James River Group Holdings (JRVR) investor relations material

Executive summary

• Net income available to common shareholders rose 59% year-over-year to $4.4 million for Q2 2026, with adjusted net operating income at $10.0 million compared to $11.7 million in Q2 2025.

• Profitability remains a primary focus, with a 92.8% combined ratio in the E&S segment, improving from 96.5% last quarter.

• Strategic downsizing in the Specialty Admitted segment led to a 76% reduction in gross written premium and a 40% expense base cut.

• Technology investments, including AI-enabled underwriting, are enhancing efficiency and positioning for future growth.

• Sale of JRG Reinsurance Company Ltd. closed in April 2024, resulting in discontinued operations and a strategic shift.

Financial highlights

• Gross written premium fell 29% year-over-year to $268.9 million, driven by a 17% decline in E&S and a 76% drop in Specialty Admitted Insurance.

• Net income available to common shareholders was $4.4 million, up 59% from $2.8 million in Q2 2025.

• Net investment income was $20.3 million, nearly flat year-over-year.

• Consolidated combined ratio was 100.2%, with a 66.3% loss ratio and 33.9% expense ratio.

• General and administrative expenses declined 9% in H1 2026 versus H1 2025.

Outlook and guidance

• Management remains focused on disciplined risk selection, expense management, and operating efficiency, targeting growth in core casualty and specialty divisions.

• Premium retention increased to 55% from 47% year-over-year, reflecting a strategic shift away from fronting business in Specialty Admitted Insurance.

• Competitive market conditions and selective underwriting expected to continue impacting premium volumes.

• Expense management remains a priority, with further improvements anticipated.