of record on December 15, 2026.
| Item 9.01 | Financial 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 November 9, 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: November 9, 2026 | By: /s/ Sarah C. Doran | ||||
| Sarah C. Doran | |||||
| Chief Financial Officer | |||||
Exhibit 99.1
JAMES RIVER ANNOUNCES THIRD QUARTER 2026 RESULTS
Chapel Hill, N.C., November 9, 2026 - James River Group Holdings, Inc. ("James River" or the "Company") (NASDAQ: JRVR) today reported the following results for the third quarter of 2026 as compared to the same period in 2025. Third quarter results included a non-cash goodwill impairment of $181.8 million that resulted in a net loss available to common shareholders of $189.4 million, or $4.08 per diluted share. The goodwill was added to the balance sheet when the Company was acquired by an investor group in 2007, rather than as a result of any acquisition made by the Company. The impairment charge does not affect the Company's adjusted net operating results, statutory capital or compliance with debt covenants.
| Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||
| ($ in thousands, except for share data) | 2026 | per diluted share | 2025 | per diluted share | |||||||||||||||||||
| Net loss from continuing operations available to common shareholders | $ | (189,276) | $ | (4.08) | $ | (376) | $ | (0.01) | |||||||||||||||
| Net loss from discontinued operations1 | (133) | $ | — | (572) | $ | (0.01) | |||||||||||||||||
| Net loss available to common shareholders | (189,409) | $ | (4.08) | (948) | $ | (0.02) | |||||||||||||||||
Adjusted net operating (loss) income2 | (4,445) | $ | (0.10) | 17,383 | $ | 0.32 | |||||||||||||||||
Unless specified otherwise, all underwriting performance ratios presented herein are for our continuing operations and business not subject to retroactive reinsurance accounting.
Third Quarter 2026 Overview:
•Adjusted net operating loss2 of $4.4 million or $0.10 per diluted share, was primarily impacted by adverse reserve development in the Excess & Surplus ("E&S") segment.
•E&S new and renewal submission growth for active divisions continues to be strong, increasing 8% compared to the prior year quarter, reflecting a strong market opportunity, while heightened competition remains across casualty lines. The Company has remained disciplined in adding risk that aligns with its underwriting standards, choosing to focus on growth in smaller accounts.
•Annually, during the third quarter, the Company completes its Detailed Valuation Review of the E&S segment's reserves. This is a first principles, ground-up review of all assumptions underpinning the reserve base. Following that review this year, the Company recognized net adverse development of $19.2 million on total E&S net reserves of $1.0 billion. The development was driven by a specific portfolio, which is fully in runoff, within the Product Liability line. Notably, the Company continues to observe much lower
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 (loss) income is a non-GAAP financial measure and excludes the impact of $181.8 million in goodwill impairment during the quarter. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Measures” at the end of this press release.
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JRVR Announces Third Quarter 2026 Results
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frequency and reduced incurred loss dynamics across the entire E&S portfolio from the more recent accident years beginning in 2023.
•The Company continues to deliver expense reductions. General and administrative expenses declined by 9% for both the quarter and on a year-to-date basis compared to prior year periods. On a year-to-date basis, expenses for Specialty Admitted declined 40% and expenses for the Corporate Segment declined 15%.
•Net investment income of $22.2 million grew by over 9% sequentially compared to the second quarter ($20.3 million) and by 1% compared to the prior year quarter ($21.9 million) driven by attractive book yields in fixed maturities as well as strong income from private investments.
Frank D'Orazio, the Company’s Chief Executive Officer, commented, "E&S submission growth and our market opportunity set remain strong across the franchise as we leverage our investments in technology and further emphasize smaller accounts and greater profitability. During the quarter, we completed our first principles reserve review and while the Company continues to see distinct improvement in overall profitability since 2023, we bolstered reserves in our Product Liability line to address a specific portfolio that is now fully in runoff."
