PEMBROKE, Bermuda, July 09, 2024 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. ("James River" or the "Company") (NASDAQ: JRVR) today announced that two of its principal operating subsidiaries entered into a combined loss portfolio transfer and adverse development cover reinsurance agreement with State National Insurance Company, Inc. ("State National"). The transaction closed upon signing. James River was represented by Howden Re and Mayer Brown LLP. James River Group Holdings, Ltd. is a Bermuda-base ...

Financial Data and Key Metrics Changes - The company reported net income from continuing operations of $20.9 million or $0.53 per diluted share, compared to $5.3 million or $0.14 per diluted share for the same period a year ago [16] - Adjusted net operating income was $14.8 million or $0.39 per share, slightly down from $14.97 million or $0.40 per diluted share year-over-year [16] - The combined ratio for the quarter was 95.3%, compared to 94% a year ago, with an accident year loss ratio of 64.3%, improving by 140 basis points from the prior year [56][13] Business Line Data and Key Metrics Changes - The E&S business experienced a gross written premium decline of 6.6% due to non-renewals of larger accounts, while general casualty premiums increased by 16% year-over-year [33][12] - Specialty Admitted gross written premiums increased by 23% compared to the prior year quarter, excluding the impact of workers' compensation [35] - The E&S segment produced a combined ratio of 87.3%, generating $18.5 million of underwriting income [34] Market Data and Key Metrics Changes - The company saw over 90,000 submissions during the first quarter, marking the largest quarterly total in its history, with general casualty submission growth of 45% [8] - Renewal rates in the E&S segment increased by 10.7%, significantly higher than the first quarter of the previous year [10] - The company noted a strong premium growth in April, indicating a favorable rate environment [34] Company Strategy and Development Direction - The company is focused on profitable underwriting and maintaining a disciplined approach to non-renewals, particularly in larger accounts that do not meet profitability hurdles [9][60] - A strategic review process is ongoing, with no set timeline for completion, aimed at creating a more focused and profitable organization [27][28] - The company continues to benefit from strong and accelerating rate and submission growth, particularly in its SME business [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underwriting actions taken, emphasizing the importance of profitability over volume [20] - The company anticipates ample opportunities for growth in 2024, driven by strong submission flow and favorable pricing conditions [14] - Management acknowledged the challenges posed by aggressive pricing from competitors but remains committed to maintaining underwriting discipline [32] Other Important Information - The company experienced elevated operating expense ratios due to compensation expenses related to equity-based grants for retirement-eligible employees [17] - Net investment income from continuing operations increased by 23% to $22.6 million, with an embedded book yield of 4.6% [57] Q&A Session Summary Question: What is the strategy regarding larger accounts? - Management indicated a focus on smaller policies and lower limits to avoid larger claims, emphasizing the importance of underwriting discipline [60] Question: How to drive better margins in Specialty Admitted? - Management noted that growth in existing programs and gaining scale will be key to improving margins, despite recent strategic moves impacting top-line growth [65] Question: What is the current status with rating agencies? - Management confirmed regular communication with rating agencies, maintaining a healthy dialogue regarding capital and performance [66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Securities registered pursuant to Section 12(b) of the Act: Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2024 or Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _______ Commission File Number: 001-36777 JAMES RIVER GROUP HOLDINGS, LTD. (Exact name of registrant a ...

James River Group (JRVR) came out with quarterly earnings of $0.39 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this insurance holding company would post earnings of $0.43 per share when it actually produced earnings of $0.33, delivering a surprise of -23.26%.Over the last four quarters, the company has surpassed consensus EPS estimates just once.James Rive ...

Pembroke, Bermuda, May 8, 2024 - James River Group Holdings, Ltd. ("James River" or the "Company") (NASDAQ: JRVR) today reported the following results for the first quarter 2024 as compared to the same period in 2023: | | Three Months Ended | | | | Three Months Ended | | | --- | --- | --- | --- | --- | --- | --- | | | March 31, | | | | March 31, | | | ($ in thousands, except for share data) | 2024 | | | per diluted share | 2023 | per diluted share | | Net income from continuing operations available to | | | ...

PEMBROKE, Bermuda, April 16, 2024 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. ("James River" or the "Company") (NASDAQ:JRVR) today announced that Fleming Intermediate Holdings ("Fleming") has completed its acquisition of JRG Reinsurance Company, Ltd. ("JRG Re") at the previously agreed upon terms. Frank D'Orazio, the Company's Chief Executive Officer, commented, "We are pleased to have successfully completed our sale of JRG Re to Fleming in accordance with the Stock Purchase Agreement that the part ...

