James River Group Holdings, Inc. · NASDAQ:JRVR
James River — Q2 2025 Earnings Presentation
21 slides from James River's earnings presentation, Aug 12, 2025
Slide 1: Q2 2025 Investor Presentation
Q2 2025 Investor Presentation August 2025
Slide 2: Disclosure: Forward-Looking Statements
Disclosure 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
$1.4 Billion Gross Written Premium(1) $493 Million Total Shareholders’ Equity $5.0 Billion Total Assets “A-” (Excellent) A.M. Best Rating A Leading Specialty Insurer with a Diversified E&S Platform 3 James River’s positioning creates profitable opportunities in today’s market 1. Gross Written Premiu
Slide 4: 2Q 2025 Results Evidence Momentum in Niche Casualty Classes
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 • Expense Manageme
Slide 5: Prioritizing Balance Sheet and Aligned Leadership Energy
Prioritizing Balance Sheet and Aligned Leadership Energy 5 James River has focused the Company on its core strengths: Risk Management, Performance Monitoring, and Underwriting Sept 2023 Renewal Rights of Workers’ Comp Sale April 2024 Casualty Re Sale Sept 2021 Raiser / Uber Unlimited Loss Portfolio
Slide 6: Our Core Competency in E&S Aligns With Attractive Market
Our Core Competency in E&S Aligns With Attractive Market 6 We are one of the largest and most concentrated public companies in E&S exposure 1. Statutory E&S direct written premium as defined and calculated by S&P Global Market Intelligence. Represents statutory E&S direct written premium divided by
Slide 7: E&S Market: Significant Long-Term Growth and Pricing Tailwinds
E&S Market: Significant Long-Term Growth and Pricing Tailwinds 7 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 further growth 1. Source: S&P Global Market Intelligence – P&C Market Share Repor
Slide 8: Enables Opportunistic Growth and Prudent Risk Selection
Enables Opportunistic Growth and Prudent Risk Selection 8 1. Gross Written Premiums reflect LTM information as of June 30, 2025. 2. Includes the following underlying divisions, General Casualty, Sports & Entertainment, Commercial Auto, Small Business, Contract Binding. 3. Includes the following unde
Slide 9: Attractive Rate and Strong E&S Submissions Create Opportunities
E&S submissions are growing and retention and hit ratios are within historical ranges despite underwriting repositioning Focus on small and medium accounts have historically been more profitable and less vulnerable to turnover 13.9% 2Q25 Renewal Rate Change (20%) Average Premium Per Policy 6% 2Q25 S
Slide 10: Selective Growth Driven by Strong ERM & Underwriting Discipline
Selective Growth Driven by Strong ERM & Underwriting Discipline 10 Stable 2Q25 E&S segment accident year loss ratio of 63.5% due to nimble shifts in business mix, significant changes to underwriting appetite and meaningful rate gained Initial E&S Segment Accident Year Loss Ratio Has Been Stable Incr
Slide 11: Claims Counts Show a Pervasive, Declining Trend
June 30th 2025 Core E&S (1) (By Number of Months) Claims Counts Show a Pervasive, Declining Trend 11 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 div
Slide 12: Reported Loss Ratios Appear to Support Green Shoots
June 30th 2025 Core E&S (1) (By Number of Months) Reported Loss Ratios Appear to Support Green Shoots 12 Reported loss ratios have meaningfully trended down since 2022 as the portfolio has been refocused 1. Excludes Commercial Auto division. 2. Total E&S is shown from 2020 – 2025 due to exclusion of
Slide 13: Specialty Admitted Will Mitigate Risk with Low Net Retention
<7% Net retention across in force programs $133 Million 12% of Net Reserve Base $337 Million LTM Gross Written Premium 7% Of Company 2Q25 Net Earned Premium Specialty Admitted Will Mitigate Risk with Low Net Retention 13 The capital light platform is positioned to take advantage of attractive profit
Slide 14: Capital Position
Capital Position 14 Our strong balance sheet enables us to continue to capitalize on an extremely attractive P&C market 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 15: A Stable, Yield Generating Investment Portfolio
A Stable, Yield Generating Investment Portfolio 15 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 16: Providing Volatility Mitigation with Adverse Development Cover
Providing Volatility Mitigation with Adverse Development Cover 16 Reinsurance Strategy 2025 Prospective E&S Casualty Reinsurance Treaty Highlights • We purchase both quota share and excess of loss reinsurance structures from a diverse panel of high-quality reinsurers • Increased retention • Added ne
Slide 17: Recognition
17 Recognition Employees are our greatest assets; the Company's benefit platform and flexible work culture has led to lower than industry average turnover 1. Note: Top Workplaces is the nation’s leading employer recognition program that has been recognizing outstanding companies since 2006. Award re
Slide 18: Appendix: Underwriting Performance Ratios & Non-GAAP Reconciliation
Appendix: Underwriting Performance Ratios & Non-GAAP Reconciliation
Slide 19: Underwriting Performance Ratios
Underwriting Performance Ratios 19 Note: During the second quarter of 2025, due to adverse trends on business subject to the State National ADC agreement, the Company recognized adverse prior year development of $10.6 million, partially offset by favorable trends on the business subject to the Comme
Slide 20: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation 20 1. Included in underwriting profit (loss) for the twelve months ended December 31, 2024 and 2023 is gross fee income of $21.0 million and $24.2 million, respectively. Included in underwriting profit for the three months ended June 30, 2025 and 2024 is gross fee in
Slide 21: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation 21 2023 2024 2Q24 2Q25 Tangible Equity and Tangible Common Equity ($ in millions) Shareholders’ Equity 534.6 460.9 541.8 492.6 Plus: Series A Redeemable Preferred Shares 144.9 133.1 144.9 133.1 Plus: Deferred Reinsurance Gain 20.7 58.0 13.0 65.3 Less: Goodwill and In
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