First Quarter 2025

Q1 2025 Investor Presentation May 2025

A Niche Specialty Insurer with a Diversified E&S Platform

James River is well positioned for sustainable profitability and capital discipline

$1.4 Billion

Gross Written Premium(1)

Strong Start to 2025 with an Excess & Surplus ("E&S")

Market Poised for Profitable Growth

• Adjusted Net Operating Income(2): $9.1 Million

  $484 Million

  Total Shareholders' Equity

• Annualized Adjusted Net Operating Retuon Tangible Common Equity(2): 11.5%

  

• E&S segment Performance: 91.5% Combined Ratio| 7.8% Renewal Rate Change

• Stable Prior Year Reserves

  $5.0 Billion

  Total Assets

  Strides Taken to Refocus Business

• Validated, Well-Capitalized, and Strong Balance Sheet

• Expense Management Focus Including Redomicile to U.S.

  "A-" (Excellent)

  A.M. Best Rating

• Technology Implementation for Underwriting Efficiency

• Sale of Sub Scale Businesses, Including JRG Re and Individual Risk

  Workers' Compensation Renewal Rights

• Capital-Light Fronting Business with Limited Net Retention

1. Gross Written Premiums reflect LTM information as of March 31, 2025. All other information as of March 31, 2025 unless otherwise noted.

2. Adjusted net operating income and adjusted net operating retuon tangible common equity are non-GAAP financial measures. See "Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Measure" on the

Disclosure page.

Enterprise Refocus and Balance Sheet Rebuild

James River has refocused the Company around its core strengths; risk management, performance

monitoring, and underwriting

Frank D'Orazio joins

James River

$75 MM Uber reserve additions during 4Q20

Raiser / Uber Unlimited Loss Portfolio Transfer ("LPT")

$200 MM Uber reserve additions YTD

Renewal Rights of

Workers' Comp Sale

$84 MM Core E&S reserve additions during 3Q24

Completion of Strategic Review; Finalized Core E&S LPT / ADC for an aggregate

$235 MM, Capital from Sophisticated Industry Investor, Strategic Efficiencies including Planned Redomicile to the U.S.

E&S segment leadership transition. Todd Sutherland announced as President, succeeding Richard Schmitzer.

Nov / Dec 2020

Aug / Nov 2021

Sept 2021

Feb 2022

Sept 2023

April 2024

Nov 2024

Feb 2025

May 2025

Hired New, Senior Claims, ERM, Underwriting and Actuarial leaders

Casualty Re LPT Purchase

$115 MM reserve additions during 4Q21

Sale of Casualty Re

Non-Executive Chairman of the Board Ollie Sherman announces he will retire.

Christine LaSala appointed as its next Non-Executive Chairperson

$38 MM E&S reserve additions during 4Q24; $29.5 MM ceded to the Core E&S ADC

James River's Focus is the Excess & Surplus Lines Market

We are one of the largest and most concentrated public companies in E&S exposure

Most Concentrated E&S Companies(1)- 2024 Direct Written Premium

76%

(2)

$1.1 BN

100%

85%

42%

29% 25% 24%

16%

9% 8%

$1.9 BN

$332 MM

$4.1 BN

$3.8 BN

$2.2 BN

$5.6 BN

$8.5 BN

$1.6 BN

$848 MM

Significant focus on small and medium sized accounts which have historically been

more profitable

1. Statutory E&S direct written premium as defined and calculated by S&P Global Market Intelligence. Represents statutory E&S direct written premium divided by GAAP consolidated gross written premium for 2024.

2. GAAP E&S segment GWP of $1.0 Bn. 18% of Specialty Admitted segment business was non-admitted in 2024.

Attachments

• Original document
• Permalink

Disclaimer

James River Group Holdings Ltd. published this content on May 12, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2025 at 12:43 UTC.