v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s continuing operations are comprised of three reportable segments, two of which are separately managed business units and the third (“Corporate and Other”) includes the Company’s remaining operations. The Excess & Surplus Lines segment primarily offers commercial excess and surplus lines liability and excess property insurance products. The Specialty Admitted Insurance segment offers specialty admitted fronting and program business and, prior to the sale of the Company's renewal rights in 2023, workers’ compensation insurance coverage. The Corporate and Other segment consists of certain management and treasury activities of James River Group and JRG Holdings including public company expenses, expenses for our Board of Directors, long-term incentive compensation for the full Company, interest expense associated with senior debt and Junior Subordinated Debt, and investment income. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Prior to entering into a definitive agreement to sell JRG Re on November 8, 2023, JRG Re was considered a reportable segment (the “Casualty Reinsurance” segment). After entering into the agreement to sell JRG Re, the Company no longer considers Casualty Reinsurance to be a reportable segment, but instead it is reported as discontinued operations. The segment information below excludes discontinued operations for all periods presented.
Segment profit (loss) is measured by underwriting profit (loss), which is generally defined as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) in “other income” in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) less loss and loss adjustment expenses on business not subject to deferral under retroactive reinsurance accounting (see Retroactive Reinsurance Accounting in Note 6 - Reserve for Losses and Loss Adjustment Expenses) and other operating expenses. Other operating expenses include the underwriting, acquisition, and insurance expenses of the operating segments and, for consolidated underwriting profit, the expenses of the Corporate and Other segment. Other operating expenses for the Corporate and Other segment include personnel costs associated with the holding companies, professional fees, long-term incentive compensation (including share-based compensation) for the Company, public company expenses and various other corporate expenses. Net commissions in the table below are net of amounts deferred as deferred policy acquisition costs. Employee compensation includes both cash and share-based compensation, as well as employer expenses related to payroll taxes and benefits, and is net of amounts allocated to losses and loss adjustment expenses and amounts deferred. All other operating expenses include, amongst other expenses, costs for insurance, outside professional fees including legal, audit, and consulting, office rent, bad debt expense, and taxes, licenses and fees on business written. Segment results are reported prior to the effects of intercompany pooling agreements and intercompany reinsurance agreements. All gross written premiums and net earned premiums for all periods presented were generated from policies issued to U.S. based insureds. Segment revenues for each reportable segment include net earned premiums, net investment income, and realized and unrealized (losses) gains on investments.
The Company's Chief Executive Officer (“CEO”) has final authority over segment resource allocation decisions and performance assessment, and consequently, is identified as the Chief Operating Decision Maker (“CODM”). The CEO considers segment underwriting profit (loss) in the annual budget and forecasting process, and in monthly financial reviews of actual segment results compared to budget and prior year periods in order to assess segment performance and make strategic operating decisions regarding the business written by the segments, the allocation of capital and personnel to the segments, and compensation for segment employees. The segment information presented below aligns with the information that is presented regularly to the CEO.
The following table summarizes the Company’s segment results:
 Excess &
Surplus
Lines		Specialty
Admitted
Insurance		Corporate
and
Other		Total
 (in thousands)
As of and for the Three Months Ended March 31, 2026
Gross written premiums$212,285 $24,088 $— $236,373 
Net earned premiums131,826 3,886 — 135,712 
Fee income— 90 — 90 
Losses and loss adjustment expenses103,774 4,386 — 108,160 
Less: losses and loss adjustment expense - retroactive reinsurance14,189 — — 14,189 
Losses and loss adjustment expenses excluding retroactive reinsurance89,585 4,386 — 93,971 
 Excess &
Surplus
Lines		Specialty
Admitted
Insurance		Corporate
and
Other		Total
 (in thousands)
Other operating expenses:
Net commissions15,637 (1,979)— 13,658 
Employee compensation15,985 1,767 6,731 24,483 
All other operating expenses5,963 1,597 2,350 9,910 
37,585 1,385 9,081 48,051 
Underwriting profit (loss)4,656 (1,795)(9,081)(6,220)
Segment revenues143,431 7,878 75 151,384 
Net investment income17,274 4,050 3 21,327 
Interest expense— — 5,589 5,589 
Segment goodwill181,831 — — 181,831 
Segment assets3,638,838 1,062,592 60,379 4,761,809 
As of and for the Three Months Ended March 31, 2025    
Gross written premiums$213,243 $81,118 $— $294,361 
Net earned premiums137,028 14,874 — 151,902 
Fee income— 832 — 832 
Losses and loss adjustment expenses86,876 12,649 — 99,525 
Less: losses and loss adjustment expense - retroactive reinsurance(1,928)— — (1,928)
Losses and loss adjustment expenses excluding retroactive reinsurance88,804 12,649 — 101,453 
Other operating expenses:
Net commissions15,001 (2,852)— 12,149 
Employee compensation16,400 2,811 8,449 27,660 
All other operating expenses5,165 3,404 2,182 10,751 
36,566 3,363 10,631 50,560 
Underwriting profit (loss)11,658 (306)(10,631)721 
Segment revenues151,536 20,097 656 172,289 
Net investment income15,218 4,317 473 20,008 
Interest expense— — 5,541 5,541 
Segment goodwill181,831 — — 181,831 
Segment assets3,523,455 1,359,670 65,890 4,949,015 
  
The following table reconciles the underwriting profit (loss) of the operating segments by individual segment to consolidated income from continuing operations before income taxes:
 Three Months Ended
March 31,
 20262025
 (in thousands)
Underwriting profit (loss) of the operating segments:  
Excess & Surplus Lines$4,656 $11,658 
Specialty Admitted Insurance(1,795)(306)
Total underwriting profit of operating segments2,861 11,352 
Other operating expenses of the Corporate and Other segment(9,081)(10,631)
Underwriting (loss) profit(6,220)721 
Losses and loss adjustment expenses – retroactive reinsurance(14,189)1,928 
Net investment income21,327 20,008 
Net realized and unrealized losses on investments(6,632)(1,371)
Other income and expenses759 355 
Interest expense(5,589)(5,541)
Amortization of intangible assets(91)(91)
(Loss) income from continuing operations before income taxes$(10,635)$16,009