0001620459-25-000010 | 10-K | XBRL Viewer | James River Group Holdings LTD

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Fair Value Measurements - Summary of the Carrying Value and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Fixed maturity securities, available-for-sale	$ 1,189,733	$ 1,324,476
Equity securities	86,479	119,945
Bank loan participations	142,410	156,169
Cash and cash equivalents	362,345	274,298
Restricted cash equivalents	28,705	72,449	$ 103,215	$ 102,005
Short-term investments	97,074	72,137
Liabilities
Senior debt	200,800	222,300
Junior subordinated debt	104,055	104,055
Carrying Value
Assets
Fixed maturity securities, available-for-sale	1,189,733	1,324,476
Equity securities	86,479	119,945
Bank loan participations	142,410	156,169
Cash and cash equivalents	362,345	274,298
Restricted cash equivalents	28,705	72,449
Short-term investments	97,074	72,137
Other invested assets – notes receivable	13,902	12,174
Liabilities
Senior debt	200,800	222,300
Junior subordinated debt	104,055	104,055
Fair Value
Assets
Fixed maturity securities, available-for-sale	1,189,733	1,324,476
Equity securities	86,479	119,945
Bank loan participations	142,410	156,169
Cash and cash equivalents	362,345	274,298
Restricted cash equivalents	28,705	72,449
Short-term investments	97,074	72,137
Other invested assets – notes receivable	12,877	11,702
Liabilities
Senior debt	201,787	223,408
Junior subordinated debt	$ 121,766	$ 138,264

Discontinued Operations - JRG Re's Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Assets held for sale	$ 0	$ 783,393
Liabilities
Liabilities held for sale	$ 0	641,497
Discontinued Operations, Disposed of by Sale \| Jrg Re
Assets
Fixed maturity securities, at fair value		532,242
Equity securities, at fair value		2,779
Total invested assets		535,021
Cash and cash equivalents		13,202
Accrued investment income		3,589
Premiums receivable and agents’ balances, net		68,441
Reinsurance recoverable on unpaid and paid losses, net		234,615
Deferred policy acquisition costs		4,986
Write down of JRG Re to fair value less cost to sell		(80,400)
Other assets		3,939
Assets held for sale		783,393
Liabilities
Reserve for losses and loss adjustment expenses		441,666
Unearned premiums		17,223
Funds held		137,796
Deferred reinsurance gain		33,167
Accrued expenses		1,955
Other liabilities		9,690
Liabilities held for sale		$ 641,497

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Reconciliation of Numerator and Denominator of Basic and Diluted (Loss) Earnings Per Share

The following represents a reconciliation of the numerator and denominator of the basic and diluted (loss) earnings per common share computations contained in the consolidated financial statements.


	Year Ended December 31,
	2024		2023		2022
	(in thousands, except share and per share amounts)
Net (loss) income from continuing operations	$	(63,486)	$	61,209	$	34,858
Less: Dividends on Series A preferred shares	(37,149)		(10,500)		(8,750)
(Loss) income from continuing operations available to common shareholders	$	(100,635)	$	50,709	$	26,108
Loss from discontinued operations	(17,634)		(168,893)		(3,885)
Net (loss) income available to common shareholders	$	(118,269)	$	(118,184)	$	22,223

Weighted average common shares outstanding:
Basic	38,685,003		37,618,660		37,442,856
Dilutive potential common shares	—		191,780		208,113
Diluted	38,685,003		37,810,440		37,650,969

Net (loss) income per common share:
Basic
Continuing operations	$	(2.60)	$	1.35	$	0.70
Discontinued operations	$	(0.46)	$	(4.49)	$	(0.11)
	$	(3.06)	$	(3.14)	$	0.59
Diluted
Continuing operations	$	(2.60)	$	1.34	$	0.69
Discontinued operations	$	(0.46)	$	(4.47)	$	(0.10)
	$	(3.06)	$	(3.13)	$	0.59