James River Group Holdings, Ltd. (NASDAQ:JRVR) Q4 2023 Results Conference Call February 29, 2024 8:30 AM ET Company Participants Brett Shirreffs - Head-Investor Relations Frank D’Orazio - Chief Executive Officer Sarah Doran - Chief Financial Officer Conference Call Participants Mark Hughes - Truist Brian Meredith - UBS Meyer Shields - KBW Operator Good morning. My name is Jenny, and I will be your conference operator today. At this time, I would like to welcome everyone to James River Group Fourth Quarter 2 ...

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-36777 JAMES RIVER GROUP HOLDINGS, LTD. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organiza ...

Exhibit 99.1 JAMES RIVER ANNOUNCES FOURTH QUARTER 2023 RESULTS Pembroke, Bermuda, February 28, 2024 - James River Group Holdings, Ltd. ("James River" or the "Company") (NASDAQ: JRVR) today reported the following results for the fourth quarter 2023 as compared to the same period in 2022: | | Three Months Ended | | | | Three Months Ended | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | December 31, | | | | December 31, | | | | | ($ in thousands, except for share data) | 2023 per diluted sha ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents James River Group Holdings, Ltd.'s unaudited condensed consolidated financial statements for Q3 and nine months ended September 30, 2023, detailing financial position, performance, and cash flows [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $5.19 billion, driven by cash and reinsurance recoverables, while liabilities rose to $4.49 billion, primarily due to higher loss reserves Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Invested Assets | $2,189,522 | $2,192,294 | | Cash and cash equivalents | $232,923 | $173,164 | | Total Assets | $5,193,487 | $5,137,075 | | Reserve for losses and loss adjustment expenses | $2,887,352 | $2,768,995 | | Total Liabilities | $4,486,045 | $4,438,411 | | Total Shareholders' Equity | $562,544 | $553,766 | [Condensed Consolidated Statements of Income (Loss) and Comprehensive (Loss) Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)%20and%20Comprehensive%20(Loss)%20Income) Net income available to common shareholders significantly improved to $16.9 million in Q3 2023 and $34.6 million for the nine months, driven by higher investment income Q3 2023 vs Q3 2022 Performance (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Net Earned Premiums | $202,625 | $190,189 | | Total Revenues | $233,427 | $201,229 | | Losses and loss adjustment expenses | $139,171 | $153,008 | | Net Income (Loss) | $19,551 | $(4,621) | | Net Income (Loss) available to common shareholders | $16,926 | $(7,246) | | Diluted EPS | $0.45 | $(0.19) | Nine Months 2023 vs 2022 Performance (in thousands, except per share data) | Metric | 9M 2023 | 9M 2022 | | :--- | :--- | :--- | | Net Earned Premiums | $608,075 | $566,275 | | Total Revenues | $695,149 | $587,983 | | Losses and loss adjustment expenses | $435,767 | $409,985 | | Net Income (Loss) | $42,471 | $13,248 | | Net Income (Loss) available to common shareholders | $34,596 | $7,123 | | Diluted EPS | $0.91 | $0.19 | [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased to $562.5 million, primarily due to net income, partially offset by comprehensive loss and dividends paid - For the nine months ended September 30, 2023, total shareholders' equity increased by **$8.7 million**. Key changes include a **$42.5 million** net income contribution, offset by a **$25.8 million** other comprehensive loss and **$13.6 million** in total dividends paid[22](index=22&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased to $97.8 million, while cash used in investing activities significantly reduced, and financing activities shifted to a net cash outflow Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $97,751 | $168,129 | | Net cash used in investing activities | $(18,016) | $(262,181) | | Net cash (used in) provided by financing activities | $(16,333) | $91,953 | | Change in cash, cash equivalents, and restricted cash | $63,402 | $(2,099) | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, investment portfolio, loss reserves, and segment information, highlighting the sale of IRWC renewal rights, adverse reserve development, and the announced sale of JRG Re - On September 29, 2023, the company sold the renewal rights to its Individual Risk Workers’ Compensation (IRWC) business, recognizing a **$2.2 million** gain on sale and a **$2.5 million** impairment charge on the associated trademark[61](index=61&type=chunk)[97](index=97&type=chunk) - For Q3 2023, the company experienced **$12.5 million** of net adverse reserve development, primarily from the Excess and Surplus Lines (**$7.8 million**) and Casualty Reinsurance (**$4.7 million**) segments[68](index=68&type=chunk) - Subsequent to the quarter end, on November 8, 2023, the company agreed to sell its JRG Reinsurance Company Ltd. subsidiary to Fleming Intermediate Holdings LLC for total consideration of approximately **$277 million**[151](index=151&type=chunk)[152](index=152&type=chunk) - On November 10, 2023, the Board of Directors initiated an exploration of strategic alternatives, which could include a sale, merger, or other strategic transaction[154](index=154&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, strategic actions