$JRVR

James River Group Holdings, Inc.

CIK:0001620459|SEC Filings

Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Gross written premiums	$ 268,899	$ 378,003	$ 505,272	$ 672,364
Ceded written premiums	(120,501)	(202,013)	(236,776)	(368,418)
Net written premiums	148,398	175,990	268,496	303,946
Change in net unearned premiums	(9,380)	(23,381)	6,234	565
Net earned premiums	139,018	152,609	274,730	304,511
Net investment income	20,277	20,516	41,604	40,524
Net realized and unrealized gains (losses) on investments	999	(352)	(5,633)	(1,723)
Other income	1,050	2,070	2,027	3,820
Total revenues	161,344	174,843	312,728	347,132
Expenses
Losses and loss adjustment expenses	99,105	113,141	207,265	212,666
Other operating expenses	47,201	47,471	95,252	98,031
Other expenses	873	1,008	1,001	1,571
Interest expense	5,613	5,805	11,202	11,346
Amortization of intangible assets	91	91	182	182
Total expenses	152,883	167,516	314,902	323,796
Income (loss) from continuing operations before income taxes	8,461	7,327	(2,174)	23,336
Income tax expense (benefit) on continuing operations	1,841	2,207	(20)	7,228
Net income (loss) from continuing operations	6,620	5,120	(2,154)	16,108
Discontinued operations (Note 2):
Loss on disposal of discontinued operations, net of tax	(221)	(361)	(370)	(1,775)
Total 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
Other comprehensive (loss) income:
Net unrealized (losses) gains, net of taxes of $(257) and $(2,691) in 2026 and $1,310 and $5,117 in 2025	(968)	4,927	(10,122)	19,249
Total comprehensive income (loss)	$ 5,431	$ 9,686	$ (12,646)	$ 33,582
Basic
Continuing operations (in dollars per share)	$ 0.10	$ 0.07	$ (0.13)	$ 0.27
Discontinued operations (in dollars per share)	0	(0.01)	(0.01)	(0.04)
Basic (in dollars per share)	0.10	0.06	(0.14)	0.23
Diluted
Continuing operations (in dollars per share)	0.10	0.07	(0.13)	0.26
Discontinued operations (in dollars per share)	0	(0.01)	(0.01)	(0.04)
Diluted (in dollars per share)	0.10	0.06	(0.14)	0.22
Dividend declared per common share (in dollars per share)	$ 0.01	$ 0.01	$ 0.02	$ 0.02
Weighted-average common shares outstanding:
Basic (in shares)	46,319,945	46,032,626	46,210,545	45,918,697
Diluted (in shares)	46,962,276	46,726,255	46,210,545	46,432,481

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Operating activities

Net cash (used in) provided by operating activities

^[1]

$ (5,774)

$ (26,310)

Fixed maturity securities, available-for-sale:

Purchases

(156,887)

(148,956)

Sales

17,219

7,616

Maturities and calls

92,674

55,891

Equity securities:

Purchases

(4,045)

(6,111)

Sales and redemptions

2,805

4,940

Bank loan participations:

Purchases

(67,758)

(79,526)

Sales

47,639

45,234

Maturities

14,205

16,121

Other invested assets:

Purchases

(6,397)

(21,718)

Return of capital

321

600

Proceeds from sales and principal repayments

1,034

322

Short-term investments, net

(4,037)

(14,142)

Securities receivable or payable, net

10,325

7,707

Purchases of property and equipment

(937)

(1,677)

Net cash used in investing activities

(53,839)

(133,699)

Financing activities

Senior debt issuances

25,000

Payroll taxes withheld and remitted on net settlement of RSUs

(677)

(550)

Dividends on Series A preferred shares

(3,938)

Dividends on common stock

(985)

(1,061)

Payment of debt issuance costs

(1,130)

Net cash (used in) provided by financing activities

(5,600)

18,321

Change in cash, cash equivalents, and restricted cash equivalents

(65,213)

(141,688)

Cash, cash equivalents, and restricted cash equivalents at beginning of period

269,422

391,050

Cash, cash equivalents, and restricted cash equivalents at end of period

204,209

249,362

Supplemental information

Interest paid

12,214

11,694

Restricted cash equivalents at beginning of period

8,481

28,705

Restricted cash equivalents at end of period

8,633

29,321

Change in restricted cash equivalents

$ 152

$ 616

[1]

Cash used in operating activities for the six months ended June 30, 2026 and 2025 includes the restricted cash activity above related to a former insured, per the terms of a collateral trust. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book”. Excluding the restricted cash activity, cash used in operating activities was $5.9 million and $26.9 million for the six months ended June 30, 2026 and 2025, respectively.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Invested assets:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2026 – $1,496,081; 2025 – $1,448,750)	$ 1,439,293	$ 1,404,774
Equity securities, at fair value (cost: 2026 – $68,494; 2025 – $66,916)	73,639	73,092
Bank loan participations, at fair value	156,669	155,138
Short-term investments	4,037	0
Other invested assets	69,966	64,152
Total invested assets	1,743,604	1,697,156
Cash and cash equivalents	195,576	260,941
Restricted cash equivalents	8,633	8,481
Accrued investment income	14,380	12,744
Premiums receivable and agents’ balances, net	137,969	153,638
Reinsurance recoverable on unpaid losses, net	2,032,045	2,026,110
Reinsurance recoverable on paid losses	79,129	118,243
Prepaid reinsurance premiums	180,077	203,950
Deferred policy acquisition costs	31,366	31,286
Intangible assets, net	31,905	32,087
Goodwill	181,831	181,831
Other assets	136,563	133,463
Total assets	4,773,078	4,859,930
Liabilities:
Reserve for losses and loss adjustment expenses	3,090,045	3,099,418
Unearned premiums	417,643	447,644
Payables to reinsurers	47,567	68,459
Funds held	7,485	7,485
Deferred reinsurance gain	107,836	86,720
Senior debt	225,800	225,800
Junior subordinated debt	104,055	104,055
Accrued expenses	20,227	31,006
Other liabilities	96,704	118,075
Total liabilities	4,117,362	4,188,662
Commitments and contingent liabilities (Note 8)
Series A redeemable preferred shares – 2026 and 2025: 165,000 shares authorized; 112,500 shares issued and outstanding	133,115	133,115
Shareholders’ equity:
Common stock – 2026 and 2025: $0.0002 par value; 200,000,000 shares authorized; 46,239,030 and 45,968,584 shares issued and outstanding, respectively	9	9
Preferred stock – 2026 and 2025: $0.00125 par value; 19,835,000 shares authorized; no shares issued and outstanding	0	0
Additional paid-in capital	939,611	937,611
Retained deficit	(372,156)	(364,726)
Accumulated other comprehensive loss	(44,863)	(34,741)
Total shareholders’ equity	522,601	538,153
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 4,773,078	$ 4,859,930