James River Group Holdings, Ltd. has a significant shareholder group led by Enstar Group Limited and related entities. As of June 30, 2026, Cavello Bay Reinsurance Limited, a wholly owned subsidiary of Enstar, beneficially owns 2,590,765 common shares, representing 5.6% of the outstanding common stock, based on 46,236,856 shares outstanding as of May 4, 2026.
These shares are reported as being held with shared voting and shared dispositive power, and no reporting person has sole voting or dispositive power. Ownership is attributed through a chain of Elk Topco, LLC and other intermediate holding companies ultimately tied to Elk Insurance Holdings, LLC, whose sole members are Jennifer Gordon and Anthony Michael Muscolino. Each reporting person states that they disclaim beneficial ownership of the securities held directly by Cavello Bay.
Positive
None.
Negative
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Key Figures
Beneficially owned shares:2,590,765 sharesPercent of class:5.6%Shares outstanding baseline:46,236,856 shares+3 more
6 metrics
Beneficially owned shares2,590,765 sharesCommon shares of James River Group beneficially owned by Cavello Bay as of June 30, 2026
Percent of class5.6%Ownership percentage of James River Group common stock reported by the group
Shares outstanding baseline46,236,856 sharesJames River Group common shares issued and outstanding as of May 4, 2026
Shared voting power2,590,765.00Shares over which the reporting persons have shared voting power
Shared dispositive power2,590,765.00Shares over which the reporting persons have shared dispositive power
As-of date ownership06/30/2026Date as of which Cavello Bay’s beneficial ownership is stated
"As of June 30, 2026, Cavello Bay Reinsurance Limited ("Cavello Bay") beneficially owns 2,590,765 shares"
Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.
shared voting powerfinancial
"6 | Shared Voting Power 2,590,765.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"8 | Shared Dispositive Power 2,590,765.00"
disclaims beneficial ownershipregulatory
"Each Reporting Person disclaims beneficial ownership of the securities held directly by Cavello Bay."
parent holding companyregulatory
"Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company"
FAQ
What percentage of James River Group (JRVR) does Enstar’s group report owning?
Enstar’s group reports beneficial ownership of 5.6% of James River Group’s common stock. This is based on 2,590,765 shares out of 46,236,856 shares outstanding as of May 4, 2026.
How many James River Group (JRVR) shares does Cavello Bay beneficially own?
Cavello Bay Reinsurance Limited beneficially owns 2,590,765 common shares of James River Group. This stake represents 5.6% of the company’s outstanding common stock, using 46,236,856 shares outstanding as the reference base.
Who are the reporting persons in this James River Group (JRVR) Schedule 13G/A?
The reporting persons are Enstar Group Limited, Elk Insurance Holdings, LLC, Jennifer Gordon, and Anthony Michael Muscolino. They report shared voting and dispositive power over 2,590,765 James River Group common shares through subsidiaries.
Do the Enstar-related reporting persons have sole or shared voting power over JRVR shares?
The Enstar-related reporting persons have shared voting power over 2,590,765 shares of James River Group and no sole voting power. They also report shared dispositive power over the same number of shares.
What share count was used to calculate the 5.6% stake in James River Group (JRVR)?
The 5.6% ownership percentage is calculated using 46,236,856 common shares of James River Group issued and outstanding as of May 4, 2026, as disclosed in a Quarterly Report on Form 10-Q filed May 5, 2026.
Do the reporting persons acknowledge full beneficial ownership of the JRVR shares?
No. Each reporting person expressly disclaims beneficial ownership of the James River Group common stock held directly by Cavello Bay. The structure may cause them to be deemed owners, but they do not admit such status.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
James River Group Holdings, Ltd.
(Name of Issuer)
Common Shares, par value $0.0002
(Title of Class of Securities)
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP No.
1
Names of Reporting Persons
Enstar Group Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
BERMUDA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,590,765.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,590,765.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,590,765.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.6 %
12
Type of Reporting Person (See Instructions)
CO, HC
Comment for Type of Reporting Person: The percentage set forth in row (11) is calculated based upon 46,236,856 shares of the Issuer's Common Stock issued and outstanding as of May 4, 2026, as disclosed in the Quarterly Report on Form 10-Q filed by the Issuer on May 5, 2026.
SCHEDULE 13G
CUSIP No.