Third Quarter 2026 Operating Results
•Gross written premium of $186.1 million, consisting of the following:
| Three Months Ended September 30, | |||||||||||||||||
| ($ in thousands) | 2026 | 2025 | % Change | ||||||||||||||
| Excess and Surplus Lines | $ | 170,404 | $ | 209,831 | (19) | % | |||||||||||
| Specialty Admitted Insurance | 15,700 | 27,445 | (43) | % | |||||||||||||
| $ | 186,104 | $ | 237,276 | (22) | % | ||||||||||||
•Net written premium of $105.0 million, consisting of the following:
| Three Months Ended September 30, | |||||||||||||||||
| ($ in thousands) | 2026 | 2025 | % Change | ||||||||||||||
| Excess and Surplus Lines | $ | 104,027 | $ | 121,707 | (15) | % | |||||||||||
| Specialty Admitted Insurance | 983 | 1,026 | (4) | % | |||||||||||||
| $ | 105,010 | $ | 122,733 | (14) | % | ||||||||||||
•Net earned premium of $127.7 million, consisting of the following:
| Three Months Ended September 30, | |||||||||||||||||
| ($ in thousands) | 2026 | 2025 | % Change | ||||||||||||||
| Excess and Surplus Lines | $ | 126,321 | $ | 140,175 | (10) | % | |||||||||||
| Specialty Admitted Insurance | 1,390 | 8,276 | (83) | % | |||||||||||||
| $ | 127,711 | $ | 148,451 | (14) | % | ||||||||||||
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JRVR Announces Third Quarter 2026 Results
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•Pre-tax net (adverse) favorable reserve development by segment on business not subject to retroactive reinsurance accounting was as follows:
| Three Months Ended September 30, | |||||||||||
| ($ in thousands) | 2026 | 2025 | |||||||||
| Excess and Surplus Lines | $ | (19,170) | $ | 2,369 | |||||||
| Specialty Admitted Insurance | (1,446) | 236 | |||||||||
| $ | (20,616) | $ | 2,605 | ||||||||
•The third quarter of 2026 included $19.2 million of net adverse reserve development in the E&S segment and $1.4 million of net adverse reserve development within Specialty Admitted. The reserve additions for E&S were informed by the Company's annual Detailed Valuation Review process that took place during the quarter. The adverse development within E&S related primarily to the Product Liability line, and the portfolio that has driven this development is in runoff. 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 since 2023, and will continue to monitor these trends to inform estimates.
•In the third quarter of 2026, the Company continued to deliver meaningful reductions in general and administrative expenses. These decreased by 9% compared to the prior year quarter, notably in the Specialty Admitted (down 34%) and Corporate (down 21%) segments.
Investment Results
Net investment income for the third quarter of 2026 was $22.2 million, above the $21.9 million reported in the prior year quarter. Private investment income of $2.2 million was $1.1 million greater than the prior year period. The Company's investments in private credit through capital-efficient rated notes drove the outperformance with strong quarterly returns and increased invested balances compared to 2025. Fixed income securities, which represent the majority of the Company's invested assets and cash, generated more than 10% higher net investment income compared to the prior year period.
The Company’s net investment income consisted of the following:
| Three Months Ended September 30, | |||||||||||||||||
| ($ in thousands) | 2026 | 2025 | % Change | ||||||||||||||
| Total Net Investment Income | $ | 22,185 | $ | 21,919 | 1 | % | |||||||||||
| Private Investments | 2,190 | 1,066 | 105 | % | |||||||||||||
| All Other Investments | 19,995 | 20,853 | (4) | % | |||||||||||||
The Company’s annualized gross investment yield on average fixed maturity, bank loan and equity securities for the three months ended September 30, 2026 was 4.7%, slightly above the previous quarter compared to 4.6% for the three months ended September 30, 2025.
Net realized and unrealized losses of $2.9 million for the three months ended September 30, 2026 were driven primarily by unrealized losses within the portfolio's preferred stock holdings, whose fair values were largely impacted by rate increases during the quarter.
