v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 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 and nonadmitted 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 June 30, 2026
Gross written premiums$250,170 $18,729 $— $268,899 
Net earned premiums137,306 1,712 — 139,018 
Fee income— 34 — 34 
Losses and loss adjustment expenses96,687 2,418 — 99,105 
Less: losses and loss adjustment expense - retroactive reinsurance6,927 — — 6,927 
Losses and loss adjustment expenses excluding retroactive reinsurance89,760 2,418 — 92,178 
Excess &
Surplus
Lines		Specialty
Admitted
Insurance		Corporate
and
Other		Total
(in thousands)
Other operating expenses:
Net commissions16,289 (1,466)— 14,823 
Employee compensation14,485 1,725 4,629 20,839 
All other operating expenses6,843 1,876 2,820 11,539 
37,617 2,135 7,449 47,201 
Underwriting profit (loss)9,929 (2,807)(7,449)(327)
Segment revenues155,337 5,902 105 161,344 
Net investment income16,179 4,065 33 20,277 
Interest expense— — 5,613 5,613 
Segment goodwill181,831 — — 181,831 
Segment assets3,711,484 1,013,718 47,876 4,773,078 
As of and for the Three Months Ended June 30, 2025
Gross written premiums$300,444 $77,559 $— $378,003 
Net earned premiums141,370 11,239 — 152,609 
Fee income— 828 — 828 
Losses and loss adjustment expenses103,099 10,042 — 113,141 
Less: losses and loss adjustment expense - retroactive reinsurance9,239 — — 9,239 
Losses and loss adjustment expenses excluding retroactive reinsurance93,860 10,042 — 103,902 
Other operating expenses:
Net commissions14,975 (2,412)— 12,563 
Employee compensation15,497 2,612 5,313 23,422 
All other operating expenses5,331 3,246 2,909 11,486 
35,803 3,446 8,222 47,471 
Underwriting profit (loss)11,707 (1,421)(8,222)2,064 
Segment revenues158,320 16,166 357 174,843 
Net investment income15,941 4,224 351 20,516 
Interest expense— — 5,805 5,805 
Segment goodwill181,831 — — 181,831 
Segment assets3,639,964 1,351,271 27,087 5,018,322 
As of and for the Six Months Ended June 30, 2026
Gross written premiums$462,455 $42,817 $— $505,272 
Net earned premiums269,132 5,598 — 274,730 
Fee income— 124 — 124 
Losses and loss adjustment expenses200,461 6,804 — 207,265 
Less: losses and loss adjustment expense - retroactive reinsurance21,116 — — 21,116 
Losses and loss adjustment expenses excluding retroactive reinsurance179,345 6,804 — 186,149 
Other operating expenses:
Excess &
Surplus
Lines		Specialty
Admitted
Insurance		Corporate
and
Other		Total
(in thousands)
Net commissions31,926 (3,445)— 28,481 
Employee compensation30,470 3,492 11,360 45,322 
All other operating expenses12,806 3,473 5,170 21,449 
75,202 3,520 16,530 95,252 
Underwriting profit (loss)14,585 (4,602)(16,530)(6,547)
Segment revenues298,768 13,780 180 312,728 
Net investment income33,453 8,115 36 41,604 
Interest expense— — 11,202 11,202 
Segment goodwill181,831 — — 181,831 
Segment assets3,711,484 1,013,718 47,876 4,773,078 
As of and for the Six Months Ended June 30, 2025
Gross written premiums$513,687 $158,677 $— $672,364 
Net earned premiums278,398 26,113 — 304,511 
Fee income— 1,660 — 1,660 
Losses and loss adjustment expenses189,975 22,691 — 212,666 
Less: losses and loss adjustment expense - retroactive reinsurance7,311 — — 7,311 
Losses and loss adjustment expenses excluding retroactive reinsurance182,664 22,691 — 205,355 
Other operating expenses:
Net commissions29,976 (5,264)— 24,712 
Employee compensation31,897 5,423 13,763 51,083 
All other operating expenses10,496 6,650 5,090 22,236 
72,369 6,809 18,853 98,031 
Underwriting profit (loss)23,365 (1,727)(18,853)2,785 
Segment revenues309,856 36,263 1,013 347,132 
Net investment income31,159 8,541 824 40,524 
Interest expense— — 11,346 11,346 
Segment goodwill181,831 — — 181,831 
Segment assets3,639,964 1,351,271 27,087 5,018,322 
  
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
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands)
Underwriting profit (loss) of the operating segments:
Excess & Surplus Lines$9,929 $11,707 $14,585 $23,365 
Specialty Admitted Insurance(2,807)(1,421)(4,602)(1,727)
Total underwriting profit of operating segments7,122 10,286 9,983 21,638 
Other operating expenses of the Corporate and Other segment(7,449)(8,222)(16,530)(18,853)
Underwriting (loss) profit(327)2,064 (6,547)2,785 
Losses and loss adjustment expenses – retroactive reinsurance(6,927)(9,239)(21,116)(7,311)
Net investment income20,277 20,516 41,604 40,524 
Net realized and unrealized losses on investments999 (352)(5,633)(1,723)
Other income and expenses143 234 902 589 
Interest expense(5,613)(5,805)(11,202)(11,346)
Amortization of intangible assets(91)(91)(182)(182)
Income (loss) from continuing operations before income taxes$8,461 $7,327 $(2,174)$23,336