[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=5&type=page&id=Item%201.%20Financial%20Statements) The company reported a net loss of $36.8 million in Q1 2020, primarily due to $58.4 million in investment losses, impacting assets and equity [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased to $4.997 billion, liabilities increased, and shareholders' equity declined to $720.3 million by March 31, 2020 Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$4,996,810** | **$5,024,405** | | Total Invested Assets | $1,963,642 | $1,993,360 | | Cash and Cash Equivalents | $291,223 | $206,912 | | Restricted Cash Equivalents | $1,107,321 | $1,199,164 | | **Total Liabilities** | **$4,276,493** | **$4,245,824** | | Reserve for Losses | $2,043,358 | $2,045,506 | | Senior Debt | $277,300 | $158,300 | | **Total Shareholders' Equity** | **$720,317** | **$778,581** | [Condensed Consolidated Statements of (Loss) Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20%28Loss%29%20Income) The company reported a $36.8 million net loss in Q1 2020, primarily due to $58.4 million in investment losses and a 23.3% decrease in net earned premiums Q1 2020 vs Q1 2019 Performance (in thousands, except per share data) | Metric | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Gross Written Premiums | $283,841 | $327,334 | | Net Earned Premiums | $145,918 | $190,152 | | Total Revenues | $110,284 | $214,127 | | Net Realized/Unrealized (Losses) Gains | ($58,407) | $1,625 | | Total Expenses | $151,502 | $188,636 | | **Net (Loss) Income** | **($36,815)** | **$22,728** | | Diluted (Loss) Earnings Per Share | ($1.21) | $0.75 | | Dividend Declared Per Share | $0.30 | $0.30 | [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity decreased to $720.3 million by March 31, 2020, driven by a $36.8 million net loss and $9.3 million in dividend payments - Key drivers for the decrease in shareholders' equity in Q1 2020 were the **net loss of $36.8 million**, dividends of **$9.3 million**, and a cumulative effect adjustment of **$7.8 million** from electing the fair value option for bank loan participations[20](index=20&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2020 saw $65.3 million net cash used in operations and $49.7 million in investing, offset by $107.5 million from financing, primarily senior debt issuances Cash Flow Summary (in thousands) | Activity | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Net Cash (Used in) Provided by Operating Activities | ($65,305) | $35,450 | | Net Cash Used in Investing Activities | ($49,721) | ($47,369) | | Net Cash Provided by (Used in) Financing Activities | $107,494 | ($27,986) | | **Change in Cash, Cash Equivalents, and Restricted Cash** | **($7,532)** | **($39,905)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Q1 2020 notes detail accounting changes, significant investment losses from COVID-19, precautionary credit facility draws, and $874,000 adverse reserve development - On January 1, 2020, the company adopted ASU 2016-13 regarding credit losses and elected the fair value option for its bank loan participations, resulting in a cumulative effect adjustment reducing retained earnings by **$7.8 million** (net of tax)[34](index=34&type=chunk)[35](index=35&type=chunk) - The company experienced **$874,000** of adverse reserve development in Q1 2020, driven by **$1.9 million** of adverse development in the Casualty Reinsurance segment, partially offset by favorable development in the Excess and Surplus Lines and Specialty Admitted Insurance segments[63](index=63&type=chunk) - In response to COVID-19 uncertainty, the company drew a total of **$119.0 million** on its senior debt facilities during Q1 2020 as a precautionary measure to increase its cash position and preserve financial flexibility[104](index=104&type=chunk)[105](index=105&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=page&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2020 saw an underwriting loss and net loss, driven by a 27.0% premium decrease from the Rasier account termination and $58.4 million in investment losses, leading to a 100.6% combined ratio Q1 2020 vs Q1 2019 Key Metrics ($ in thousands) | Metric | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Gross Written Premiums | $283,841 | $327,334 | | Net Earned Premiums | $145,918 | $190,152 | | Underwriting (Loss) Profit | ($948) | $7,146 | | Net (Loss) Income | ($36,815) | $22,728 | | Adjusted Net Operating Income | $15,418 | $21,713 | | Combined Ratio | 100.6% | 96.2% | - The significant decline in financial performance was driven by the termination of the Rasier commercial auto business and severe declines in financial markets due to the COVID-19 pandemic, which led to **$58.4 million** in net realized and unrealized investment losses[128](index=128&type=chunk)[135](index=135&type=chunk)[137](index=137&type=chunk) - As a precautionary measure due to COVID-19 market uncertainty, the company drew a total of **$119.0 million** on its senior credit facilities in Q1 2020 to increase its cash position and preserve financial