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which vary in some respects from statutory accounting practices (“SAP”) which are prescribed or permitted by the various state insurance departments in the U.S. or by insurance regulators in Bermuda. The accompanying consolidated financial statements include the accounts and operations of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated.
Held-for-Sale and Discontinued Operations	Held-for-Sale and Discontinued Operations The results of operations of a component of the Company are reported in discontinued operations when certain criteria are met as of the date of disposal, or earlier if classified as held-for-sale. The Company has determined that the definitive agreement to sell JRG Re met the criteria for JRG Re to be classified as held for sale and that the sale represented a strategic shift that will have a major effect on the Company's operations. Accordingly, the results of JRG Re's operations have been presented as discontinued operations, and the assets and liabilities of JRG Re have been classified as held-for-sale and segregated for all periods presented in this Annual Report on Form 10-K.
Estimates and Assumptions	Estimates and Assumptions Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.
Fixed Maturity and Equity Securities	Fixed Maturity and Equity Securities Fixed maturity securities classified as “available-for-sale” are carried at fair value, and unrealized gains and losses on such securities, net of any deferred taxes, are reported as a separate component of accumulated other comprehensive income. The Company does not have any securities classified as “held-to-maturity” or “trading”. Fair value generally represents quoted market value prices for securities traded in the public marketplace or prices analytically determined using bid or closing prices for securities not traded in the public marketplace. Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the constant yield method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the retrospective method. Realized investment gains or losses are determined on a specific identification basis. Interest income is recognized as earned, and dividend income is recognized on the ex-dividend date. The Company reviews its available-for-sale fixed maturities to determine whether any unrealized losses are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net realized and unrealized gains (losses) on investments. Unrealized losses that are not credit-related are recognized in other comprehensive income. The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of the expected cash flows equals or exceeds a security’s amortized cost.
Bank Loan Participations	Bank Loan Participations Bank loan participations are managed by a specialized outside investment manager. The Company has elected the fair value option to account for bank loan participations. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our Consolidated Statements of (Loss) Income and Comprehensive Loss as net realized and unrealized gains (losses) on investments. Losses due to credit-related impairments on bank loan participations are determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors. Interest income is accrued on the unpaid principal balance. Discounts and premiums are amortized to income using the interest method. Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2024 or 2023. Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt.
Other Invested Assets	Other Invested Assets Other invested assets at December 31, 2024 and 2023 include the Company’s interests in private debt and equity investments. The investments are primarily focused in renewable energy, limited partnerships, and bank holding companies. Equity interests in various limited liability companies (“LLCs”) and limited partnerships are accounted for under the equity method, as the Company has determined that the equity method best reflects its economic interest in the underlying equity investment.
Short-Term Investments	Short-Term Investments Short-term investments are carried at amortized cost, which approximates fair value. Short-term investments have maturities greater than three months but less than one year at the date of purchase.
Cash Equivalents	Cash Equivalents The Company considers highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash Equivalents	Restricted Cash Equivalents The Company considers highly liquid investments with maturities of three months or less at the date of purchase that are segregated for a specific use to be restricted cash equivalents. Certain restricted cash equivalents invested in funds with floating net asset values are measured at fair value with changes in fair value recognized in net income.
Direct Written Premiums	Direct Written Premiums Direct written premiums are earned on a pro rata basis over the terms of the policies, generally 12 months. The portion of premiums written applicable to the unexpired terms of the policies in force is recorded as unearned premiums. Policies are accounted for on an individual basis, with no aggregation by counterparty.
Premiums Receivable and Agents' Balances, Net	Premiums Receivable and Agents’ Balances, Net Premiums receivable and agents’ balances are carried at face value net of any allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses based on the Company’s assessment of the collectability of receivables that are past due, historical collection percentages, and consideration of current economic conditions and expectations of future conditions that could affect ultimate collections. Receivables greater than 90 days past due were $16.4 million and $11.5 million at December 31, 2024 and 2023, respectively. The allowance for credit losses was $22.3 million and $17.9 million at December 31, 2024 and 2023, respectively. Credit loss expense was $6.9 million for the year ended December 31, 2024, $2.8 million for the year ended December 31, 2023, and $1.1 million for the year ended December 31, 2022. Receivables written off against the allowance for credit losses totaled $2.5 million for the year ended December 31, 2024, $1.2 million for the year ended December 31, 2023, and $1.5 million for the year ended December 31, 2022. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs Costs which are incrementally or directly related to the successful acquisition of new or renewal insurance business are deferred. These deferred costs are primarily commissions to agents, premium taxes, and the portion of underwriting fixed compensation and payroll related fringe benefits directly related to an insurance contract that has been acquired, net of ceding commissions related to reinsurance ceded. Amortization of such policy acquisition costs is charged to expense in proportion to premium earned over the estimated policy life. To the extent that unearned premiums on existing policies are not adequate to cover projected related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company considers anticipated investment income in determining whether a premium deficiency exists.
Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts and Retroactive Reinsurance Accounting	Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts Certain premiums and losses are ceded to other insurance companies under various excess of loss and quota-share reinsurance contracts. The Company enters into ceded reinsurance contracts to limit its exposure to large losses, to limit exposure on new lines of insurance written by the Company, and to provide additional capacity for growth. Premiums, commissions, and losses and loss adjustment expenses on reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and the terms of the reinsurance contracts. Reinsurance recoverables and prepaid reinsurance premiums are reported as assets. The Company uses a provision matrix to calculate the allowance for credit losses on reinsurance recoverables by applying impairment rates based on historical loss data to similarly rated reinsurance companies based on the expected duration of the receivables. The Company also considers the expected impact of current and future expected economic conditions and adjusts estimates if needed based on an evaluation of these factors. The allowance for credit losses on reinsurance recoverables at December 31, 2024 and 2023 was $1.2 million and $660,000, respectively. Other amounts payable to reinsurers or receivable from reinsurers are netted where the right of offset exists. The Company receives ceding commissions in connection with certain ceded reinsurance. The ceding commissions are recorded as a reduction of other operating expenses. Certain reinsurance contracts include provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses are recorded based upon the projected loss experience under the contracts. The Company’s Specialty Admitted Insurance segment writes insurance under specialty admitted fronting and program arrangements. The fronting and program arrangements may contain contractual provisions that adjust acquisition expenses based upon loss experience under the contracts. The specialty admitted fronting and program arrangements are significantly reinsured. These reinsurance contracts may also contain provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses, are recorded based upon the projected loss experience under the contracts. Retroactive Reinsurance Accounting Loss portfolio transfers and adverse development covers are forms of reinsurance utilized by the Company to transfer losses and loss adjustment expenses and associated risk of adverse development on covered subject business, as defined in the respective agreements, to an assuming reinsurer in exchange for a reinsurance premium. The Company periodically reevaluates the remaining reserves subject to loss portfolio transfers and adverse development covers, and when recognized adverse prior year development on the subject business causes the cumulative amounts ceded under the agreements to exceed the consideration paid, the agreements move into a gain position subject to retroactive reinsurance accounting under GAAP. Gains are deferred under retroactive reinsurance accounting and recognized in earnings in proportion to actual paid recoveries under the agreements using the recovery method.
Other Income	Other Income Other income is principally comprised of fee income in the Specialty Admitted Insurance segment earned on policies for which the segment has no exposure to underwriting risk and broker incentive income in the Excess and Surplus Lines segment. Fee income of $4.6 million, $5.3 million, and $3.8 million is included in other income for the years ended December 31, 2024, 2023, and 2022, respectively. Fees are earned on a pro rata basis over the service period of the underlying business. Policies are accounted for on an individual basis, with no aggregation by counterparty.
Income Taxes	Income Taxes Deferred tax assets and deferred tax liabilities are provided for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective U.S. tax basis. Deferred tax assets and liabilities are measured using enacted U.S. corporate tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance only when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized.
