James River Group Holdings, Inc.
For the period ended Dec 31, 2025. Filed Mar 3, 2026.
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FY2025 · Filed Mar 3, 2026
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Schedule IICondensed Financial Information of Registrant
Balance Sheets (Parent Company)
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (in thousands) | ||
| Assets | ||
| Cash and cash equivalents | $10,750 | $64,525 |
| Investment in subsidiaries | 874,105 | 732,285 |
| Deferred tax assets, net | 14,386 | — |
| Income tax receivable | 481 | — |
| Other assets | 3,557 | 31,775 |
| Total assets | $903,279 | $828,585 |
| Liabilities and Shareholders’ equity | ||
| Liabilities: | ||
| Accrued expenses | $1,045 | $1,716 |
| Senior debt | 210,800 | 185,800 |
| Junior subordinated debt | 15,928 | 15,928 |
| Due to subsidiaries | 4,079 | 863 |
| Other liabilities | 159 | 30,248 |
| Total liabilities | 232,011 | 234,555 |
| Commitments and contingent liabilities | ||
| Series A redeemable preferred shares | 133,115 | 133,115 |
| Shareholders’ equity: | ||
| Class A common shares | 9 | 9 |
| Additional paid-in capital | 937,611 | 933,311 |
| Retained deficit | (364,726) | (402,408) |
| Accumulated other comprehensive (loss) income | (34,741) | (69,997) |
| Total shareholders’ equity | 538,153 | 460,915 |
| Total liabilities, Series A redeemable preferred shares, and shareholders’ equity | $903,279 | $828,585 |
Statements of Income (Loss) and Comprehensive Income (Loss) (Parent Company)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in thousands) | |||
| Revenues: | |||
| Net investment income | $861 | $1,860 | $— |
| Other income | 80 | 90 | 88 |
| Total revenues | 941 | 1,950 | 88 |
| Expenses: | |||
| Other operating expenses | 740 | 14,142 | 14,689 |
| Other expenses | 3,819 | 9,619 | 4,049 |
| Interest expense | 15,391 | 15,484 | 15,685 |
| Total expenses | 19,950 | 39,245 | 34,423 |
| Loss before equity in net income (loss) of subsidiaries | (19,009) | (37,295) | (34,335) |
| Equity in net income (loss) of subsidiaries (1) | 51,569 | (43,825) | (73,349) |
| Income (loss) before taxes | 32,560 | (81,120) | (107,684) |
| Income tax benefit | (14,867) | — | — |
| Net income (loss) | $47,427 | $(81,120) | $(107,684) |
| Other comprehensive income (loss): | |||
| Equity in other comprehensive earnings (losses) of subsidiaries | 35,256 | (6,276) | 99,323 |
| Total comprehensive income (loss) | $82,683 | $(87,396) | $(8,361) |
(1) Includes amounts for JRG Re. The sale of JRG Re closed on April 16, 2024. Operating results of JRG Re are included in discontinued operations in our Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). See Note 2 - Discontinued Operations.
Statements of Cash Flows (Parent Company)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in thousands) | |||
| Operating activities | |||
| Net income (loss) | $47,427 | $(81,120) | $(107,684) |
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||
| Provision for depreciation and amortization | 521 | 474 | 345 |
| Share based compensation expense | 5,045 | 6,631 | 9,116 |
| Equity in undistributed earnings of subsidiaries | (51,569) | 43,825 | 73,349 |
| Deferred U.S. Federal income tax benefit | (14,386) | — | — |
| Changes in operating assets and liabilities | 985 | 2,996 | 47,673 |
| Net cash (used in) provided by operating activities | (11,977) | (27,194) | 22,799 |
| Investing activities | |||
| Sale of JRG Re | — | 136,213 | — |
| Dividends from subsidiaries | — | 5,755 | — |
| Net cash provided by investing activities | — | 141,968 | — |
| Financing activities | |||
| Senior debt issuance | 25,000 | — | — |
| Senior debt repayments | — | (21,500) | — |
| Contribution to subsidiary | (55,000) | (23,364) | — |
| Payment of debt issuance costs | (1,179) | — | (1,135) |
| Enstar common stock investment | — | 12,500 | — |
| Payroll taxes withheld and remitted on net settlement of RSUs | (745) | (847) | (1,734) |
| Dividends on Series A preferred shares | (7,876) | (12,768) | (10,500) |
| Dividends on common shares | (1,998) | (6,231) | (7,746) |
| Net cash used in financing activities | (41,798) | (52,210) | (21,115) |
| Change in cash and cash equivalents | (53,775) | 62,564 | 1,684 |
| Cash and cash equivalents at beginning of period | 64,525 | 1,961 | 277 |
| Cash and cash equivalents at end of period | $10,750 | $64,525 | $1,961 |
| Supplemental information | |||
| Interest paid | $16,675 | $17,137 | $16,949 |
Notes to Condensed Financial Statements
- Accounting Policies
Organization
Subsequent to the Domestication on November 7, 2025, James River Group Holdings, Inc. is a Delaware holding company organized for the purpose of acquiring and managing insurance entities. Prior to the Domestication, James River Group Holdings, Ltd. was an exempted holding company registered in Bermuda.
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.
No accounting standards were adopted during the year ended December 31, 2025 that had a material impact on our financial statements.
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