flexibility[181](index=181&type=chunk)[183](index=183&type=chunk)[211](index=211&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q1 2020 saw an underwriting loss and 100.6% combined ratio, driven by a 13.3% drop in gross written premiums due to the Rasier termination and $58.4 million in investment losses - Gross written premiums in the Excess and Surplus Lines segment decreased by **27.0%**, largely due to the termination of the Rasier commercial auto business in Q4 2019, though excluding commercial auto, the segment's gross written premiums grew by **36.9%**[137](index=137&type=chunk) - The overall expense ratio increased from **22.6% to 34.2%**, primarily due to the termination of the Rasier business, which had a lower expense ratio, and a shift in business mix[135](index=135&type=chunk) - The company recorded net realized and unrealized investment losses of **$58.4 million** in Q1 2020, compared to gains of **$1.6 million** in Q1 2019, driven by market declines from the COVID-19 pandemic impacting equity securities and bank loan participations[128](index=128&type=chunk)[168](index=168&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is maintained via dividends, investment income, and credit facilities; $119 million was drawn in Q1 2020, increasing debt-to-capitalization, with $1.11 billion in Rasier collateral providing significant liquidity - The company drew **$119.0 million** on its senior credit facilities in Q1 2020 as a precautionary measure due to COVID-19 market uncertainty, increasing the total debt to total capitalization ratio to **34.6%** at March 31, 2020[181](index=181&type=chunk)[183](index=183&type=chunk)[189](index=189&type=chunk) - The company holds **$1.107 billion** in collateral funds related to the terminated Rasier insurance contracts, which are invested in short-term securities and classified as restricted cash, used to reimburse the company for losses and expenses paid on behalf of Rasier[207](index=207&type=chunk) - Cash from operating activities was negative **$65.3 million**, primarily due to returning **$91.8 million** of collateral to the former Rasier insured as claims are settled[209](index=209&type=chunk) [Reconciliation of Non-GAAP Measures](index=50&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) Non-GAAP measures show a Q1 2020 underwriting loss of $948,000, adjusted net operating income of $15.4 million, and a 10.7% decrease in tangible equity per share Reconciliation of Net (Loss) Income to Adjusted Net Operating Income (in thousands) | Description | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Net (Loss) Income as reported | ($36,815) | $22,728 | | Net realized and unrealized investment losses (gains) | $52,233 | ($1,015) | | **Adjusted Net Operating Income** | **$15,418** | **$21,713** | Tangible Equity per Share | Metric | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Shareholders' Equity | $720,317 | $778,581 | | Less: Goodwill & Intangibles | $218,622 | $218,771 | | **Tangible Equity** | **$501,695** | **$559,810** | | **Tangible Equity per Share** | **$16.44** | **$18.40** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=52&type=page&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk from 2019, with primary risks remaining interest rate and equity price fluctuations - There have been no material changes in market risk from the disclosures in the 2019 Form 10-K, with primary risks being interest rate and equity price risk[225](index=225&type=chunk) [Item 4. Controls and Procedures](index=52&type=page&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls as of March 31, 2020, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2020[226](index=226&type=chunk) - No material changes to internal control over financial reporting were identified during the quarter ended March 31, 2020[227](index=227&type=chunk) [PART II. OTHER INFORMATION](index=52&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=52&type=page&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, not expected to materially impact financial position - The company is party to ordinary course legal proceedings but does not expect them to have a material adverse financial impact[229](index=229&type=chunk) [Item 1A. Risk Factors](index=52&type=page&id=Item%201A.%20Risk%20Factors) Updated risk factors highlight COVID-19 impacts, including reduced premiums, increased claims, investment losses, and potential adverse legislative actions - A new material risk factor has been added concerning the COVID-19 pandemic, which could harm business and results of operations[230](index=230&type=chunk) - Potential impacts from COVID-19 include reduced premium volume due to policyholder business declines, increased credit losses on receivables, and higher claims frequency/severity in certain lines like workers' compensation[236](index=236&type=chunk) - The company faces risks from potential government actions, such as proposals to retroactively amend business interruption policies to cover COVID-19 claims or mandate premium payment grace periods, which could lead to un-priced losses and inadequate reserves[236](index=236&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=page&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred during the reporting period - None[240](index=240&type=chunk) [Item 6. Exhibits](index=55&type=page&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including corporate governance documents and certifications

