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Segment Information
 12 Months Ended
Dec. 31, 2025
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 and 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 retroactive reinsurance accounting (see Retroactive Reinsurance Accounting in Note 8 - 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 full 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.
Excess and
Surplus Lines		Specialty
Admitted
Insurance		Corporate
and
Other		Total
(in thousands)
As of and for the Year Ended
December 31, 2025
Gross written premiums$963,035 $209,284 $— $1,172,319 
Net earned premiums559,490 40,798 — 600,288 
Fee income— 2,416 — 2,416 
Losses and loss adjustment expenses386,824 40,380 — 427,204 
Less: losses and loss adjustment expense - retroactive reinsurance28,750 — — 28,750 
Losses and loss adjustment expenses excluding retroactive reinsurance358,074 40,380 — 398,454 
Other operating expenses:
Net commissions59,633 (11,183)— 48,450 
Employee compensation61,257 9,774 23,005 94,036 
All other operating expenses21,054 9,936 10,488 41,478 
141,944 8,527 33,493 183,964 
Underwriting (loss) profit59,472 (5,693)(33,493)20,286 
Segment revenues625,505 60,286 1,823 687,614 
Net investment income65,291 17,011 1,138 83,440 
Interest expense— — 23,538 23,538 
Segment goodwill181,831 — — 181,831 
Segment assets3,652,130 1,134,689 73,111 4,859,930 
Excess and
Surplus Lines		Specialty
Admitted
Insurance		Corporate
and
Other		Total
(in thousands)
As of and for the Year Ended
December 31, 2024
Gross written premiums$1,017,029 $414,743 $— $1,431,772 
Net earned premiums512,237 87,959 — 600,196 
Fee income— 4,585 — 4,585 
Losses and loss adjustment expenses485,951 68,423 — 554,374 
Less: losses and loss adjustment expense - retroactive reinsurance37,237 — — 37,237 
Losses and loss adjustment expenses excluding retroactive reinsurance448,714 68,423 — 517,137 
Other operating expenses:
Net commissions56,186 (11,243)— 44,943 
Employee compensation62,176 14,115 23,804 100,095 
All other operating expenses22,616 14,376 11,168 48,160 
140,978 17,248 34,972 193,198 
Underwriting (loss) profit(77,455)6,873 (34,972)(105,554)
Segment revenues594,433 109,472 3,721 707,626 
Net investment income73,341 16,937 2,811 93,089 
Interest expense— — 24,666 24,666 
Segment goodwill181,831 — — 181,831 
Segment assets3,516,399 1,390,894 99,783 5,007,076 
Excess and
Surplus Lines		Specialty
Admitted
Insurance		Corporate
and
Other		Total
(in thousands)
As of and for the Year Ended
December 31, 2023
Gross written premiums$1,007,351 $501,309 $— $1,508,660 
Net earned premiums609,566 98,439 — 708,005 
Fee income— 5,301 — 5,301 
Losses and loss adjustment expenses425,035 75,122 — 500,157 
Less: losses and loss adjustment expense - retroactive reinsurance4,991 — — 4,991 
Losses and loss adjustment expenses excluding retroactive reinsurance420,044 75,122 — 495,166 
Other operating expenses:
Net commissions61,542 (12,809)— 48,733 
Employee compensation57,436 18,492 22,502 98,430 
All other operating expenses16,197 18,858 11,438 46,493 
135,175 24,541 33,940 193,656 
Underwriting profit (loss)54,347 4,077 (33,940)24,484 
Segment revenues690,388 119,777 1,844 812,009 
Net investment income69,325 13,568 1,153 84,046 
Interest expense— — 24,627 24,627 
Segment goodwill181,831 — — 181,831 
Segment assets3,083,798 1,387,020 63,039 4,533,857 
The following table reconciles the underwriting profit (loss) of operating segments by individual segment to consolidated income (loss) from continuing operations before income taxes:
Year Ended December 31,
202520242023
(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines$59,472 $(77,455)$54,347 
Specialty Admitted Insurance(5,693)6,873 4,077 
Total underwriting profit (loss) of operating segments53,779 (70,582)58,424 
Other operating expenses of the Corporate and Other segment(33,493)(34,972)(33,940)
Underwriting profit (loss)20,286 (105,554)24,484 
Losses and loss adjustment expenses - retroactive reinsurance(28,750)(37,237)(4,991)
Net investment income83,440 93,089 84,046 
Net realized and unrealized (losses) gains on investments(2,195)3,625 10,441 
Other income3,665 6,131 4,216 
Other expenses(2,002)(6,145)(3,792)
Interest expense(23,538)(24,666)(24,627)
Amortization of intangible assets(363)(363)(363)
Impairment of intangible assets— — (2,500)
Income (loss) from continuing operations before income taxes$50,543 $(71,120)$86,914 
The Company currently has 15 underwriting divisions, including 14 in the Excess and Surplus Lines segment, and one in the Specialty Admitted Insurance segment. Each underwriting division focuses on a specific industry group or coverage.
Gross written premiums by segment and underwriting division are presented below:
Year Ended December 31,
202520242023
(in thousands)
Excess Casualty$324,507 $325,017 $339,870 
General Casualty225,177 237,632 202,861 
Manufacturers and Contractors157,082 176,494 180,074 
Excess Property38,937 53,254 64,574 
Energy43,885 46,405 51,593 
Small Business39,563 39,946 38,561 
Allied Health35,795 31,791 30,904 
Commercial Auto27,947 27,819 29,379 
Life Sciences24,166 25,642 27,595 
Sports and Entertainment19,489 22,192 17,826 
Environmental14,384 20,096 13,832 
Professional Liability9,931 9,367 9,264 
Medical Professionals679 870 955 
Management Liability1,493 504 63 
Total Excess and Surplus Lines segment963,035 1,017,029 1,007,351 
Specialty Admitted Insurance segment209,284 414,743 501,309 
Total$1,172,319 $1,431,772 $1,508,660 
The Company does business with three brokers that generated $338.8 million, $221.2 million and $129.4 million of gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2025, representing 28.9%, 18.9%
and 11.0% of consolidated gross written premiums and 35.2%, 23.0% and 13.4% of the Excess and Surplus Lines segment’s gross written premiums, respectively. The Company has agency contracts with various branches within the aforementioned brokers. No other broker generated 10.0% or more of the gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2025. No individual insured generated 10.0% or more of the gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2025.
The Specialty Admitted Insurance segment accepts applications for insurance from a variety of sources, including program administrators and managing general agents (“MGAs”). The Company does business with five agencies that together generated $174.8 million of gross written premiums for the Specialty Admitted Insurance segment for the year ended December 31, 2025, representing 14.9% of consolidated gross written premiums and 83.5% of the Specialty Admitted Insurance segment’s gross written premiums, respectively. Individually the agencies represented between 1.8% and 6.2% of consolidated gross written premiums and between 10.4% and 34.9% of the Specialty Admitted Insurance segment’s gross written premiums. No other agency generated 10.0% or more of the gross written premiums for the Specialty Admitted Insurance segment for the year ended December 31, 2025.