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JRVR Announces Third Quarter 2026 Results
Page 4
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 Thursday, December 31, 2026 to all shareholders of record as of Tuesday, December 15, 2026.
Tangible Common Equity
Shareholders' equity of $291.9 million at September 30, 2026 compared to shareholders' equity of $538.2 million at December 31, 2025 and was predominantly affected by the non-cash, full impairment to $181.8 million of goodwill during the third quarter. The goodwill was added to the balance sheet when the Company was acquired by an investor group in 2007, rather than as a result of any acquisition made by the Company. Tangible common equity3 of $367.8 million at September 30, 2026 decreased 10.5% from $411.0 million at December 31, 2025. The decline in equity included a $52.0 million increase in accumulated other comprehensive loss which came as a result of the rise in rates during the year.
Conference Call
James River will hold a conference call to discuss its third quarter results tomorrow, November 10, 2026 at 8:30 a.m. Eastern Time. Investors may access the conference call by dialing (800) 715-9871, Conference ID 6057866, 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
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 Third Quarter 2026 Results
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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 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 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.
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JRVR Announces Third Quarter 2026 Results
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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.
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 Third 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) | September 30, 2026 | December 31, 2025 | |||||||||
| ASSETS | |||||||||||
| Invested assets: | |||||||||||
| Fixed maturity securities, available-for-sale, at fair value | $ | 1,374,704 | $ | 1,404,774 | |||||||
| Equity securities, at fair value | 72,358 | 73,092 | |||||||||
Bank loan participations, at fair value | 154,688 | 155,138 | |||||||||
| Short-term investments | 4,868 | 0 | |||||||||
| Other invested assets | 71,666 | 64,152 | |||||||||
| Total invested assets | 1,678,284 | 1,697,156 | |||||||||
| Cash and cash equivalents | 167,903 | 260,941 | |||||||||
| Restricted cash equivalents (a) | 8,710 | 8,481 | |||||||||
| Accrued investment income | 14,252 | 12,744 | |||||||||
| Premiums receivable and agents’ balances, net | 89,655 | 153,638 | |||||||||
| Reinsurance recoverable on unpaid losses, net | 1,821,124 | 2,026,110 | |||||||||
| Reinsurance recoverable on paid losses | 140,165 | 118,243 | |||||||||
| Deferred policy acquisition costs | 28,870 | 31,286 | |||||||||
| Goodwill and intangible assets | 31,815 | 213,918 | |||||||||
| Other assets | 311,858 | 337,413 | |||||||||
| Total assets | $ | 4,292,636 | $ | 4,859,930 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Reserve for losses and loss adjustment expenses | $ | 2,912,382 | $ | 3,099,418 | |||||||
| Unearned premiums | 374,954 | 447,644 | |||||||||
| Funds held (a) | 7,485 | 7,485 | |||||||||
| Deferred reinsurance gain | 107,719 | 86,720 | |||||||||
| Senior debt | 225,800 | 225,800 | |||||||||
| Junior subordinated debt | 104,055 | 104,055 | |||||||||
| Accrued expenses | 25,099 | 31,006 | |||||||||
| Other liabilities | 110,150 | 186,534 | |||||||||
| Total liabilities | 3,867,644 | 4,188,662 | |||||||||
