James River Group Holdings, Inc. reported a decline in financial performance for the second quarter of 2026, with total revenues of $161.3 million, down 7.8% from $174.8 million in the same period last year. The company experienced a significant drop in gross written premiums, which fell by 28.9% to $268.9 million compared to $378.0 million in the prior year. Net written premiums also decreased by 15.7% to $148.4 million, reflecting a challenging market environment and strategic decisions to prioritize profitable growth over volume.
The company's net income from continuing operations for the second quarter was $6.6 million, a 29.3% increase from $5.1 million in the previous year. However, for the first half of 2026, James River reported a net loss of $2.2 million, contrasting sharply with a net income of $16.1 million for the same period in 2025. The decline in profitability was attributed to underwriting losses, which totaled $327,000 for the quarter, compared to an underwriting profit of $2.1 million in the prior year. The combined ratio for the quarter was 100.2%, indicating a break-even point for underwriting operations.
Strategically, James River completed a domestication process on November 7, 2025, transitioning its jurisdiction from Bermuda to Delaware. This move is expected to enhance operational efficiencies and lower the effective tax rate, as expenses previously incurred in Bermuda will now be eligible for U.S. tax deductions. The company also dissolved its UK intermediate holding company as part of this transition. Additionally, the company has been actively managing its investment portfolio, which includes a focus on higher-yielding fixed maturities and private investments.
Operationally, the company reported a decrease in the number of policies bound, reflecting increased competition in the market. The Excess & Surplus Lines segment, which represents the majority of the company's business, saw gross written premiums decline by 16.7% in the second quarter. The Specialty Admitted Insurance segment experienced an even steeper decline of 75.9% in gross written premiums, primarily due to the non-renewal of several programs. Despite these challenges, the company maintained a strong capital position, with total assets of $4.8 billion and a leverage ratio of 27.6% as of June 30, 2026.
Looking ahead, James River Group Holdings anticipates continued challenges in the competitive insurance market but remains focused on strategic growth and operational efficiency. The company is committed to managing its underwriting performance and investment returns while navigating the evolving landscape of the insurance industry.
About James River Group Holdings, Inc.
James River Group Holdings, Ltd. is a Bermuda-based insurance holding company specializing in underwriting small and medium-sized casualty risks in the U.S. excess and surplus (E&S) market. It offers non-admitted and admitted specialty insurance, including fronting and program business, with a focus on niche markets. The company emphasizes disciplined underwriting, risk management, and investment strategies to generate stable, risk-adjusted returns.
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