James River Group Holdings Ltd
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 29, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Schedule IICondensed Financial Information of Registrant
Balance Sheets (Parent Company)
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (in thousands) | ||
| Assets | ||
| Cash and cash equivalents | $1,961 | $277 |
| Investment in subsidiaries (1) | 894,848 | 1,007,874 |
| Due from subsidiaries | 166 | 41 |
| Other assets | 52,013 | 5,255 |
| Total assets | $948,988 | $1,013,447 |
| Liabilities and shareholders’ equity | ||
| Liabilities: | ||
| Accrued expenses | $3,971 | $1,538 |
| Senior debt | 207,300 | 207,300 |
| Junior subordinated debt | 15,928 | 15,928 |
| Due to subsidiaries | — | 87,061 |
| Other liabilities | 42,270 | 2,956 |
| Total liabilities | 269,469 | 314,783 |
| Commitments and contingent liabilities | ||
| Series A redeemable preferred shares | 144,898 | 144,898 |
| Shareholders’ equity: | ||
| Class A common shares | 7 | 7 |
| Additional paid-in capital | 876,240 | 868,858 |
| Retained deficit | (277,905) | (152,055) |
| Accumulated other comprehensive (loss) income | (63,721) | (163,044) |
| Total shareholders’ equity | 534,621 | 553,766 |
| Total liabilities, Series A redeemable preferred shares, and shareholders’ equity | $948,988 | $1,013,447 |
Statements of (Loss) Income and Comprehensive Loss (Parent Company)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in thousands) | |||
| Revenues: | |||
| Other income | $88 | $55 | $39 |
| Total revenues | 88 | 55 | 39 |
| Expenses: | |||
| Other operating expenses | 14,689 | 12,890 | 11,632 |
| Other expenses | 4,049 | 747 | 469 |
| Interest expense | 15,685 | 8,579 | 5,532 |
| Total expenses | 34,423 | 22,216 | 17,633 |
| Loss before equity in net income of subsidiaries | (34,335) | (22,161) | (17,594) |
| Equity in net (loss) income of subsidiaries (1) | (73,349) | 53,134 | (155,205) |
| Net (loss) income | $(107,684) | $30,973 | $(172,799) |
| Other comprehensive income (loss): | |||
| Equity in other comprehensive earnings (losses) of subsidiaries | 99,323 | (193,022) | (51,921) |
| Total comprehensive loss | $(8,361) | $(162,049) | $(224,720) |
(1) Includes amounts for JRG Re which is classified as held for sale on our Consolidated Balance Sheets. Operating results of JRG Re are included in discontinued operations in our Consolidated Statements of (Loss) Income and Comprehensive Loss. See Note 2 - Discontinued Operations.
Statements of Cash Flows (Parent Company)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in thousands) | |||
| Operating activities | |||
| Net (loss) income | $(107,684) | $30,973 | $(172,799) |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| Provision for depreciation and amortization | 345 | 216 | 216 |
| Share based compensation expense | 9,116 | 8,122 | 6,658 |
| Equity in undistributed earnings of subsidiaries | 73,349 | (53,134) | 218,204 |
| Changes in operating assets and liabilities | 47,673 | 68,272 | (2,364) |
| Net cash provided by operating activities | 22,799 | 54,449 | 49,915 |
| Investing activities | |||
| Net cash provided by investing activities | — | — | — |
| Financing activities | |||
| Senior debt repayments | — | (40,000) | — |
| Subsidiary note repayments | — | — | (70,000) |
| Contribution to subsidiary | — | (144,000) | (128,000) |
| Payment of debt issuance costs | (1,135) | — | — |
| Issuance of Series A preferred shares | — | 144,898 | — |
| Issuances of common shares - public offering | — | — | 192,107 |
| Issuances of common shares under equity incentive plans | — | — | 1,877 |
| Payroll taxes withheld and remitted on net settlement of RSUs | (1,734) | (1,304) | (3,077) |
| Dividends on Series A preferred shares | (10,500) | (6,125) | — |
| Dividends on common shares | (7,746) | (7,798) | (43,236) |
| Net cash used in financing activities | (21,115) | (54,329) | (50,329) |
| Change in cash and cash equivalents | 1,684 | 120 | (414) |
| Cash and cash equivalents at beginning of period | 277 | 157 | 571 |
| Cash and cash equivalents at end of period | $1,961 | $277 | $157 |
| Supplemental information | |||
| Interest paid | $16,949 | $9,342 | $5,954 |
Notes to Condensed Financial Statements
- Accounting Policies
Organization
James River Group Holdings, Ltd. (the “Company”) is an exempted holding company registered in Bermuda, organized for the purpose of acquiring and managing insurance and reinsurance entities.
Basis of Presentation
The accompanying condensed financial statements have been prepared using the equity method. Under the equity method, the investment in consolidated subsidiaries is stated at cost plus equity in undistributed earnings of consolidated subsidiaries since the date of acquisition. These condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.
Estimates and Assumptions
Preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.
Adopted Accounting Standards
No accounting standards were adopted during the year ended December 31, 2023 that had a material impact on our financial statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.