Goodwill	Goodwill Goodwill is tested annually for impairment in the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the carrying amount of the Company’s reporting units, including goodwill, may exceed their fair values. The Company first assesses qualitative factors in determining whether it is necessary to perform the quantitative goodwill impairment test. If management determines that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on qualitative factors then they will perform the quantitative goodwill impairment test. For the quantitative goodwill impairment testing, the fair value of the reporting units is determined using a combination of a market approach and an income approach which projects the future cash flows produced by the reporting units and discounts those cash flows to their present value. The projection of future cash flows is necessarily dependent upon assumptions on the future levels of income as well as business trends, prospects, market, and economic conditions. The results of the two approaches are weighted to determine the fair value of each reporting unit. When the fair value is less than the carrying value of the net assets of the reporting unit, including goodwill, an impairment loss is charged to operations. To determine the amount of any goodwill impairment, the implied fair value of reporting unit goodwill is compared to the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. That is, the fair value of a reporting unit is assigned to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill.
Intangible Assets, Net	Intangible Assets, Net Intangible assets are initially recognized and measured at fair value. Specifically identified intangible assets with indefinite lives include trademarks and state insurance licenses and authorities. Other specifically identified intangible assets with lives ranging from 7.0 to 27.5 years represent relationships with brokers. These intangible assets are amortized on a straight-line basis over their estimated useful lives. Intangible assets with indefinite useful lives are reviewed for impairment at least annually. In evaluating whether there has been impairment to the intangible asset, management determines the fair value of the intangible asset and compares the resulting fair value to the carrying value of the intangible asset. If the carrying value exceeds the fair value, the intangible asset is written down to fair value, and the impairment is reported through earnings. The Company evaluates intangible assets with definite lives for impairment when impairment indicators are noted.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. In the fourth quarter of 2024, the Company determined that the decrease in the share price of the Company’s common stock during the quarter was an indication of impairment, and accordingly, the Company performed impairment testing on its goodwill and other intangible assets using a December 31, 2024 valuation date. As a result of this testing, the Company concluded that no impairment of the intangible assets had occurred. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. That assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, which is included in “other assets” in the accompanying consolidated balance sheets, is reported at cost less accumulated depreciation and is depreciated principally on a straight-line basis over the estimated useful lives of the depreciable assets, generally three years to ten years.
Reserve for Losses and Loss Adjustment Expenses	Reserve for Losses and Loss Adjustment Expenses The reserve for losses and loss adjustment expenses represents the estimated ultimate cost of all reported and unreported losses and loss adjustment expenses incurred and unpaid at the balance sheet date. The Company does not discount this reserve. The process of estimating the reserve for losses and loss adjustment expenses requires a high degree of judgment and is subject to a number of variables. The reserve for losses and loss adjustment expenses is estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in loss severity and frequency. The Company utilizes various actuarially-accepted reserving methodologies in determining expected outcomes for its reserves. These methodologies utilize various inputs, including management’s initial expected loss ratio (the ratio of losses and loss adjustment expenses incurred to net earned premiums), expected reporting patterns and payment patterns for losses and loss adjustment expenses (based on insurance industry data and the Company’s own experience), and the Company’s actual paid and reported losses and loss adjustment expenses. An internal actuary reviews these results and (after applying appropriate professional judgment and other actuarial techniques that are considered necessary) presents recommendations to the Company’s management. Management uses this information and its judgment to make decisions on the final recorded reserve for losses and loss adjustment expenses. Management believes that the use of judgment is necessary to arrive at a best estimate for the reserve for losses and loss adjustment expenses given the long-tailed nature of the business generally written by the Company and the limited operating experience of the fronting and program business in the Specialty Admitted Insurance segment. Judgment is also required to make actuarial adjustments, if needed, for changes in claims processing and case reserving that could cause current reported loss and paid loss development patterns to deviate from historical patterns. The Company believes that the insurance that it writes is subject to above-average variation in reserve estimates. The Excess and Surplus Lines market is subject to high policyholder turnover and changes in underlying mix of exposures. This turnover and change in underlying mix of exposures can cause actuarial estimates based on prior experience to be less reliable than estimates for more stable, admitted books of business. Catastrophes of significant magnitude, including hurricanes, earthquakes, and wildfires, involve complex coverage issues. In estimating the reserve for losses and loss adjustment expenses for these catastrophes, management uses case reserve estimates based on information obtained from site inspections by the Company’s adjustors and the terms of coverage provided in the policies. Management estimates reserves for incurred but not reported claims for these catastrophes using judgment based on an assessment of the Company’s property insurance exposures where the catastrophes occur and the Company’s progress in settling claims. Although management believes that the reserve for losses and loss adjustment expenses is reasonable, it is possible that the Company’s actual incurred losses and loss adjustment expenses will not develop in a manner consistent with the assumptions inherent in the determination of these reserves. Specifically, the Company’s actual ultimate loss ratio could differ from management’s initial expected loss ratio and/or the Company’s actual reporting patterns for losses could differ from the expected reporting patterns. Accordingly, the ultimate settlement of losses and the related loss adjustment expenses may vary significantly from the estimates included in the Company’s consolidated financial statements. These estimates are reviewed continually by management and are adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations.
Share Based Compensation	Share Based Compensation The Company expenses the fair value of share equity awards over the vesting period of the award on a straight-line basis. Compensation cost for performance restricted share units (“PRSU”) is based upon the probable outcome of performance conditions. The Black-Scholes-Merton option pricing model is used to value the options granted (see Note 14). Forfeitures of share-based awards are recognized as they occur. As the share based compensation expense is incurred, a corresponding increase to additional paid-in capital in shareholders’ equity is recognized. Share based compensation expense is reflected in “other operating expenses” in the accompanying consolidated statements of (loss) income and comprehensive loss.
Variable Interest Entities	Variable Interest Entities Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”). A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. The Company holds interests in VIEs through certain equity method investments included in “other invested assets” in the accompanying consolidated balance sheets. The Company has determined that it should not consolidate any of the VIEs as it is not the primary beneficiary in any of the relationships. Although the investments resulted in the Company holding variable interests in the entities, they did not empower the Company to direct the activities that most significantly impact the economic performance of the entities.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share excludes dilution and is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the dilution that could occur if securities or other contracts to issue common shares were exercised or vested using the treasury stock method or converted into common shares under the if-converted method. When inclusion of potential common shares increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive, and the diluted net earnings or net loss per share is computed excluding these potential common shares.
Adopted and Prospective Accounting Standards	Adopted Accounting Standards The guidance in ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures was designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the new standard effective with this Form 10-K by providing additional segment disclosures in Note 20. The new standard did not have a material impact on the Company's financial statements. No accounting standards were adopted during the year ended December 31, 2024 that had a material impact on our financial statements. Prospective Accounting Standards The guidance in ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures was designed to increase transparency about income tax information through improvements to the rate reconciliation and disclosure of income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. Although the Company continues to evaluate the impact of adopting this new accounting standard, the amendments are disclosure-related and are not expected to have a material impact on the Company's financial statements. The guidance in ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses requires additional, disaggregated disclosure around certain income statement expense line items. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on the disclosures in its financial statements. There are no other prospective accounting standards which are expected to have a material impact on our financial statements subsequent to December 31, 2024.
Leases	Operating lease costs are primarily comprised of rental expense for operating leases. Rental expense is recognized on a straight line basis over the lease term and includes amortization of the right-of-use lease asset and imputed interest on the lease liability. Operating lease costs are included in other operating expenses in the Company's consolidated statements of (loss) income and comprehensive loss.

