XML 59 R36.htm IDEA: XBRL DOCUMENT v3.25.4
SCHEDULE II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II - Condensed Financial Information of Registrant
Condensed Financial Information of Registrant
Balance Sheets (Parent Company)
December 31,
20252024
(in thousands)
Assets
Cash and cash equivalents$10,750 $64,525 
Investment in subsidiaries874,105 732,285 
Deferred tax assets, net14,386 — 
Income tax receivable481 — 
Other assets3,557 31,775 
Total assets$903,279 $828,585 
Liabilities and Shareholders’ equity
Liabilities:
Accrued expenses$1,045 $1,716 
Senior debt210,800 185,800 
Junior subordinated debt15,928 15,928 
Due to subsidiaries4,079 863 
Other liabilities159 30,248 
Total liabilities232,011 234,555 
Commitments and contingent liabilities
Series A redeemable preferred shares133,115 133,115 
Shareholders’ equity:
Class A common shares9 9 
Additional paid-in capital937,611 933,311 
Retained deficit(364,726)(402,408)
Accumulated other comprehensive (loss) income(34,741)(69,997)
Total shareholders’ equity538,153 460,915 
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity$903,279 $828,585 

See accompanying notes.
SCHEDULE II
JAMES RIVER GROUP HOLDINGS, INC. AND SUBSIDIARIES
Condensed Financial Information of Registrant
Statements of Income (Loss) and Comprehensive Income (Loss) (Parent Company)
Year Ended December 31,
202520242023
(in thousands)
Revenues:
Net investment income$861 $1,860 $— 
Other income80 90 88 
Total revenues941 1,950 88 
Expenses:
Other operating expenses740 14,142 14,689 
Other expenses3,819 9,619 4,049 
Interest expense15,391 15,484 15,685 
Total expenses19,950 39,245 34,423 
Loss before equity in net income (loss) of subsidiaries(19,009)(37,295)(34,335)
Equity in net income (loss) of subsidiaries (1)
51,569 (43,825)(73,349)
Income (loss) before taxes32,560 (81,120)(107,684)
Income tax benefit(14,867)— — 
Net income (loss)$47,427 $(81,120)$(107,684)
Other comprehensive income (loss):
Equity in other comprehensive earnings (losses) of subsidiaries35,256 (6,276)99,323 
Total comprehensive income (loss)$82,683 $(87,396)$(8,361)
(1) Includes amounts for JRG Re. The sale of JRG Re closed on April 16, 2024. Operating results of JRG Re are included in discontinued operations in our Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). See Note 2 - Discontinued Operations.
See accompanying notes.
SCHEDULE II
JAMES RIVER GROUP HOLDINGS, INC. AND SUBSIDIARIES
Condensed Financial Information of Registrant
Statements of Cash Flows (Parent Company)
Year Ended December 31,
202520242023
(in thousands)
Operating activities
Net income (loss)$47,427 $(81,120)$(107,684)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for depreciation and amortization521 474 345 
Share based compensation expense5,045 6,631 9,116 
Equity in undistributed earnings of subsidiaries(51,569)43,825 73,349 
Deferred U.S. Federal income tax benefit(14,386)— — 
Changes in operating assets and liabilities985 2,996 47,673 
Net cash (used in) provided by operating activities(11,977)(27,194)22,799 
Investing activities
Sale of JRG Re— 136,213 — 
Dividends from subsidiaries— 5,755 — 
Net cash provided by investing activities— 141,968 — 
Financing activities
Senior debt issuance25,000 — — 
Senior debt repayments— (21,500)— 
Contribution to subsidiary(55,000)(23,364)— 
Payment of debt issuance costs(1,179)— (1,135)
Enstar common stock investment— 12,500 — 
Payroll taxes withheld and remitted on net settlement of RSUs(745)(847)(1,734)
Dividends on Series A preferred shares(7,876)(12,768)(10,500)
Dividends on common shares(1,998)(6,231)(7,746)
Net cash used in financing activities(41,798)(52,210)(21,115)
Change in cash and cash equivalents(53,775)62,564 1,684 
Cash and cash equivalents at beginning of period64,525 1,961 277 
Cash and cash equivalents at end of period$10,750 $64,525 $1,961 
Supplemental information
Interest paid$16,675 $17,137 $16,949 
See accompanying notes.
SCHEDULE II
JAMES RIVER GROUP HOLDINGS, INC. AND SUBSIDIARIES
Condensed Financial Information of Registrant
Notes to Condensed Financial Statements
1.    Accounting Policies
Organization
Subsequent to the Domestication on November 7, 2025, James River Group Holdings, Inc. is a Delaware holding company organized for the purpose of acquiring and managing insurance entities. Prior to the Domestication, James River Group Holdings, Ltd. was an exempted holding company registered in Bermuda.
Basis of Presentation
The accompanying condensed financial statements have been prepared using the equity method. Under the equity method, the investment in consolidated subsidiaries is stated at cost plus equity in undistributed earnings of consolidated subsidiaries since the date of acquisition. These condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.
Estimates and Assumptions
Preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.
Adopted Accounting Standards
No accounting standards were adopted during the year ended December 31, 2025 that had a material impact on our financial statements.