| Series A redeemable preferred shares | 133,115 | 133,115 | |||||||||
| Total shareholders’ equity | 291,877 | 538,153 | |||||||||
| Total liabilities, Series A redeemable preferred shares, and shareholders’ equity | $ | 4,292,636 | $ | 4,859,930 | |||||||
| Tangible equity (b) | $ | 500,896 | $ | 544,070 | |||||||
| Tangible equity per share (b) | $ | 8.38 | $ | 9.15 | |||||||
Tangible common equity per share (b) | $ | 7.95 | $ | 8.94 | |||||||
Shareholders' equity per share | $ | 6.31 | $ | 11.71 | |||||||
| Common shares outstanding | 46,249,038 | 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 Third Quarter 2026 Results
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James River Group Holdings, Inc. and Subsidiaries
Condensed Consolidated Income Statement Data (Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| ($ in thousands, except for share data) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| REVENUES | |||||||||||||||||||||||
| Gross written premiums | $ | 186,104 | $ | 237,276 | $ | 691,376 | $ | 909,640 | |||||||||||||||
| Net written premiums (a) | 105,010 | 122,733 | 373,506 | 426,679 | |||||||||||||||||||
| Net earned premiums (a) | 127,711 | 148,451 | 402,441 | 452,962 | |||||||||||||||||||
| Net investment income | 22,185 | 21,919 | 63,789 | 62,443 | |||||||||||||||||||
| Net realized and unrealized (losses) gains on investments | (2,857) | 1,239 | (8,490) | (484) | |||||||||||||||||||
| Other income | 670 | 1,126 | 2,697 | 4,946 | |||||||||||||||||||
| Total revenues | 147,709 | 172,735 | 460,437 | 519,867 | |||||||||||||||||||
| EXPENSES | |||||||||||||||||||||||
| Losses and loss adjustment expenses (b) | 104,423 | 121,004 | 311,688 | 333,670 | |||||||||||||||||||
| Other operating expenses | 43,199 | 42,561 | 138,451 | 140,592 | |||||||||||||||||||
| Other expenses | 1,160 | 204 | 2,161 | 1,775 | |||||||||||||||||||
| Interest expense | 5,708 | 6,224 | 16,910 | 17,570 | |||||||||||||||||||
| Amortization of intangible assets | 90 | 90 | 272 | 272 | |||||||||||||||||||
| Impairment of goodwill | 181,831 | — | 181,831 | — | |||||||||||||||||||
| Total expenses | 336,411 | 170,083 | 651,313 | 493,879 | |||||||||||||||||||
| (Loss) income from continuing operations before income taxes | (188,702) | 2,652 | (190,876) | 25,988 | |||||||||||||||||||
| Income tax (benefit) expense on continuing operations | (1,395) | 1,059 | (1,415) | 8,287 | |||||||||||||||||||
| Net (loss) income from continuing operations | (187,307) | 1,593 | (189,461) | 17,701 | |||||||||||||||||||
| Net loss from discontinued operations | (133) | (572) | (503) | (2,347) | |||||||||||||||||||
| NET (LOSS) INCOME | (187,440) | 1,021 | (189,964) | 15,354 | |||||||||||||||||||
| Dividends on Series A preferred shares | (1,969) | (1,969) | (5,907) | (5,907) | |||||||||||||||||||
| NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | (189,409) | $ | (948) | $ | (195,871) | $ | 9,447 | |||||||||||||||
| ADJUSTED NET OPERATING (LOSS) INCOME (c) | $ | (4,445) | $ | 17,383 | $ | 11,385 | $ | 38,178 | |||||||||||||||
| (LOSS) INCOME PER COMMON SHARE | |||||||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Continuing operations | $ | (4.08) | $ | (0.01) | $ | (4.22) | $ | 0.26 | |||||||||||||||
| Discontinued operations | $ | 0.00 | $ | (0.01) | $ | (0.01) | $ | (0.05) | |||||||||||||||
| $ | (4.08) | $ | (0.02) | $ | (4.23) | $ | 0.21 | ||||||||||||||||
| Diluted | |||||||||||||||||||||||
| Continuing operations | $ | (4.08) | $ | (0.01) | $ | (4.22) | $ | 0.25 | |||||||||||||||