including the JRG Re sale, and operational results, highlighting adjusted net operating income, segment performance, and liquidity - The company has undertaken significant strategic actions, including suspending new business in the Casualty Reinsurance segment, non-renewing a large California workers' compensation program, and selling the renewal rights to its Individual Risk Workers' Compensation (IRWC) business[177](index=177&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) - On November 8, 2023, the company entered into a definitive agreement to sell its Casualty Reinsurance subsidiary, JRG Re[178](index=178&type=chunk) - On November 10, 2023, the company announced its board has initiated an exploration of strategic alternatives, including a potential sale or merger[176](index=176&type=chunk) Key Performance Metrics (Three Months Ended Sep 30) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Gross Written Premiums | $342.5M | $358.5M | | Net Earned Premiums | $202.6M | $190.2M | | Underwriting Profit (Non-GAAP) | $7.6M | $11.3M | | Adjusted Net Operating Income (Non-GAAP) | $18.3M | $15.5M | | Combined Ratio | 96.2% | 94.1% | [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Adjusted net operating income increased to $18.3 million in Q3 2023, driven by higher net investment income despite a higher combined ratio of 96.2% - Q3 2023 underwriting profit was **$7.6 million** (**96.2%** combined ratio) compared to **$11.3 million** (**94.1%** combined ratio) in Q3 2022[185](index=185&type=chunk) - The Q3 2023 loss ratio decreased to **68.6%** from **69.5%**, but this was offset by an increased expense ratio of **27.6%** (up from **24.6%**). The quarter included **$12.5 million** (**6.2 points**) of adverse prior-year reserve development[186](index=186&type=chunk) - Net investment income for Q3 2023 grew **52.0%** to **$26.3 million**, driven by higher yields on fixed maturities, bank loans, and cash equivalents due to rising interest rates[182](index=182&type=chunk)[187](index=187&type=chunk) [Premiums](index=41&type=section&id=Premiums) Gross written premiums decreased 4.5% to $342.5 million in Q3 2023, with E&S segment growth offset by declines in Casualty Reinsurance and strategic exits Gross Written Premiums by Segment (Q3 2023 vs Q3 2022, in thousands) | Segment | Q3 2023 | Q3 2022 | % Change | | :--- | :--- | :--- | :--- | | Excess and Surplus Lines | $217,151 | $204,785 | 6.0% | | Specialty Admitted Insurance | $125,700 | $123,389 | 1.9% | | Casualty Reinsurance | $(348) | $30,331 | N/A | | **Total** | **$342,503** | **$358,505** | **(4.5)%** | - E&S segment growth was driven by a **10.3%** increase in Core E&S divisions, particularly General Casualty (**+42.1%**) and Manufacturers & Contractors (**+8.8%**), while Commercial Auto declined **43.7%**[204](index=204&type=chunk) - The company is strategically exiting certain workers' compensation lines, having non-renewed its large California program and sold the renewal rights to its Individual Risk Workers' Compensation (IRWC) business. These lines represented **10.1%** of consolidated GWP for the first nine months of 2023[206](index=206&type=chunk) [Segment Results](index=44&type=section&id=Segment%20Results) E&S segment maintained an 88.4% combined ratio, Specialty Admitted improved to 92.5%, while Casualty Reinsurance reported a 122.2% combined ratio due to adverse development Combined Ratio by Segment (Q3 2023 vs Q3 2022) | Segment | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Excess and Surplus Lines | 88.4% | 88.2% | | Specialty Admitted Insurance | 92.5% | 98.4% | | Casualty Reinsurance | 122.2% | 90.9% | | **Total** | **96.2%** | **94.1%** | - The E&S segment's Q3 results included **$7.8 million** (**5.0 points**) of adverse prior-year reserve development in its General Casualty line[214](index=214&type=chunk) - The Specialty Admitted segment's improved profitability was due to a lower accident year loss ratio (**77.8%** vs **93.4%**) from a better business mix and improved loss trends[218](index=218&type=chunk)[219](index=219&type=chunk) [Investing Results](index=47&type=section&id=Investing%20Results) Net investment income increased 52% to $26.3 million, driven by higher yields in a rising interest rate environment, with the portfolio maintaining high quality Net Investment Income by Source (Q3 2023 vs Q3 2022, in thousands) | Source | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Fixed maturity securities | $17,166 | $12,267 | | Bank loan participations | $4,276 | $3,370 | | Cash, equivalents & short-term | $4,085 | $1,687 | | Other | $1,808 | $966 | | **Gross Investment Income** | **$27,335** | **$18,290** | - The fixed maturity portfolio, valued at **$1.84 billion**, is primarily composed of State/Municipal (**17.6%**), Residential mortgage-backed (**22.7%**), and Corporate (**39.2%**) securities[231](index=231&type=chunk) - **91.1%** of the fixed maturity portfolio is rated 'A' or better by S&P or an equivalent agency[231](index=231&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains adequate liquidity with $94.1 million cash from operations, a $315.0 million credit facility, and a leverage ratio of 22.1% - Cash provided by operating activities was **$94.1 million** for the nine months ended Sep 30, 2023, down from **$167.6 million** in the prior year, mainly