James River Group Holdings, Inc. · NASDAQ:JRVR
James River — Q3 2025 Earnings Presentation
20 slides from James River's earnings presentation, Nov 12, 2025
Slide 1: 3Q 2025 Investor Presentation
3Q 2025 Investor Presentation November 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
$1.3 Billion Gross Written Premium(1) $504 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: Prioritizing Balance Sheet and Aligning Leadership
Prioritizing Balance Sheet and Aligning Leadership Energy 4 Management 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 5: 3Q 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 • Durable Expense
Slide 6: E&S Market: Significant Long-Term Growth and Pricing Tailwinds
E&S Market: Significant Long-Term Growth and Pricing Tailwinds 6 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 1. Source: S&P Global Market Intelligence – P&C Marke
Slide 7: Our Core Competency in E&S Aligns With Attractive Market
Our Core Competency in E&S Aligns With Attractive Market 7 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 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 September 30, 2025. 2. Includes the following underlying divisions, Allied Health & Medical, Energy, Environmental, Life Sciences, Management Liability, and Professional Liability. 3. In
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. 34 consecutive quarters of increased renewal rate changes, compounded to
Slide 10: Selective Growth Driven by Strong ERM & Underwriting Discipline
Selective Growth Driven by Strong ERM & Underwriting Discipline 10 Stable 3Q25 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
September 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 Aut
Slide 12: Reported Loss Ratios Appear to Support Green Shoots
September 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 exclusi
Slide 13: Specialty Admitted Will Mitigate Risk with Low Net Retention
<5% Net retention across in force programs $130 Million of Net Reserves (12% Group Net Reserve Base) $264 Million LTM Gross Written Premium 6% Of Company 3Q25 Net Earned Premium Specialty Admitted Will Mitigate Risk with Low Net Retention 13 The capital light platform is positioned to take advantage
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: 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: During the third quarter of 2025, due to adverse trends on business subject to the State National ADC agreement and the Cavello Bay Top Up ADC, the Company recognized adverse prior year development of $24.5 million. The Company recorded retroactive reinsuranc
Slide 19: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation 19 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 $24.2 million, respectively. Included in underwriting profit for the three months ended September 30, 2025 and 2024 is gross f
Slide 20: Non-GAAP Measures Reconciliation
Non-GAAP Measures Reconciliation 20 2023 2024 3Q24 3Q25 Tangible Equity and Tangible Common Equity ($ in millions) Shareholders’ Equity 534.6 460.9 530.4 503.6 Plus: Series A Redeemable Preferred Shares 144.9 133.1 144.9 133.1 Plus: Deferred Reinsurance Gain 20.7 58.0 31.0 88.8 Less: Goodwill and In
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