James River Group Holdings (JRVR) Q3 2026 earnings summary

Executive summary

• Q3 net loss was $187.4M, including a non-cash $181.8M goodwill impairment; net loss available to common shareholders was $189.4M, or $4.08 per diluted share.

• Adjusted net operating loss was $4.4M, or $0.10 per diluted share, versus $17.4M of income a year earlier; nine-month adjusted net operating income was $11.4M versus $38.2M.

• Underwriting loss was $20.0M, with a 115.6% combined ratio, amid lower premiums and adverse prior-year reserve development.

Financial highlights

• Q3 total revenue was $147.7M versus $172.7M YoY; net earned premiums fell 14.0% to $127.7M and net investment income rose 1.2% to $22.2M.

• Q3 gross written premiums were $186.1M, down 21.6%; net written premiums fell 14.4% to $105.0M.

• Nine-month total revenue was $460.4M versus $519.9M; net earned premiums declined 11.2% to $402.4M.

• Nine-month net loss available to common shareholders was $195.9M, or $4.23 per diluted share.

• G&A costs declined 9.2% in Q3 and 9.0% for nine months, largely from lower compensation costs.

Outlook and guidance

• Underwriting focus remained profitable growth in small- to medium-sized E&S accounts; active-division submissions increased 8% YoY while competition reduced quote-to-bind conversion.

• E&S renewal rates were generally flat YoY in Q3; average account size declined with the focus on smaller accounts.

• Expense management continued, with lower compensation costs contributing to reduced G&A expenses.