James River Group Holdings, Inc. · NASDAQ:JRVR
James River — Q4 2025 Earnings Presentation
20 slides from James River's earnings presentation, Mar 27, 2026
Slide 1: 4Q 2025 Investor Presentation
4Q 2025 Investor Presentation March 2026
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
$1.2 Billion Gross Written Premium(1) $538 Million Total Shareholders’ Equity $4.9 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 December 31, 2025. All other information as o
Slide 4: 2025 Results: Strong Underwriting Profit, Expense Efficiencies, and Profitable Growth
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 Pricing Tailwinds
E&S Market: Significant Long-Term Growth and Pricing Tailwinds 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 G
Slide 6: Our Core Competency in E&S Aligns With Attractive Market
100% 84% 79% 39% 37% 29% 25% 24% 8% 7% 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
Slide 7: Enables Opportunistic Growth and Prudent Risk Selection
Enables Opportunistic Growth and Prudent Risk Selection 7 1. Gross Written Premiums reflect YTD information as of December 31, 2025. 2. Includes the following underlying divisions, Allied Health & Medical, Energy, Environmental, Life Sciences, Management Liability, and Professional Liability. 3. Inc
Slide 8: Attractive Rate and Strong Submissions Across E&S Casualty Market
Focus on small and medium accounts have historically been more profitable and less vulnerable to turnover. Attractive Rate and Strong Submissions Across E&S Casualty Market Create Opportunity to Scale in Profitable Divisions 8 1. Figures presented on an LTM basis as of December 31, 2025 unless other
Slide 9: Selective Growth Driven by Strong ERM & Underwriting Discipline
Selective Growth Driven by Strong ERM & Underwriting Discipline 9 Stable 4Q25 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 Incre
Slide 10: Claims Counts Show a Pervasive, Declining Trend
December 31st 2025 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
Slide 11: Reported Loss Ratios Appear to Support Green Shoots
December 31st 2025 Core E&S (1) (By Number of Months) Reported Loss Ratios Appear to Support Green Shoots 11 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 exclusio
Slide 12: Specialty Admitted Will Mitigate Risk with Low Net Retention
<5% Net retention across in force programs $123 Million of Net Reserves (11% Group Net Reserve Base) $209 Million 2025 Gross Written Premium 4.4% Of Company 4Q25 Net Earned Premium Specialty Admitted Will Mitigate Risk with Low Net Retention 12 The capital light platform is positioned to take advant
Slide 13: Capital Position
Capital Position 13 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 14: A Stable, Yield Generating Investment Portfolio
A Stable, Yield Generating Investment Portfolio 14 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 15: Driving Innovation Through Technology
15 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, who are gatekeepers in the E&S market. ⚫ Profitable, efficient
Slide 16: Recognition
16 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 17: Appendix: Underwriting Performance Ratios & Non-GAAP Reconciliation
Appendix: Underwriting Performance Ratios & Non-GAAP Reconciliation
Slide 18: Underwriting Performance Ratios
Underwriting Performance Ratios 18 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 19: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation 19 1. Included in underwriting profit (loss) for the twelve months ended December 31, 2025 and 2024 is gross fee income of $13.4 million and $21.0 million, respectively. Included in underwriting profit for the three months ended December 31, 2025 and 2024 is gross fe
Slide 20: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation 20 2023 2024 2025 Tangible Equity and Tangible Common Equity ($ in millions) Shareholders’ Equity 534.6 460.9 538.2 Plus: Series A Redeemable Preferred Shares 144.9 133.1 133.1 Plus: Deferred Reinsurance Gain 20.7 58.0 86.7 Less: Goodwill and Intangible Assets (214.6
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