Investments

12 Months Ended

Dec. 31, 2024

Investments [Abstract]

Investments

The Company’s available-for-sale fixed maturity securities are summarized as follows:


	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
December 31, 2024
Fixed maturity securities:
State and municipal	$	223,009	$	598	$	(27,043)	$	196,564
Residential mortgage-backed	352,064		32		(25,869)		326,227
Corporate	503,610		1,358		(29,483)		475,485
Commercial mortgage and asset-backed	178,238		112		(7,892)		170,458

U.S. Treasury securities and obligations guaranteed by the U.S. government	21,416		2		(419)		20,999

Total fixed maturity securities, available-for-sale	$	1,278,337	$	2,102	$	(90,706)	$	1,189,733
December 31, 2023
Fixed maturity securities:
State and municipal	$	273,462	$	1,834	$	(26,459)	$	248,837
Residential mortgage-backed	336,064		1,243		(19,379)		317,928
Corporate	530,408		4,167		(28,847)		505,728
Commercial mortgage and asset-backed	235,302		78		(12,527)		222,853

U.S. Treasury securities and obligations guaranteed by the U.S. government	29,900		8		(778)		29,130
Total fixed maturity securities, available-for-sale	$	1,405,136	$	7,330	$	(87,990)	$	1,324,476

The amortized cost and fair value of available-for-sale investments in fixed maturity securities at December 31, 2024 are summarized, by contractual maturity, as follows:


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	23,591	$	23,350
After one year through five years	325,901		318,588
After five years through ten years	252,201		227,714
After ten years	146,342		123,396
Residential mortgage-backed	352,064		326,227
Commercial mortgage and asset-backed	178,238		170,458
Total	$	1,278,337	$	1,189,733

Actual maturities may differ for some securities because borrowers have the right to call or prepay obligations with or without penalties.