1
Names of Reporting Persons
Elk Insurance Holdings, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,590,765.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,590,765.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,590,765.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.6 %
12
Type of Reporting Person (See Instructions)
CO, HC
Comment for Type of Reporting Person: The percentage set forth in row (11) is calculated based upon 46,236,856 shares of the Issuer's Common Stock issued and outstanding as of May 4, 2026, as disclosed in the Quarterly Report on Form 10-Q filed by the Issuer on May 5, 2026.
SCHEDULE 13G
CUSIP No.
1
Names of Reporting Persons
Jennifer Gordon
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,590,765.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,590,765.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,590,765.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.6 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: The percentage set forth in row (11) is calculated based upon 46,236,856 shares of the Issuer's Common Stock issued and outstanding as of May 4, 2026, as disclosed in the Quarterly Report on Form 10-Q filed by the Issuer on May 5, 2026.
SCHEDULE 13G
CUSIP No.
1
Names of Reporting Persons
Anthony Michael Muscolino
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,590,765.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,590,765.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,590,765.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.6 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: The percentage set forth in row (11) is calculated based upon 46,236,856 shares of the Issuer's Common Stock issued and outstanding as of May 4, 2026, as disclosed in the Quarterly Report on Form 10-Q filed by the Issuer on May 5, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
James River Group Holdings, Ltd.
(b)
Address of issuer's principal executive offices:
Clarendon House, 2 Church Street, Hamilton, Pembroke, Bermuda, HM 11
Item 2.
(a)
Name of person filing:
This Schedule 13G is being jointly filed by Enstar Group Limited ("Enstar"), Elk Insurance Holdings, LLC ("Elk Insurance Holdings"), Jennifer Gordon and Anthony Michael Muscolino.
(b)
Address or principal business office or, if none, residence:
The principal business address of Enstar is as follows:
A.S. Cooper Building, 4th Floor
26 Reid Street
Hamilton, Bermuda HM 11
The principal business address of Elk Insurance Holdings is as follows:
2100 McKinney Avenue, Suite 1500
Dallas, TX 75201
The business address of Jennifer Gordon and Anthony Michael Muscolino is as follows:
2100 McKinney Avenue, Suite 1500
Dallas, TX 75201
(c)
Citizenship:
Enstar is organized under the laws of Bermuda. Elk Insurance Holdings is organized under the laws of the State of Delaware. Ms. Gordon and Mr. Muscolino are citizens of the United States.
(d)
Title of class of securities:
Common Shares, par value $0.0002
(e)
CUSIP No.:
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of June 30, 2026, Cavello Bay Reinsurance Limited ("Cavello Bay") beneficially owns 2,590,765 shares of Common Stock of the Issuer. Cavello Bay is a wholly-owned subsidiary of Enstar, which is indirectly controlled by Elk Insurance Holdings. The sole shareholder of Enstar is Elk Bidco Limited. The sole owner of the ordinary shares of Elk Bidco Limited is Elk Parent Limited, which is wholly owned by Elk Intermediate Holdings, LLC, which is in turn wholly owned by Elk Topco, LLC. Elk Insurance Holdings owns 100% of the voting non-economic interests in Elk Topco, LLC, and the sole members of Elk Insurance Holdings are Jennifer Gordon and Anthony Michael Muscolino. As a result, Ms. Gordon and Mr. Muscolino and certain intermediate holding companies set forth below under Item 7 may be deemed to beneficially own all of these shares. Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that any Reporting Person is the beneficial owner of the Common Stock referred to herein for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each Reporting Person disclaims beneficial ownership of the securities held directly by Cavello Bay.
(b)
Percent of class:
5.6% (based upon 46,236,856 shares of the Issuer's Common Stock issued and outstanding as of May 4, 2026, as disclosed in the Quarterly Report on Form 10-Q filed by the Issuer on May 5, 2026).
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Item 5 of each cover page, which is hereby incorporated by reference.
(ii) Shared power to vote or to direct the vote:
See Item 6 of each cover page, which is hereby incorporated by reference.
(iii) Sole power to dispose or to direct the disposition of:
See Item 7 of each cover page, which is hereby incorporated by reference.
(iv) Shared power to dispose or to direct the disposition of:
See Item 8 of each cover page, which is hereby incorporated by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