Business Overview - The company focuses on niche casualty risks with low retentions and little property exposure, aiming for superior underwriting margins[6] - Core E&S business accounted for approximately 41% of the group's net written premium in 2019, a significant increase from 29% in 2017[7] - The E&S segment represents 63% of group-wide gross written premium[9] - The company targets low double-digit or better operating returns on tangible equity for 2020[7] Financial Performance & Growth - Gross written premium increased from $1081.9 million in 2017 to $1470.7 million in 2019[8] - Net written premium increased from $766.6 million in 2017 to $896.2 million in 2019[8] - Core E&S gross written premium has grown 55% year-to-date compared to the prior year[9] - The company's market capitalization was $1.382 billion as of February 24, 2020[32] Investment Strategy - The investment portfolio includes $2.2 billion in total cash and investments[24] - The investment portfolio consists of 65% fixed maturity securities, 4% equity securities, 12% bank loans, 7% short-term investments, and 3% other invested assets[24]

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K FOR ANNUAL AND TRANSITIONAL REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (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, 2019 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. (Exa ...

Financial Data and Key Metrics Changes - The company reported fourth quarter operating earnings of $0.76 per share, an increase of 35% over the prior year quarter [21] - Net earned premium grew over 16% in the Excess and Surplus Lines segment this quarter, with about 40% growth in the core E&S business alone [22] - The E&S segment represented over 76% of the total group net earned premium [22] - The company increased tangible equity over 14% for the full year, despite paying almost $40 million in dividends [28] Business Line Data and Key Metrics Changes - The Excess and Surplus (E&S) segment entertained 23% more submissions for business in 2019 than in 2018, and 27% more in the fourth quarter than in the prior fourth quarter [14] - The Specialty Admitted segment grew by 3.6%, with the Individual Risk Workers' Compensation business growing by 15.1% [17][18] - The Reinsurance segment wrote $160.8 million in premium and anticipates remaining flat to possibly down in 2020 [19] Market Data and Key Metrics Changes - Excess and surplus lines rates on renewal accounts were up 6.6%, marking the 12th consecutive quarter of rate increases [6] - The E&S renewal book proved stickier than in the past, with almost 65% of policies renewing [15] Company Strategy and Development Direction - The company expects to earn a low double-digit return on tangible equity in 2020 and anticipates making an underwriting profit in each segment [12] - The management is focused on managing claims effectively, particularly in the runoff of the canceled ride-share account [9][10] - The company is seeing more opportunities in the Specialty Admitted segment, particularly in fronting and program areas [7] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the positive market environment and strong submission growth in core businesses [5] - The company is actively managing expenses and expects a higher expense ratio in 2020 without the large account concentration [28] - Management noted that they are not seeing social inflation in their reported claims development, which is a positive sign for future claims handling [45][46] Other Important Information - The company had adverse loss development of about $9.8 million in the Casualty Reinsurance book, but this was partially offset by sliding scale commission adjustments [25] - The company continues to enjoy strong cash flow, with operating cash flow of $76 million this quarter and about $290 million year-to-date [26] Q&A Session Summary Question: What sort of risk was the adverse development from the 2010 treaty? - The adverse development was attributed to a large account casualty risk [32] Question: How might the Casualty Re segment shape over the year? - The management indicated that they are managing growth carefully and expect to see opportunities in small account casualty [34][36] Question: What is a good benchmark for investment income in Q1? - A reasonable expectation for Q1 investment income is around $20 million [40][41] Question: What is the expected seated premium ratio for 2020? - The seated premium ratio for the core books is expected to be between 20% to 30% [42] Question: Is the current market environment indicative of a hard market? - The management believes the current environment feels like a traditional hard market, with capacity challenges and significant rate increases [55]