| Discontinued operations | $ | 0.00 | $ | (0.01) | $ | (0.01) | $ | (0.05) | |||||||||||||||
| $ | (4.08) | $ | (0.02) | $ | (4.23) | $ | 0.20 | ||||||||||||||||
| ADJUSTED NET OPERATING (LOSS) INCOME PER COMMON SHARE | |||||||||||||||||||||||
| Basic | $ | (0.10) | $ | 0.38 | $ | 0.25 | $ | 0.83 | |||||||||||||||
| Diluted (d) | $ | (0.10) | $ | 0.32 | $ | 0.24 | $ | 0.73 | |||||||||||||||
| Weighted-average common shares outstanding: | |||||||||||||||||||||||
| Basic | 46,339,604 | 46,026,399 | 46,254,038 | 45,954,992 | |||||||||||||||||||
| Diluted | 46,339,604 | 46,026,399 | 46,254,038 | 46,461,351 | |||||||||||||||||||
| Cash dividends declared per common share | $ | 0.01 | $ | 0.01 | $ | 0.03 | $ | 0.03 | |||||||||||||||
| Ratios: | |||||||||||||||||||||||
| Loss ratio | 81.9 | % | 65.7 | % | 72.2 | % | 66.9 | % | |||||||||||||||
| Expense ratio (e) | 33.7 | % | 28.3 | % | 34.4 | % | 30.5 | % | |||||||||||||||
| Combined ratio | 115.6 | % | 94.0 | % | 106.6 | % | 97.4 | % | |||||||||||||||
| Accident year loss ratio (f) | 65.7 | % | 65.7 | % | 65.8 | % | 65.4 | % | |||||||||||||||
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JRVR Announces Third Quarter 2026 Results
Page 9
(a) Net written premium and net earned premium were impacted by $— million and $7.2 million of reinsurance reinstatement premiums incurred during the three and nine months ending September 30, 2026, respectively ($3.8 million and $9.6 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 ($117,000)and $21.0 million for deferred retroactive reinsurance gains in the three and nine months ended September 30, 2026, respectively ($23.5 million and $30.8 million in the respective prior year periods). | |||||||||||||||||||||||
| (c) See "Reconciliation of Non-GAAP Measures". | |||||||||||||||||||||||
(d) Potential common shares related to RSUs were anti-dilutive in the three months ended September 30, 2026 and excluded from the calculation. RSUs were dilutive and included in the denominator in the calculation for the nine months ended September 30, 2026 as well as the three and nine-month prior year periods. The outstanding Series A preferred shares were anti-dilutive in the current periods and dilutive in the 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 in the prior year periods. | |||||||||||||||||||||||
(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 $42,000 and $166,000 for the three and nine months ended September 30, 2026, respectively ($453,000 and $2.1 million in the respective prior year periods). | |||||||||||||||||||||||
| (f) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years). | |||||||||||||||||||||||
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JRVR Announces Third Quarter 2026 Results
Page 10
James River Group Holdings, Inc. and Subsidiaries
Segment Results
EXCESS AND SURPLUS LINES
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| ($ in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Gross written premiums | $ | 170,404 | $ | 209,831 | (18.8) | % | $ | 632,859 | $ | 723,518 | (12.5) | % | |||||||||||||||||||||||
| Net written premiums (a) | $ | 104,027 | $ | 121,707 | (14.5) | % | $ | 370,369 | $ | 403,431 | (8.2) | % | |||||||||||||||||||||||
| Net earned premiums (a) | $ | 126,321 | $ | 140,175 | (9.9) | % | $ | 395,453 | $ | 418,573 | (5.5) | % | |||||||||||||||||||||||
| Losses and loss adjustment expenses excluding retroactive reinsurance | (101,436) | (89,033) | 13.9 | % | (280,781) | (271,697) | 3.3 | % | |||||||||||||||||||||||||||