The following table shows the Company’s gross unrealized losses and fair value for available-for-sale securities aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:


	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
December 31, 2024
Fixed maturity securities:
State and municipal	$	35,979	$	(1,087)	$	146,547	$	(25,956)	$	182,526	$	(27,043)
Residential mortgage-backed	179,807		(5,285)		140,559		(20,584)		320,366		(25,869)
Corporate	149,149		(4,281)		220,743		(25,202)		369,892		(29,483)
Commercial mortgage and asset-backed	17,991		(65)		101,525		(7,827)		119,516		(7,892)

U.S. Treasury securities and obligations guaranteed by the U.S. government	7,653		(115)		12,412		(304)		20,065		(419)

Total fixed maturity securities, available-for-sale	$	390,579	$	(10,833)	$	621,786	$	(79,873)	$	1,012,365	$	(90,706)
December 31, 2023
Fixed maturity securities:
State and municipal	$	30,196	$	(287)	$	168,517	$	(26,172)	$	198,713	$	(26,459)
Residential mortgage-backed	68,497		(1,256)		145,954		(18,123)		214,451		(19,379)
Corporate	55,970		(532)		290,308		(28,315)		346,278		(28,847)
Commercial mortgage and asset-backed	24,048		(151)		182,295		(12,376)		206,343		(12,527)

U.S. Treasury securities and obligations guaranteed by the U.S. government	7,961		(71)		19,889		(707)		27,850		(778)

Total fixed maturity securities, available-for-sale	$	186,672	$	(2,297)	$	806,963	$	(85,693)	$	993,635	$	(87,990)

At December 31, 2024, the Company held fixed maturity securities of 423 issuers that were in an unrealized loss position with a total fair value of $1,012.4 million and gross unrealized losses of $90.7 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment. At December 31, 2024, 100.0% of the Company’s fixed maturity security portfolio was rated “BBB-” or better (“investment grade”) by Standard & Poor’s or received an equivalent rating from another nationally recognized rating agency. At December 31, 2024 there were no fixed maturity securities with ratings below investment grade by Standard & Poor's or another nationally recognized rating agency.

The Company periodically reviews its available-for-sale fixed maturities to determine whether any unrealized losses exist that are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net realized and unrealized gains (losses) on investments. Unrealized losses that are not credit-related are recognized in other comprehensive income.

The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of expected cash flows equals or exceeds a security's amortized cost. As a result of this review, management concluded that there were no credit-related impairments of fixed maturities at December 31, 2024 or December 31, 2023. During the year ended December 31, 2024, management recognized an impairment loss of $207,000 for one fixed maturity security due to the Company's inability to hold the security until a recovery in its value to the amortized cost basis. For the remainder of securities in an unrealized loss position, management does not intend to sell the securities and it is not "more likely than not" that the Company will be required to sell these securities before a recovery in their value to their amortized cost basis occurs.

The Company elected the fair value option to account for bank loan participations. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our income statement as net realized and unrealized gains (losses) on investments. Applying the fair value option to the bank loan portfolio increases volatility in the Company's financial statements, but management believes it is less subjective and less burdensome to implement and maintain than ASU 2016-13, which would have otherwise been required.

At December 31, 2024, the Company's bank loan portfolio had an aggregate unpaid principal balance of $149.4 million and an aggregate fair value of $142.4 million. Investment income on bank loan participations included in net investment income was $17.0 million, $12.0 million, $4.3 million during the years ended December 31, 2024, 2023, and 2022, respectively. Net realized and unrealized gains (losses) on investments includes losses of $620,000, gains of $9.0 million, and losses of $5.4 million related to changes in unrealized gains and losses on bank loan participations for the years ended December 31, 2024, 2023, and 2022, respectively. Management concluded that $3.3 million, $397,000, and $574,000 of the net realized and unrealized gains (losses) were due to credit-related impairments for the years ended December 31, 2024, 2023, and 2022, respectively. Losses due to credit-related impairments were determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors.

Bank loan participations generally have a credit rating that is below investment grade (i.e. below “BBB-” for Standard & Poor’s) at the date of purchase. These bank loans are primarily senior, secured floating-rate debt rated “BB”, “B”, or “CCC” by Standard & Poor’s or an equivalent rating from another nationally recognized rating agency. These bank loans include assignments of, and participations in, performing and non-performing senior corporate debt generally acquired through primary bank syndications and in secondary markets. Bank loans consist of, but are not limited to, term loans, the funded and unfunded portions of revolving credit loans, and other similar loans and investments. Management believed that it was probable at the time that these loans were acquired that the Company would be able to collect all contractually required payments receivable.

Interest income on bank loan participations is accrued on the unpaid principal balance, and discounts and premiums on bank loan participations are amortized to income using the interest method. Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2024 or 2023.