due to the suspension of underwriting in the Casualty Reinsurance segment[242](index=242&type=chunk) - The company's leverage ratio was **22.1%** as of September 30, 2023, comfortably below the **35.0%** limit required by its senior credit agreements[260](index=260&type=chunk) - The company maintains significant reinsurance protection, including a property catastrophe treaty providing **$20.0 million** of coverage, which would require an event greater than a 1-in-1,000 year PML to exhaust[263](index=263&type=chunk)[267](index=267&type=chunk) [Reconciliation of Non-GAAP Measures](index=59&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles non-GAAP measures such as Underwriting Profit, Adjusted Net Operating Income, and Tangible Equity to their most comparable GAAP measures Reconciliation of Net Income to Adjusted Net Operating Income (Q3 2023, in thousands) | Description | Amount | | :--- | :--- | | **Income available to common shareholders** | **$16,926** | | Losses and loss adjustment expenses - retroactive reinsurance | $750 | | Net realized and unrealized investment (gains) losses | $(212) | | Other (income) expenses | $(1,133) | | Impairment of intangible assets | $1,975 | | **Adjusted net operating income** | **$18,306** | Reconciliation of Shareholders' Equity to Tangible Equity (as of Sep 30, 2023, in thousands) | Description | Amount | | :--- | :--- | | **Shareholders' equity** | **$562,544** | | Add: Series A redeemable preferred shares | $144,898 | | Add: Deferred reinsurance gain | $37,653 | | Less: Goodwill | $(181,831) | | Less: Intangible assets, net | $(32,904) | | **Tangible equity** | **$530,360** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate and equity price risks, with no material changes reported since the 2022 Annual Report - The company's main market risks are interest rate risk from fixed maturity investments and equity price risk. There have been no material changes in these risks since the year-end 2022 report[300](index=300&type=chunk)[301](index=301&type=chunk) [Item 4. Controls and Procedures](index=62&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed ineffective due to an unremediated material weakness in internal control over financial reporting, leading to a Q2 2023 restatement - The CEO and CFO concluded that disclosure controls and procedures were not effective as of September 30, 2023[303](index=303&type=chunk) - A material weakness was identified in internal control over financial reporting because controls failed to detect a material misstatement related to unrecorded reinstatement premium in the Q2 2023 financials[304](index=304&type=chunk)[306](index=306&type=chunk) - A remediation plan has been initiated, which includes implementing additional review procedures, training accounting personnel, and enhancing process documentation[307](index=307&type=chunk) [PART II. OTHER INFORMATION](index=63&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=63&type=section&id=Item%201.%20Legal%20Proceedings) The company faces two purported class action lawsuits concerning alleged inadequate reserve disclosures for Rasier LLC and ineffective internal controls over reinsurance premiums - A purported class action lawsuit filed in July 2021 alleges inadequate disclosures regarding reserves for policies covering Rasier LLC (an Uber subsidiary). The company's motion to dismiss was denied, and discovery is underway[312](index=312&type=chunk) - A new purported class action lawsuit was filed on November 13, 2023, alleging failure to disclose ineffective internal controls related to the recognition of reinstatement premiums for reinsurance[313](index=313&type=chunk) [Item 1A. Risk Factors](index=63&type=section&id=Item%201A.%20Risk%20Factors) New risk factors include a material weakness in internal controls, risks associated with the pending JRG Re sale, and uncertainties from the exploration of strategic alternatives - A new risk factor is the identified material weakness in internal controls, which could adversely affect the ability to accurately report financial results[314](index=314&type=chunk) - The pending sale of JRG Re is subject to risks, including failure to meet closing conditions (like regulatory approval) and the fact that a portion of the consideration (**$139 million**) is a pre-closing dividend subject to asset availability[315](index=315&type=chunk)[316](index=316&type=chunk) - The exploration of strategic alternatives creates uncertainty that could adversely affect the business, including employee and customer retention[318](index=318&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None [Item 3. Defaults Upon Senior Securities](index=64&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None [Item 4. Mine Safety Disclosures](index=64&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable [Item 5. Other Information](index=64&type=section&id=Item%205.%20Other%20Information) The company reported no other information required to be disclosed under this item - None [Item 6. Exhibits](index=65&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Stock Purchase Agreement for JRG Re sale and the Third Amended and Restated Credit Agreement - Key exhibits include the Stock Purchase Agreement for the sale of JRG Re and the Third Amended and Restated Credit Agreement from July 2023[322](index=322&type=chunk)