| Underwriting expenses | (35,678) | (34,709) | 2.8 | % | (110,880) | (107,078) | 3.6 | % | |||||||||||||||||||||||||||
| Underwriting (loss) profit (b) | $ | (10,793) | $ | 16,433 | — | $ | 3,792 | $ | 39,798 | (90.5) | % | ||||||||||||||||||||||||
| Ratios: | |||||||||||||||||||||||||||||||||||
| Loss ratio | 80.3 | % | 63.5 | % | 71.0 | % | 64.9 | % | |||||||||||||||||||||||||||
| Expense ratio | 28.2 | % | 24.8 | % | 28.0 | % | 25.6 | % | |||||||||||||||||||||||||||
| Combined ratio | 108.5 | % | 88.3 | % | 99.0 | % | 90.5 | % | |||||||||||||||||||||||||||
| Accident year loss ratio (c) | 65.1 | % | 63.5 | % | 64.9 | % | 63.5 | % | |||||||||||||||||||||||||||
(a) Net written premium and net earned premium were impacted by $— million and $7.2 million of reinsurance reinstatement premiums incurred during the three and nine months ending September 30, 2026, respectively ($3.8 million and $9.6 million in the respective prior year periods). In the current year, these premiums were associated predominantly with a single claim within the Company's E&S segment. | |||||||||||||||||||||||||||||||||||
| (b) See "Reconciliation of Non-GAAP Measures". | |||||||||||||||||||||||||||||||||||
| (c) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years). | |||||||||||||||||||||||||||||||||||
SPECIALTY ADMITTED INSURANCE
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| ($ in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Gross written premiums | $ | 15,700 | $ | 27,445 | (42.8) | % | $ | 58,517 | $ | 186,122 | (68.6) | % | |||||||||||||||||||||||
| Net written premiums | $ | 983 | $ | 1,026 | (4.2) | % | $ | 3,137 | $ | 23,248 | (86.5) | % | |||||||||||||||||||||||
| Net earned premiums | $ | 1,390 | $ | 8,276 | (83.2) | % | $ | 6,988 | $ | 34,389 | (79.7) | % | |||||||||||||||||||||||
| Losses and loss adjustment expenses | (3,104) | (8,456) | (63.3) | % | (9,908) | (31,147) | (68.2) | % | |||||||||||||||||||||||||||
| Underwriting expenses | (1,767) | (172) | 927.3 | % | (5,163) | (5,321) | (3.0) | % | |||||||||||||||||||||||||||
| Underwriting loss (a), (b) | $ | (3,481) | $ | (352) | 888.9 | % | $ | (8,083) | $ | (2,079) | 288.8 | % | |||||||||||||||||||||||
| (a) See "Reconciliation of Non-GAAP Measures". | |||||||||||||||||||||||||||||||||||
(b) Underwriting results for the three and nine months ended September 30, 2026 include gross fee income of $782,000 and $3.3 million, respectively ($2.9 million and $11.2 million in the respective prior year periods). | |||||||||||||||||||||||||||||||||||
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JRVR Announces Third Quarter 2026 Results
Page 11
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Excess and Surplus Lines: | |||||||||||||||||||||||
| Loss Ratio | 80.3 | % | 63.5 | % | 71.0 | % | 64.9 | % | |||||||||||||||
| Impact of retroactive reinsurance | (0.1) | % | 16.8 | % | 5.3 | % | 7.4 | % | |||||||||||||||
| Loss Ratio including impact of retroactive reinsurance | 80.2 | % | 80.3 | % | 76.3 | % | 72.3 | % | |||||||||||||||
| Combined Ratio | 108.5 | % | 88.3 | % | 99.0 | % | 90.5 | % | |||||||||||||||
| Impact of retroactive reinsurance | (0.1) | % | 16.8 | % | 5.3 | % | 7.4 | % | |||||||||||||||
| Combined Ratio including impact of retroactive reinsurance | 108.4 | % | 105.1 | % | 104.3 | % | 97.9 | % | |||||||||||||||
| Consolidated: | |||||||||||||||||||||||
| Loss Ratio | 81.9 | % | 65.7 | % | 72.2 | % | 66.9 | % | |||||||||||||||
| Impact of retroactive reinsurance | (0.1) | % | 15.8 | % | 5.2 | % | 6.8 | % | |||||||||||||||