Major categories of the Company’s net investment income are summarized as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Fixed maturity securities	$	48,262	$	49,793	$	28,131
Bank loan participations	16,992		11,984		4,256
Equity securities	7,424		6,548		5,479
Other invested assets	4,855		5,049		3,408
Cash, cash equivalents, restricted cash equivalents, and short-term investments	19,249		13,703		4,170

Gross investment income	96,782		87,077		45,444
Investment expense	(3,693)		(3,031)		(2,256)
Net investment income	$	93,089	$	84,046	$	43,188

The Company’s net realized and unrealized gains and losses on investments are summarized as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	1,613	$	—	$	1,534
Gross realized losses	(2,891)		(339)		(291)
	(1,278)		(339)		1,243
Equity securities:
Gross realized gains	11,061		1,845		1,248
Gross realized losses	(1,439)		(320)		(685)
Changes in fair values of equity securities	(873)		3,722		(11,685)
	8,749		5,247		(11,122)
Bank loan participations:
Gross realized gains	845		306		63
Gross realized losses	(4,069)		(3,806)		(428)
Changes in fair values of bank loan participations	(620)		9,049		(5,381)
	(3,844)		5,549		(5,746)
Short-term investments and other:
Gross realized gains	1		2		1
Gross realized losses	(2)		(18)		(96)
Changes in fair values of short-term investments and other	(1)		—		—
	(2)		(16)		(95)
Total	$	3,625	$	10,441	$	(15,720)

The change in the Company’s available-for-sale fixed maturity gross unrealized net losses was $(7.9) million, $30.4 million and $(131.4) million for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company invests selectively in private debt and equity opportunities. These investments, which together comprise the Company’s other invested assets, are primarily focused in renewable energy, limited partnerships, and bank holding companies.



	Carrying Value				Investment Income
	December 31,				Year Ended December 31,
	2024		2023		2024		2023		2022
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	7,690	$	8,382	$	1,447	$	2,375	$	3,366
Corporate & Other	—		—		293		524		435
	7,690		8,382		1,740		2,899		3,801
Renewable energy notes receivable (b)
Excess and Surplus Lines	—		608		61		108		270
Corporate & Other	—		761		77		136		337
	—		1,369		138		244		607
Limited partnerships (c)
Excess and Surplus Lines	14,644		11,914		2,393		1,566		(805)
Corporate & Other	464		664		—		—		(538)
	15,108		12,578		2,393		1,566		(1,343)
Private Debt (d)
Excess and Surplus Lines	13,902		10,805		584		340		343
Corporate & Other	—		—		—		—		—
	13,902		10,805		584		340		343
Total other invested assets
Excess and Surplus Lines	36,236		31,709		4,485		4,389		3,174
Corporate & Other	464		1,425		370		660		234
	$	36,700	$	33,134	$	4,855	$	5,049	$	3,408

(a) The Company’s Excess and Surplus Lines segment owns equity interests ranging from 3.6% to 5% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The Company’s former Non-Executive Chairman invested in certain of these LLCs. The equity method is used to account for the Company’s LLC investments. Income for the LLCs primarily reflects adjustments to the carrying values of investments in renewable energy projects to their determined fair values. The fair value adjustments are included in revenues for the LLCs. Expenses for the LLCs are not significant and are comprised of administrative and interest expenses. During the fourth quarter of 2022, the underlying projects in two of our LLCs were sold at the manager's discretion. The Company received proceeds of $20.2 million, comprised of $17.2 million in the Excess and Surplus Lines segment and $3.0 million in the Corporate and Other segment. During the year ended December 31, 2023, the Company received additional proceeds from the sales of $3.1 million in the Excess and Surplus Lines segment and $524,000 in the Corporate and Other segment. During the year ended December 31, 2024, the Company received additional proceeds from the sales of $1.7 million in the Excess and Surplus Lines segment and $293,000 in the Corporate and Other segment. The Company received cash distributions from all renewable energy investments totaling $439,000 and $3.7 million for the years ended December 31, 2024 and 2023, respectively.

(b) The Company's Excess and Surplus Lines and Corporate and Other segments have invested in two notes receivable for renewable energy projects. Interest on the notes, which mature in 2025, is fixed at 12%. During the year ended December 31, 2024, the Company received principal repayments of $608,000 and $761,000 on the notes receivable in the Company's Excess and Surplus Lines segment and Corporate and Other segment, respectively. During the year ended December 31, 2023, the Company received principal repayments of $593,000 and $742,000 on the notes receivable in the Company's Excess and Surplus Lines segment and Corporate and Other segment, respectively.

(c) The Company owns investments in limited partnerships that invest in concentrated portfolios including publicly-traded small cap equities, loans of middle market private equity sponsored companies, private equity general partnership interests, commercial mortgage-backed securities, specialty private credit, and tranches of distressed home loans. Income from the partnerships is recognized under the equity method of accounting. During the year ended December 31, 2022, the Company recognized an impairment loss of $538,000 on one limited partnership in the Corporate & Other segment. At December 31, 2024, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $4.7 million in these limited partnerships and a $20.0 million commitment to invest in a new limited partnership.

(d) The Company's Excess and Surplus Lines segment holds two notes receivable for structured private specialty credit. Interest on the notes, which mature in 2031, is fixed at 4.25% and 5.25%. At December 31, 2024, the Company's Excess and Surplus Lines segment has outstanding commitments to invest another $2.3 million in these notes. Previously, the Company's Excess and Surplus Lines segment held $4.5 million of subordinated notes issued by a bank holding company for which the former Non-Executive Chairman of the Company was previously the Lead Independent Director. The notes matured on August 12, 2023. Interest on the notes was fixed at 7.6% per annum.

