[Form 4] James River Group Holdings, Ltd Insider Trading Activity

Rhea-AI Filing Summary

Encompass Capital Advisors LLC and its managing member Todd J. Kantor have filed a Schedule 13G reporting a passive ownership of 5,206,191 Sable Offshore Corp. common shares, representing 5.24 % of the outstanding class as of 17 Jul 2025 (CUSIP 78574H104).

The filing shows shared voting and dispositive power over the entire position and no sole authority. Encompass is classified as an investment adviser (IA), while Kantor is listed as both a control person (HC) and individual (IN). The certification affirms the stake was not acquired to change or influence control of the issuer.

Crossing the 5 % threshold triggers this disclosure under Rule 13d-1; however, no additional financial data, governance proposals, or transactional intentions are provided.

Positive

• Institutional ownership: A respected energy-oriented hedge fund disclosed a 5.24 % stake, signalling external confidence and potentially enhancing share liquidity.

Negative

• Limited influence: The investors hold no sole voting or dispositive power and disclaim any intent to influence control, limiting near-term strategic impact.

Insights

Portfolio Manager

TL;DR: Hedge fund Encompass reveals 5.24 % passive stake; modestly supportive signal, control ambitions denied.

The 13G confirms that Encompass Capital Advisors—an energy-focused hedge fund—now owns just over the 5 % reporting threshold in Sable Offshore. While the position is passive, it indicates institutional confidence in the issuer’s prospects and enlarges SOC’s shareholder base with a specialist investor. Because voting and dispositive power are shared and there is no control intention, immediate governance impact is limited. Nevertheless, new institutional sponsorship can improve liquidity and raise the company’s profile among other investors. From a risk standpoint, Encompass may exit without notice, so the stake should not be viewed as long-term strategic support. Overall impact: modest and informational rather than transformational.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Cavaness Joel D

(Last) (First) (Middle)

C/O JAMES RIVER GROUP HOLDINGS, LTD.

CLARENDON HOUSE, 2 CHURCH STREET

(Street)

HAMILTON D0 HM 11

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
James River Group Holdings, Ltd. [ JRVR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	07/24/2025		A		5,479(1)	A	$0	5,479	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents the annual grant of restricted share units (payable solely in common shares of the Issuer on the vesting date) under the James River Group Holdings, Ltd. 2014 Non-Employee Director Incentive Plan, as amended, which vest on March 5, 2026.

Remarks:

	/s/ Joel D. Cavaness	07/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Sable Offshore (SOC) shares does Encompass Capital Advisors own?

The filing lists 5,206,191 common shares beneficially owned.

What percentage of SOC’s outstanding stock does this represent?

The stake equals 5.24 % of the class.

Is the position passive or activist?

The Schedule 13G certification states the shares are held not for the purpose of influencing control, indicating a passive investment.

Who is Todd J. Kantor in relation to this filing?

Kantor is the Managing Member of Encompass Capital Advisors and is reported as a control person and individual owner of the same stake.

Does Encompass Capital have sole voting power over the SOC shares?

No. The filing shows 0 sole voting power; all 5,206,191 shares are held with shared voting and dispositive power.