| Loss Ratio including impact of retroactive reinsurance | 81.8 | % | 81.5 | % | 77.4 | % | 73.7 | % | |||||||||||||||
| Combined Ratio | 115.6 | % | 94.0 | % | 106.6 | % | 97.4 | % | |||||||||||||||
| Impact of retroactive reinsurance | (0.1) | % | 15.8 | % | 5.2 | % | 6.8 | % | |||||||||||||||
| Combined Ratio including impact of retroactive reinsurance | 115.5 | % | 109.8 | % | 111.8 | % | 104.2 | % | |||||||||||||||
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JRVR Announces Third Quarter 2026 Results
Page 12
RECONCILIATION OF NON-GAAP MEASURES
Underwriting (Loss) 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| ($ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Underwriting (loss) profit of the operating segments: | |||||||||||||||||||||||
Excess and Surplus Lines | $ | (10,793) | $ | 16,433 | $ | 3,792 | $ | 39,798 | |||||||||||||||
Specialty Admitted Insurance | (3,481) | (352) | (8,083) | (2,079) | |||||||||||||||||||
| Total underwriting (loss) profit of operating segments | (14,274) | 16,081 | (4,291) | 37,719 | |||||||||||||||||||
| Other operating expenses of the Corporate and Other segment | (5,712) | (7,227) | (22,242) | (26,080) | |||||||||||||||||||
Underwriting (loss) profit (a) | (19,986) | 8,854 | (26,533) | 11,639 | |||||||||||||||||||
| Losses and loss adjustment expenses - retroactive reinsurance | 117 | (23,515) | (20,999) | (30,826) | |||||||||||||||||||
| Net investment income | 22,185 | 21,919 | 63,789 | 62,443 | |||||||||||||||||||
| Net realized and unrealized (losses) gains on investments | (2,857) | 1,239 | (8,490) | (484) | |||||||||||||||||||
| Other income | (532) | 469 | 370 | 1,058 | |||||||||||||||||||
| Interest expense | (5,708) | (6,224) | (16,910) | (17,570) | |||||||||||||||||||
| Amortization of intangible assets | (90) | (90) | (272) | (272) | |||||||||||||||||||
| Impairment of goodwill | (181,831) | — | (181,831) | — | |||||||||||||||||||
| (Loss) income from continuing operations before taxes | $ | (188,702) | $ | 2,652 | $ | (190,876) | $ | 25,988 | |||||||||||||||
(a) Included in underwriting results for the three and nine months ended September 30, 2026 is gross fee income of $782,000 and $3.3 million, respectively ($2.9 million and $11.2 million in the respective prior year periods), and the negative impact of $— million and $7.2 million of reinsurance reinstatement premiums incurred during the three and nine months ending September 30, 2026, respectively ($3.8 million and $9.6 million in the respective prior year periods). In the current year, these premiums were associated predominantly with a single claim within the Company's E&S segment. | |||||||||||||||||||||||
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JRVR Announces Third Quarter 2026 Results
Page 13
Adjusted Net Operating Income
We define adjusted net operating income as income available to common shareholders excluding a) income (loss) from discontinued operations, b) the impact of retroactive reinsurance accounting, c) net realized and unrealized gains (losses) on investments, d) impairments of goodwill and intangible assets, e) certain non-operating expenses such as professional service fees related to certain lawsuits, various strategic initiatives, and the filing of registration statements for the offering of securities, f) severance costs associated with terminated employees, and g) deemed dividends recorded with the amendment of the Series A Preferred Shares. Adjusted net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of adjusted net operating income may not be comparable to that of other companies.