Financial Data and Key Metrics Changes - The company reported a significant loss this quarter, primarily due to the unprofitable Uber account, marking the largest loss in its 17-year history [6][7] - Net earned premium grew over 16% in the E&S segment this quarter and 30% in the core E&S business alone [23] - Operating cash flow was $145.7 million for the quarter, with a year-to-date total of $213.8 million, reflecting strong growth in core E&S gross written premium [27] Business Line Data and Key Metrics Changes - The core E&S business grew by 72% compared to the same period last year, with submissions up by 22% year-to-date [15][16] - The Specialty Admitted business reported a 94.1% combined ratio, with underwriting profits of $837,000 for the quarter [21][22] - The company expects to write approximately $500 million in core E&S this year, with a loss ratio above 70% [16][24] Market Data and Key Metrics Changes - Rates in the core E&S segment have increased for 10 consecutive quarters, with a 3.2% increase in the third quarter [15] - The company noted significant rate increases in habitational risk liability, with some policies seeing increases over 500% [18][19] - The Allied Health division experienced strength in smaller nursing home accounts, with increases exceeding 50% [20] Company Strategy and Development Direction - The company has decided to focus on its core E&S business and Specialty Admitted segment, moving away from the Uber account due to evolving risks and profitability concerns [14][8] - Management aims to resume producing low-double-digit annual returns on tangible equity in 2020 [8][23] - The company plans to actively manage expenses while transitioning away from the commercial auto book [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pricing for 2018 and 2019, despite the losses from the Uber account [10][11] - The company anticipates that the core E&S business will generate attractive returns, supported by strong pricing and historical performance [24][30] - Management is aware of potential social inflation but has not observed it affecting the core E&S business to date [89][90] Other Important Information - The company has brought approximately $1.2 billion of assets onto its balance sheet from a collateralized trust related to the Uber account, which will generate investment income [28] - The collateral is invested in short-term government securities, and the company is entitled to request additional collateral if necessary [28] Q&A Session Summary Question: Can you provide insight into the reserve charge this quarter? - Management indicated that the reserve charge was based on losses exceeding expectations, particularly concentrated on the 2017 underwriting year [39][40] Question: Are you considering any reinsurance protection for the commercial auto book? - Management acknowledged the potential value of such options and stated they are continuously evaluating them [44] Question: How will the core E&S segment look in terms of loss and expense ratios moving forward? - Management expects to maintain a mid-to-high 20s expense ratio for the core E&S business, with some additional expenses initially due to claims management [46][47] Question: What is the timeline for paying down the $1.2 billion claims-related collateral? - Management indicated that it is difficult to predict, but they assume it will be utilized over the next year [72] Question: Are you seeing any social inflation affecting your core E&S business? - Management has not observed social inflation impacting the core E&S book but remains vigilant [89][90]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q Washington, D.C. 20549 ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2019 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 as specified in its charter) (State or other jurisdicti ...

James River Group Holdings, Ltd. (NASDAQ:JRVR) Q2 2019 Results Earnings Conference Call August 1, 2019 8:30 AM ET Company Participants Kevin Copeland - Head, IR and CIO Robert Myron - CEO Sarah Doran - CFO Adam Abram - Conference Call Participants Randy Binner - B. Riley FBR Matthew Carletti - JMP Mark Hughes - SunTrust Meyer Shields - KBW Brian Meredith - UBS Operator Good day, ladies and gentlemen, and welcome to the James River Second Quarter 2019 Earnings Conference Call. [Operator instructions] As a r ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2019 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 as specified in its charter) (State or other jurisdiction of ...

James River Group Holdings (NASDAQ:JRVR) Q1 2019 Earnings Conference Call May 2, 2019 8:00 AM ET Company Participants Kevin Copeland - Head, IR & CIO Robert Myron - CEO Sarah Doran - CFO Conference Call Participants Mark Hughes - SunTrust Matthew Carletti - JMP Securities Seth Rosenberg - UBS Randy Binner - B. Riley FBR Operator Good day, ladies and gentlemen and welcome to the James River Q1 2019 Results Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-ans ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2019 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 as specified in its charter) (State or other jurisdiction of ...