James River Group Holdings, Inc. JRVR
James River Group Holdings, Inc. owns and operates a group of specialty property and casualty insurance companies focused on underwriting small and middle market casualty risks within the U.S. excess and surplus ("E&S") lines market. For the year ended December 31, 2025, approximately 84.5% of our gross written premiums and 95.9% of our net written premiums originated from the E&S lines market, which we believe puts us among the top publicly traded insurers as ranked by highest concentrations of E&S risk. Substantially all of our business is casualty insurance, and for the year ended December 31, 2025, 96.7% of our gross written premiums were derived from casualty insurance. Our objective is to generate compelling returns on tangible common equity, while limiting underwriting and investment volatility. We seek to accomplish this by earning profits from insurance underwriting and generating meaningful risk-adjusted investment returns, while efficiently managing our capital.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $687.6M | $707.6M | $812.0M | $661.5M | $609.0M | $668.7M | $907.1M | $885.6M | $817.6M | $586.2M |
| Total operating expenses | — | — | — | — | — | $656.8M | $855.3M | $814.8M | $762.5M | $506.9M |
| Interest expense | $23.5M | $24.7M | $24.6M | $13.9M | $8.9M | $10.0M | $10.6M | $11.6M | $9.0M | $8.4M |
| Pre-tax income | $50.5M | -$71.1M | $86.9M | $53.3M | -$108.1M | $11.9M | $51.9M | $70.8M | $55.1M | $79.3M |
| Income tax | $723.0K | $7.6M | $25.7M | $18.4M | $23.2M | $7.1M | $13.5M | $7.0M | $11.6M | $4.9M |
| Net income | $47.4M | -$81.1M | -$107.7M | $31.0M | -$172.8M | $4.8M | $38.3M | $63.8M | $43.6M | $74.5M |
| EPS, basic | 0.86 | -3.06 | -3.14 | 0.59 | -4.94 | 0.16 | 1.27 | 2.14 | 1.48 | 2.56 |
| EPS, diluted | 0.79 | -3.06 | -3.13 | 0.59 | -4.94 | 0.16 | 1.25 | 2.11 | 1.44 | 2.49 |
| Shares, diluted (wtd. avg.) | $60.0M | $38.7M | $37.8M | $37.7M | $35.0M | $30.9M | $30.7M | $30.3M | $30.3M | $29.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $260.9M | $362.3M | $359.9M | $276.4M | $292.1M | $1.02B | $1.41B | $172.5M | $163.5M | $109.8M |
| Short-term investments | — | — | — | — | — | — | — | $82.0M | $36.8M | $50.8M |
| Property, plant and equipment | $21.9M | $19.8M | $17.0M | $1.3M | $781.0K | $1.3M | $1.8M | $23.3M | $25.0M | $24.7M |
| Goodwill | $181.8M | $181.8M | $181.8M | $181.8M | $181.8M | $181.8M | $181.8M | $181.8M | $181.8M | $181.8M |
| Other intangibles | $32.1M | $32.5M | $32.8M | $35.7M | $36.0M | $36.4M | $36.9M | $37.5M | $38.3M | $38.9M |
| Total assets | $4.86B | $5.01B | $5.32B | $5.14B | $4.95B | $5.06B | $5.02B | $3.14B | $2.76B | $2.35B |
| Long-term debt | — | — | — | — | — | — | — | $118.3M | $98.3M | $88.3M |
| Total liabilities | $4.19B | $4.41B | $4.64B | $4.44B | $4.22B | $4.27B | $4.25B | $2.43B | $2.06B | $1.65B |
| Retained earnings | -$364.7M | -$402.4M | -$277.9M | -$152.1M | -$166.7M | $49.2M | $89.6M | $79.8M | $48.2M | $55.2M |
| Total equity | $538.2M | $460.9M | $534.6M | $553.8M | $725.4M | $795.6M | $778.6M | $709.2M | $694.7M | $693.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18.8M | -$247.1M | $88.0M | $222.7M | -$913.5M | -$273.8M | $1.49B | $290.0M | $207.8M | $154.3M |
| Depreciation and amortisation | -$717.0K | -$709.0K | -$475.0K | $1.0M | $4.7M | $5.0M | $4.1M | $4.2M | $2.1M | $2.4M |
| Stock-based compensation | $5.0M | $6.6M | $9.1M | $8.1M | $6.7M | $7.6M | $7.2M | $6.2M | $7.7M | $5.5M |
| Capital expenditure | $4.8M | $4.9M | $6.4M | $8.2M | $6.3M | $549.0K | $519.0K | — | — | — |
| Investing cash flow | -$116.0M | $307.0M | $16.7M | -$328.2M | $35.8M | -$176.0M | -$263.4M | -$266.8M | -$104.7M | -$80.8M |
| Financing cash flow | $13.2M | -$28.8M | -$21.1M | $89.7M | $147.7M | $65.9M | $8.0M | -$14.3M | -$49.4M | -$70.2M |
| Dividends paid | $2.0M | $6.2M | $7.7M | $7.8M | $43.2M | $37.1M | $36.7M | $36.1M | $50.8M | $66.0M |
| Buybacks | — | — | — | $1.3M | $3.1M | $3.6M | $2.9M | $2.2M | $9.4M | $4.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001620459-26-000022.
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