At December 31, 2024 and 2023, cash and investments with a fair value of $76.6 million and $72.4 million, respectively, were on deposit with state insurance departments to satisfy regulatory requirements.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Invested assets:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2024 – $1,278,337; 2023 – $1,405,136)	$ 1,189,733	$ 1,324,476
Equity securities, at fair value (cost: 2024 – $82,678; 2023 – $114,107)	86,479	119,945
Bank loan participations, at fair value	142,410	156,169
Short-term investments	97,074	72,137
Other invested assets	36,700	33,134
Total invested assets	1,552,396	1,705,861
Cash and cash equivalents	362,345	274,298
Restricted cash equivalents	28,705	72,449
Accrued investment income	10,534	12,106
Premiums receivable and agents’ balances, net	243,882	249,490
Reinsurance recoverable on unpaid losses, net	1,996,913	1,358,474
Reinsurance recoverable on paid losses	101,210	157,991
Prepaid reinsurance premiums	296,635	293,108
Deferred policy acquisition costs	30,175	31,497
Intangible assets, net	32,450	32,813
Goodwill	181,831	181,831
Deferred tax assets, net	61,170	48,297
Income taxes receivable	22,317	224
Other assets	86,513	115,418
Assets held-for-sale (Note 2 - discontinued operations)	0	783,393
Total assets	5,007,076	5,317,250
Liabilities:
Reserve for losses and loss adjustment expenses	3,084,406	2,606,107
Unearned premiums	572,034	587,899
Payables to reinsurers	132,922	158,670
Funds held	25,157	65,235
Deferred reinsurance gain	57,970	20,733
Senior debt	200,800	222,300
Junior subordinated debt	104,055	104,055
Accrued expenses	53,178	56,722
Other liabilities	182,524	174,513
Liabilities held-for-sale (Note 2 - discontinued operations)	0	641,497
Total liabilities	4,413,046	4,637,731
Commitments and contingent liabilities
Series A redeemable preferred shares – 2024 and 2023: 165,000 shares authorized; 112,500 and 150,000 shares issued and outstanding, respectively	133,115	144,898
Shareholders’ equity:
Common Shares – 2024 and 2023: $0.0002 par value; 200,000,000 shares authorized; 45,644,318 and 37,641,563 shares issued and outstanding, respectively	9	7
Preferred Shares – 2024 and 2023: $0.00125 par value; 19,835,000 shares authorized; no shares issued and outstanding	0	0
Additional paid-in capital	933,311	876,240
Retained deficit	(402,408)	(277,905)
Accumulated other comprehensive loss	(69,997)	(63,721)
Total shareholders’ equity	460,915	534,621
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 5,007,076	$ 5,317,250

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Shares	Preferred Shares	Additional Paid-in Capital	Retained Deficit	Accumulated Other Comprehensive Income (Loss)
Balance (in shares) at Dec. 31, 2021		37,373,066
Balance at Dec. 31, 2021	$ 725,362	$ 7	$ 0	$ 862,040	$ (166,663)	$ 29,978
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	30,973				30,973
Other comprehensive (loss) income	(193,022)					(193,022)
Vesting of RSUs (in shares)		97,171
Vesting of RSUs	(1,304)			(1,304)
Compensation expense under share incentive plans	8,122			8,122
Dividends on Series A preferred shares	(8,750)				(8,750)
Dividends on common shares	(7,615)				(7,615)
Balance (in shares) at Dec. 31, 2022		37,470,237
Balance at Dec. 31, 2022	553,766	$ 7	0	868,858	(152,055)	(163,044)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(107,684)				(107,684)
Other comprehensive (loss) income	99,323					99,323
Conversion of Series A Preferred Shares to common shares (in shares)		0
Enstar common share investment (in shares)		0
Vesting of RSUs (in shares)		171,326
Vesting of RSUs	(1,734)			(1,734)
Compensation expense under share incentive plans	9,116			9,116
Dividends on Series A preferred shares	(10,500)				(10,500)
Dividends on common shares	$ (7,666)				(7,666)
Balance (in shares) at Dec. 31, 2023	37,641,563	37,641,563
Balance at Dec. 31, 2023	$ 534,621	$ 7	0	876,240	(277,905)	(63,721)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(81,120)				(81,120)
Other comprehensive (loss) income	(6,276)					(6,276)
Conversion of Series A Preferred Shares to common shares (in shares)		5,859,375
Conversion of Series A Preferred Shares to common shares (Notes 12 and 13)	37,500	$ 1		38,788	(1,289)
Extinguishment of Series A Preferred Shares - deemed dividend (Note 12)	(25,717)				(25,717)
Enstar common share investment (in shares)		1,953,125
Enstar common share investment (Note 13)	12,500	$ 1		12,499
Vesting of RSUs (in shares)		190,255
Vesting of RSUs	(847)			(847)
Compensation expense under share incentive plans	6,631			6,631
Dividends on Series A preferred shares	(10,143)				(10,143)
Dividends on common shares	$ (6,234)				(6,234)
Balance (in shares) at Dec. 31, 2024	45,644,318	45,644,318
Balance at Dec. 31, 2024	$ 460,915	$ 9	$ 0	$ 933,311	$ (402,408)	$ (69,997)

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Three levels of inputs are used to measure fair value of financial instruments: (1) Level 1: quoted price (unadjusted) in active markets for identical assets, (2) Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument, and (3) Level 3: inputs to the valuation methodology are unobservable for the asset or liability.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.

