James River Group Holdings, Inc. JRVR

Financials SIC 6331 - Fire, Marine & Casualty Insurance NAICS Finance and Insurance › Insurance Carriers and Related Activities › Insurance Carriers › Direct Insurance (except Life, Health, and Medical) Carriers › Direct Property and Casualty Insurance Carriers derived Nasdaq

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.

Last close 3.97 2026-10-23
Market cap $183.6M 2026-06-30 share count
52-week range 3.36 - 7.20

Valuation FY2025 figures against the last close

P/S0.3x
P/E5.0x
P/FCF—
EV/EBITDA—
Dividend yield1.1%
Diluted EPS0.79

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Excess and Surplus Lines
  • Specialty Admitted Insurance
  • Other
Revenue by segment, 3 categories over 3 years. The same figures are in the table below. FY2025 Excess and Surplus Lines, FY2025: 625.5M (91.0%) 91% Excess and Surplus Lines Specialty Admitted Insurance, FY2025: 60.3M (8.8%) 9% Other, FY2025: 1.8M (0.3%) FY2024 Excess and Surplus Lines, FY2024: 594.4M (84.0%) 84% Specialty Admitted Insurance, FY2024: 109.5M (15.5%) 15% Other, FY2024: 3.7M (0.5%) FY2023 Excess and Surplus Lines, FY2023: 690.4M (85.0%) 85% Specialty Admitted Insurance, FY2023: 119.8M (14.8%) 15% Other, FY2023: 1.8M (0.2%)
Segment FY2025FY2024FY2023
Excess and Surplus Lines $625.5M $594.4M $690.4M
Specialty Admitted Insurance $60.3M $109.5M $119.8M
Other $1.8M $3.7M $1.8M

As the company reported it, from the “Segment Information - Schedule of Segment Results (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.86-3.06-3.140.59-4.940.161.272.141.482.56
EPS, diluted 0.79-3.06-3.130.59-4.940.161.252.111.442.49
Shares, diluted (wtd. avg.) 60.0M38.7M37.8M37.7M35.0M30.9M30.7M30.3M30.3M29.9M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B Revenue, FY2016: 586.2M Net income, FY2016: 74.5M Revenue, FY2017: 817.6M Net income, FY2017: 43.6M Revenue, FY2018: 885.6M Net income, FY2018: 63.8M Revenue, FY2019: 907.1M Net income, FY2019: 38.3M Revenue, FY2020: 668.7M Net income, FY2020: 4.8M Revenue, FY2021: 609M Net income, FY2021: -172.8M Revenue, FY2022: 661.5M Net income, FY2022: 31M Revenue, FY2023: 812M Net income, FY2023: -107.7M Revenue, FY2024: 707.6M Net income, FY2024: -81.1M Revenue, FY2025: 687.6M Net income, FY2025: 47.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $586.2M $817.6M $885.6M $907.1M $668.7M $609.0M $661.5M $812.0M $707.6M $687.6M
Gross profit — — — — — — — — — —
Net income $74.5M $43.6M $63.8M $38.3M $4.8M -$172.8M $31.0M -$107.7M -$81.1M $47.4M

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Other event Item 8.01
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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