James River Group Holdings, Inc. · NASDAQ:JRVR
James River — Q1 2026 Earnings Presentation
19 slides from James River's earnings presentation, May 12, 2026
Slide 1: 1Q 2026 Investor Presentation
1Q 2026 Investor Presentation May 2026
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer 2 Forward-Looking Statements This presentation contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, should, i
Slide 3: A Leading Specialty Insurer with a Diversified E&S Platform
$1.1 Billion Gross Written Premium(1) $518 Million Total Shareholders’ Equity $4.8 Billion Total Assets “A-” (Excellent) A.M. Best Rating A Leading Specialty Insurer with a Diversified E&S Platform 31. Gross Written Premiums reflect LTM information as of March 31, 2026. All other information as of M
Slide 4: Profitability Focused - Enabled by Positioning, People, and Technology
Profitability Focused - Enabled by Positioning, People, and Technology • U.S. Small and Medium Company Focus with Limited Property & Auto • Wholesale Only Distribution Creates Loyalty and Drives Strong Submission Growth • New Energy and Leadership Appointments Across E&S and Group • Durable Expense
Slide 5: E&S Market: Significant Long-Term Growth and Opportunity
E&S Market: Significant Long-Term Growth and Opportunity 5 The E&S market - with its flexibility and niche focus - has shown itself to be a permanent force in aligning capital and need, with an outlook poised for continued profitable growth even in a moderating overall market. 1. Source: S&P Global
Slide 6: Our Core Competency in E&S Aligns With Attractive Market
Our Core Competency in E&S Aligns With Attractive Market 6 96%(1) of Net Written Premiums originated from E&S lines in 2025, making us one of the largest and most concentrated public companies in E&S exposure Source: Statutory E&S direct written premium as defined and calculated by S&P Global Market
Slide 7: Diversified E&S Platform Enables Opportunistic Growth and Prudent Risk Selection
E&S GWP(1) $1.0 Billion 15% Primary Casualty (3) Excess Casualty Manufacturers & Contractors Property Specialty (2) 16% 34% 4% 14% 32% Enables Opportunistic Growth and Prudent Risk Selection 7 1. Gross Written Premiums reflect LTM information as of March 31, 2026. 2. Includes the following underlyin
Slide 8: Casualty Focus Enables Selective Targeting of Profitable Growth
E&S Renewal Rate Change Our Casualty Focus Enables us to Selectively Target Profitable Growth with Attractive Rate and a Strong Submissions Environment 8 1. Figures presented on an LTM basis as of March 31, 2026 unless otherwise noted. Targeted reduction of Avg. Account Size reflects the change for
Slide 9: Selective Growth Driven by Strong ERM & Underwriting Discipline
Selective Growth Driven by Strong ERM & Underwriting Discipline 9 1Q26 E&S segment accident year loss ratio of 64.8% due to nimble shifts in business mix, significant changes to underwriting appetite and the impact of premium adjustments Initial E&S Segment Accident Year Loss Ratio Has Been Stable I
Slide 10: Claims Counts Show a Pervasive, Declining Trend
March 31st 2026 Core E&S (1) (By Number of Months) Claims Counts Show a Pervasive, Declining Trend 10 The significant decline post 2022 reflects substantial underwriting changes to portfolio $ in Millions and all premiums are gross of prior year reinsurance adjustments 1. Excludes Commercial Auto di
Slide 11: Reported Loss Ratios Appear to Support Green Shoots
March 31st 2026 Core E&S (1) (By Number of Months) Accident Year 3 15 27 39 51 63 75 2020 1.3% 12.6% 25.5% 37.2% 48.0% 58.7% 68.9% 2021 0.9% 14.9% 25.2% 35.7% 46.7% 56.3% 2022 0.7% 10.2% 22.3% 36.3% 46.9% 2023 0.5% 8.7% 19.2% 32.0% 2024 0.5% 7.6% 16.9% 2025 0.3% 6.2% 2026(3) 0.4% * annualized Report
Slide 12: Capital Position
Capital Position 12 Our strong balance sheet enables us to continue to capitalize on the current E&S market opportunity 1. Excluding restricted cash equivalents. 2. Leverage ratio, in accordance with the Company’s credit agreements, is calculated as adjusted consolidated debt / total capital. Adjust
Slide 13: A Stable, Yield Generating Investment Portfolio
A Stable, Yield Generating Investment Portfolio 13 High quality and well diversified portfolio across asset classes designed to provide consistent investment income 1. Investment portfolio value reflects total invested assets plus cash and cash equivalents (excluding restricted cash equivalents) as
Slide 14: Driving Innovation Through Technology
14 Driving Innovation Through Technology AI-enabled underwriting workbench throughout E&S segment Core platform modernization Key Initiatives ⚫ Speed to market and response time are critical factors to the wholesale distribution channel, and are gatekeepers in the E&S market. ⚫ Profitable, efficient
Slide 15: Recognition
15 Recognition Employees are our greatest assets; James River is proud of its continued award recognition, high engagement scores, and rewarding culture. 1. Note: Top Workplaces is the nation’s leading employer recognition program that has been recognizing outstanding companies since 2006. Award rec
Slide 16: Appendix: Underwriting Performance Ratios & Non-GAAP Reconciliation
Appendix: Underwriting Performance Ratios & Non-GAAP Reconciliation
Slide 17: Underwriting Performance Ratios
Underwriting Performance Ratios 17 Note: The above table provides the underwriting performance ratios of the Company inclusive of the business subject to retroactive reinsurance accounting. There is no economic impact to the Company over the life of a retroactive reinsurance contract so long as any
Slide 18: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation 18 1. Included in underwriting results for the three months ended March 31, 2026 and 2025 is gross fee income of $1.5 million and $4.3 million, respectively, and the negative impact of $6.7 million and $3.1 million of reinsurance reinstatement premiums incurred durin
Slide 19: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation 19 1Q26 1Q25 2025 2024 12 Months Ended December 31st 1Q26 1Q25 2025 2024 Tangible Equity and Tangible Common Equity ($ in millions) Shareholders’ Equity 518.4 484.5 538.2 460.9 Plus: Series A Redeemable Preferred Shares 133.1 133.1 133.1 133.1 Plus: Deferred Reinsura
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