James River Group Holdings, Inc.

James River Group Holdings, Inc. operates a group of specialty property and casualty insurance companies. The company primarily focuses 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 its gross written premiums and 95.9% of its net written premiums originated from the E&S lines market. Substantially all of its business is casualty insurance, accounting for 96.7% of gross written premiums for the year ended December 31, 2025. The company aims to generate returns on tangible common equity by earning profits from insurance underwriting and generating risk-adjusted investment returns, while managing capital efficiently. James River Group Holdings, Inc. limits its exposure to property catastrophe events. For the year ended December 31, 2025, property insurance represented 3.3% of gross written premiums. When writing property insurance, the company uses reinsurance to significantly mitigate risk, structuring arrangements so that the modeled net pre-tax loss from a 1/1000 year probable maximum loss ("PML") event would not exceed 2.5% of shareholders' equity on a group-wide basis, inclusive of reinstatement premiums payable and net retentions. In 2025, the company completed a leadership reorganization, including new board appointments and new Presidents at both operating segments. On November 7, 2025, the company completed the Domestication of its holding company, changing its incorporation from Bermuda to the U.S., and recognized a one-time benefit of $14.1 million related to business interest expense.