[8-K] James River Group Holdings, Ltd Reports Material Event

Rhea-AI Filing Summary

Air Lease Corp. (AL) Q2-25 10-Q highlights

• Revenue climbed 9.7% YoY to $731.7 m as the owned fleet expanded to 495 aircraft and ancillary income improved.
• Net income surged to $385.2 m and diluted EPS to $3.33, propelled by a $344.0 m insurance recovery related to Russian-detained aircraft; YTD recoveries reach $675.9 m.
• Fleet metrics remain strong: NBV $29.1 bn, average age 4.8 yrs, lease term 7.2 yrs, utilisation 100%.
• Orderbook totals 241 aircraft with $14.1 bn obligations through 2031; 58% already placed, yet both Airbus and Boeing warn of further delivery delays.
• Balance sheet/liquidity: cash $454.8 m plus $7.5 bn undrawn revolver give $7.9 bn liquidity; debt $20.5 bn (76.7% fixed, 97.4% unsecured) at 4.28% blended cost.
• Operating cash flow reached $862 m; quarterly common dividend held at $0.22.
• Key watch-points: rising interest expense (+9% YoY), sizeable cap-ex pipeline, potential tariff impacts and supply-chain delays.

Positive

• $344 m insurance recovery turns prior Russian asset write-off into net gain, boosting equity and cash.
• Revenue up 9.7% YoY on fleet expansion and ancillary income growth.
• Available liquidity $7.9 bn after revolver upsizing to $8.4 bn; strong funding runway.
• Fleet utilisation 100% and average age 4.8 yrs support stable lease cash flows.
• Debt 97.4% unsecured, giving flexibility and unencumbered asset pool.

Negative

• Net income largely one-off; core profitability less impressive without Russian settlement credit.
• Interest expense +9% YoY and likely to climb with higher SOFR and commercial paper usage.
• $14.1 bn capex commitments amid Airbus/Boeing delays increase execution and financing risk.
• Trade-tariff uncertainty could affect future cross-border deliveries and lessee demand.
• Composite funding cost 4.28% up from 4.14%, pressuring future margins.

Insights

Financial Analyst

TL;DR – One-off insurance gains drive record profit, but core lease economics stay healthy.

The $344 m Russian settlement transforms headline earnings, lifting ROE and retaining capital for growth while boosting book equity by 9%. Even stripping the gain, pre-tax profit improved on fleet growth and disciplined SG&A. Liquidity is ample at $7.9 bn, the revolver extension to 2029 de-risks funding, and debt remains predominantly unsecured, preserving collateral flexibility. Management placed 100% of deliveries through 2026, mitigating placement risk. Guidance on orderbook delays suggests capex can be staggered, easing near-term cash burn. Overall, valuation catalysts emerge from elevated EPS, stronger balance sheet and continued dividend growth.

Risk Analyst

TL;DR – Earnings quality mixed; leverage and supply-chain issues temper upside.

The profit spike is non-recurring; sustainable earnings must absorb a 4.28% funding cost and $14 bn of future aircraft payments. Interest expense already rose 9% YoY and will increase as SOFR resets and commercial paper scales. Orderbook delays introduce cancellation exposure and potential lessee walk-aways, while new U.S. trade tariffs create uncertainty for cross-border deliveries. Leverage at 2.5× NBV/debt is high for a rising-rate cycle, though largely fixed-rate. Any stall in aircraft sales could pressure cash generation. Impact: neutral—solid liquidity offsets macro and execution risks.

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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 4, 2025

JAMES RIVER GROUP HOLDINGS, LTD.

(Exact name of registrant as specified in its charter)

Bermuda			001-36777			98-0585280
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

Clarendon House, 2 Church Street, Hamilton, Pembroke HM11, Bermuda

(Address of principal executive offices)

(Zip Code)

(441) 295-1422

(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 class			Trading Symbol(s)			Name of each exchange on which registered
Common Shares, par value $0.0002 per share			JRVR			NASDAQ 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 2.02 Results of Operations and Financial Condition.

On August 4, 2025, James River Group Holdings, Ltd. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2025. 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 August 4, 2025, the Company announced that its Board of Directors declared a cash dividend of $0.01 per common share of the Company to be paid on September 30, 2025 to shareholders of record on September 15, 2025.

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 August 4, 2025
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, LTD.
Dated: August 4, 2025			By: /s/ Sarah C. Doran
			Sarah C. Doran
			Chief Financial Officer

FAQ

What was Air Lease (AL) diluted EPS for Q2 2025?

Diluted EPS rose to $3.33, up from $0.81 in Q2 2024, largely due to insurance recoveries.

How much did AL recover from Russian-detained aircraft?

Year-to-date cash settlements total $675.9 million, exceeding the original $791 million write-off when combined with 2023 recoveries.

What is Air Lease’s orderbook exposure?

AL has 241 aircraft on order with purchase commitments of $14.1 billion through 2031; 58% are already placed with lessees.

What is the company’s current liquidity position?

As of June 30 2025, AL held $454.8 m cash and $7.5 bn of undrawn revolver capacity, for total liquidity of $7.9 bn.

How has Air Lease’s interest expense trended?

Q2 2025 interest expense rose to $222.3 m, up from $203.3 m a year ago, reflecting higher rates and debt balances.

What dividend did Air Lease declare?

The board approved a $0.22 per-share quarterly cash dividend on Class A common stock, payable Oct 8 2025.