Our income available to common shareholders reconciles to our adjusted net operating income as follows:
| Three Months Ended September 30, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| Loss Before Taxes | Net Loss | Income Before Taxes | Net (Loss) Income | ||||||||||||||||||||
| ($ in thousands) | |||||||||||||||||||||||
| (Loss) income available to common shareholders | $ | (190,840) | $ | (189,409) | $ | 111 | $ | (948) | |||||||||||||||
| Loss from discontinued operations | 169 | 133 | 572 | 572 | |||||||||||||||||||
| Losses and loss adjustment expenses - retroactive reinsurance | (117) | (173) | 23,515 | 18,577 | |||||||||||||||||||
| Net realized and unrealized investment losses (gains) | 2,857 | 2,257 | (1,239) | (979) | |||||||||||||||||||
| Other expenses | 1,160 | 916 | 189 | 161 | |||||||||||||||||||
| Impairment of goodwill | 181,831 | 181,831 | — | — | |||||||||||||||||||
| Adjusted net operating (loss) income | $ | (4,940) | $ | (4,445) | $ | 23,148 | $ | 17,383 | |||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| (Loss) Income Before Taxes | Net (Loss) Income | Income Before Taxes | Net Income | ||||||||||||||||||||
| ($ in thousands) | |||||||||||||||||||||||
| (Loss) income available to common shareholders | $ | (197,420) | $ | (195,871) | $ | 17,734 | $ | 9,447 | |||||||||||||||
| Loss from discontinued operations | 637 | 503 | 2,347 | 2,347 | |||||||||||||||||||
| Losses and loss adjustment expenses - retroactive reinsurance | 20,999 | 16,508 | 30,826 | 24,353 | |||||||||||||||||||
| Net realized and unrealized investment losses | 8,490 | 6,707 | 484 | 382 | |||||||||||||||||||
| Other expenses | 2,161 | 1,707 | 1,760 | 1,649 | |||||||||||||||||||
| Impairment of goodwill | 181,831 | 181,831 | — | — | |||||||||||||||||||
| Adjusted net operating income | $ | 16,698 | $ | 11,385 | $ | 53,151 | $ | 38,178 | |||||||||||||||
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JRVR Announces Third Quarter 2026 Results
Page 14
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 September 30, 2026, June 30, 2026, December 31, 2025, and September 30, 2025.
| September 30, 2026 | June 30, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||
| ($ in thousands, except for share data) | |||||||||||||||||||||||
| Shareholders' equity (a) | $ | 291,877 | $ | 522,601 | $ | 538,153 | $ | 503,638 | |||||||||||||||
| Plus: Series A redeemable preferred shares | 133,115 | 133,115 | 133,115 | 133,115 | |||||||||||||||||||
| Plus: Deferred reinsurance gain | 107,719 | 107,836 | 86,720 | 88,796 | |||||||||||||||||||
| Less: Goodwill and intangible assets | 31,815 | 213,736 | 213,918 | 214,009 | |||||||||||||||||||
| Tangible equity | $ | 500,896 | $ | 549,816 | $ | 544,070 | $ | 511,540 | |||||||||||||||
| Less: Series A redeemable preferred shares | 133,115 | 133,115 | 133,115 | 133,115 | |||||||||||||||||||
| Tangible common equity | $ | 367,781 | $ | 416,701 | $ | 410,955 | $ | 378,425 | |||||||||||||||
| Common shares outstanding | 46,249,038 | 46,239,030 | 45,968,584 | 45,936,898 | |||||||||||||||||||
| Common shares from assumed conversion of Series A preferred shares | 13,521,634 | 13,521,634 | 13,521,634 | 13,521,634 | |||||||||||||||||||
| Common shares outstanding after assumed conversion of Series A preferred shares | 59,770,672 | 59,760,664 | 59,490,218 | 59,458,532 | |||||||||||||||||||
| Equity per share: | |||||||||||||||||||||||
| Shareholders' equity (a) | $ | 6.31 | $ | 11.30 | $ | 11.71 | $ | 10.96 | |||||||||||||||
| Tangible equity | $ | 8.38 | $ | 9.20 | $ | 9.15 | $ | 8.60 | |||||||||||||||
| Tangible common equity | $ | 7.95 | $ | 9.01 | $ | 8.94 | $ | 8.24 | |||||||||||||||
| (a) During the third quarter of 2026, the Company performed a quantitative goodwill impairment assessment on the James River Excess & Surplus Lines reporting unit due to the continuation of the sustained decline in the Company's stock price and due to market conditions for excess and surplus lines impacting the reporting unit's actual and projected results. Based on this quantitative testing, the Company determined that the full amount of the goodwill, $181.8 million, should be recognized as an impairment loss. | |||||||||||||||||||||||
-END-