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James River Group Holdings (JRVR) investor relations material
James River Group Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Focus on profitability, de-risking, and underwriting discipline led to improved bottom line and operational efficiency, with leadership reorganization and technology adoption enhancing agility and accountability, especially in the E&S segment.
Strategic shift toward smaller, more profitable accounts and specialty lines with limited property exposure, leveraging a wholesale-only distribution model and refreshed management team.
Recognized as a top workplace, reflecting strong corporate culture and employee engagement.
Net income from continuing operations was $1.6 million for Q3 2025, reversing prior year losses, with adjusted net operating income of $17.4 million for Q3 2025.
Sale of JRG Re closed in April 2024, with discontinued operations showing a $2.3 million loss on disposal.
Financial highlights
Annualized adjusted net operating return on tangible common equity reached 19.3% for Q3 2025, with adjusted net operating income of $17.4 million and tangible common book value per share up 23.4% to $8.24.
Combined ratio improved to 94% from 135.5% in Q3 2024; expense ratio dropped to 28.3%.
Net investment income was $21.9 million for Q3 2025, with a 4.5% annualized gross investment yield.
Gross written premiums declined 28% year-over-year to $237.3 million, mainly due to selectivity in underwriting and non-renewals in the Specialty Admitted segment.
Shareholders’ equity increased to $503.6 million at September 30, 2025.
Outlook and guidance
Strategy remains focused on profitability, disciplined underwriting, and expense management, with management confident in continued profitability and market opportunity capitalization.
Redomicile to Delaware expected to bring $10–$13 million one-time tax savings in Q4 2025 and $3–$6 million in ongoing quarterly expense savings, lowering effective tax rate.
Full-year expense ratio target is 31%, with ongoing cost reductions and operational leverage improvements expected.
Positioned for continued profitable growth, supported by a strong balance sheet and favorable E&S market conditions.
Expect continued favorable net investment income and further efficiency gains.
Quantify redomicile's Q4 earnings impact
Underwriting actions vs. market trends for 2023?
Specialty Admitted segment's long-term viability?
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Next James River Group Holdings earnings date
Q4 20255 Mar, 2026
Next James River Group Holdings earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
James River Group Holdings, Ltd. is a holding company that, through its subsidiaries, operates as a specialty insurer and reinsurer. The company focuses on providing a range of insurance products, including excess and surplus lines, which cater to risks that are often complex or unusual, and standard insurance lines through both primary and reinsurance channels. The sectors served include small and medium-sized enterprises across various industries, such as construction, manufacturing, healthcare, and hospitality. The company is headquartered in Hamilton, Bermuda, and its shares are listed on the NASDAQ.
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