The fair values of fixed maturity securities, equity securities, and bank loan participations have been determined using fair value prices provided by the Company's investment accounting services provider or investment managers, who utilize internationally recognized independent pricing services. The prices provided by the independent pricing services are generally based on observable market data in active markets (e.g. broker quotes and prices observed for comparable securities). Values for U.S. Treasury and publicly-traded equity securities are generally based on Level 1 inputs which use the market approach valuation technique. The values for all other fixed maturity securities (including state and municipal securities and obligations of U.S. government corporations and agencies) and bank loan participations generally incorporate significant Level 2 inputs, and in some cases, Level 3 inputs, using the market approach and income approach valuation techniques. There have been no changes in the Company’s use of valuation techniques since December 31, 2022.

The Company reviews fair value prices provided by its outside investment accounting service provider or investment managers for reasonableness by comparing the fair values provided by the managers to those provided by its investment custodian. The Company also reviews and monitors changes in unrealized gains and losses. The Company has not historically adjusted security prices. The Company obtains an understanding of the methods, models and inputs used by the investment managers and independent pricing services, and controls are in place to validate that prices provided represent fair values. The Company’s control process includes, but is not limited to, initial and ongoing evaluation of the methodologies used, a review of specific securities and an assessment for proper classification within the fair value hierarchy, and obtaining and reviewing internal control reports for the investment manager that obtains fair values from independent pricing services.

Assets measured at fair value on a recurring basis as of December 31, 2024 are summarized below:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total

	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—	$	196,564	$	—	$	196,564
Residential mortgage-backed	—		326,227		—		326,227
Corporate	—		475,485		—		475,485
Commercial mortgage and asset-backed	—		170,458		—		170,458

U.S. Treasury securities and obligations guaranteed by the U.S. government	20,999		—		—		20,999

Total fixed maturity securities, available-for-sale	$	20,999	$	1,168,734	$	—	$	1,189,733
Equity securities:
Preferred stock	$	—	$	71,245	$	—	$	71,245
Common stock	12,693		2,536		5		15,234
Total equity securities	$	12,693	$	73,781	$	5	$	86,479
Bank loan participations	$	—	$	142,410	$	—	$	142,410

Short-term investments	$	—	$	97,074	$	—	$	97,074

Assets measured at fair value on a recurring basis as of December 31, 2023 are summarized below:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1			Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
			(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—		$	248,837	$	—	$	248,837
Residential mortgage-backed	—			317,928		—		317,928
Corporate	—			505,728		—		505,728
Commercial mortgage and asset-backed	—			222,853		—		222,853

U.S. Treasury securities and obligations guaranteed by the U.S. government	29,130			—		—		29,130
Total fixed maturity securities, available-for-sale	$	29,130		$	1,295,346	$	—	$	1,324,476
Equity securities:
Preferred stock	$	—		$	69,310	$	—	$	69,310
Common stock	48,370			2,254		11		50,635
Total equity securities	$	48,370		$	71,564	$	11	$	119,945
Bank loan participations	$	—		$	156,169	$	—	$	156,169
Short-term investments	$	—		$	72,137	$	—	$	72,137

A reconciliation of the beginning and ending balances of available-for-sale fixed maturity securities, equity securities, and bank loan participations measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is shown below:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Beginning balance	$	11	$	7	$	39
Transfers in to Level 3	—		—		—
Transfers out of Level 3	—		—		—
Purchases	—		—		—
Sales	—		—		(35)
Maturities, calls and paydowns	—		—		—
Amortization of discount	—		—		—
Total gains or losses (realized/unrealized):
Included in earnings	(6)		4		3
Included in other comprehensive income	—		—		—
Ending balance	$	5	$	11	$	7

The Company held one equity security at December 31, 2024 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $5,000 for the equity security was obtained from our asset manager and was derived from an internal model.

The Company held one equity security at December 31, 2023 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $11,000 for the equity security was obtained from our asset manager and was derived from an internal model.

The Company held one equity security at December 31, 2022 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $7,000 for the equity security was obtained from our asset manager and was derived from an internal model.

Transfers out of Level 3 occur when the Company is able to obtain reliable prices from pricing vendors for which the Company was previously unable to obtain reliable prices. Transfers in to Level 3 occur when the Company is unable to obtain reliable prices for securities from pricing vendors and instead must use broker price quotes.

There were no transfers between Level 1 and Level 2 during 2024, 2023 or 2022. The Company recognizes transfers between levels at the beginning of the reporting period.

In the determination of the fair value for bank loan participations and certain high yield bonds, the Company’s investment manager endeavors to obtain data from multiple external pricing sources. External pricing sources may include brokers, dealers and price data vendors that provide a composite price based on prices from multiple dealers. Such external pricing sources typically provide valuations for normal institutional size trading units of such securities using methods based on market transactions for comparable securities, and various relationships between securities, as generally recognized by institutional dealers. For investments in which the investment manager determines that only one external pricing source is appropriate or if only one external price is available, the relevant investment is generally recorded at fair value based on such price.

Investments for which external sources are not available or are determined by the investment manager not to be representative of fair value are recorded at fair value as determined by the Company, with input from its investment managers and valuation specialists as considered necessary. In determining the fair value of such investments, the Company considers one or more of the following factors: type of security held, convertibility or exchangeability of the security, redeemability of the security (including the timing of redemptions), application of industry accepted valuation models, recent trading activity, liquidity, estimates of liquidation value, purchase cost, and prices received for securities with similar terms of the same issuer or similar issuers. There were no investments for which external sources were unavailable to determine fair value as of December 31, 2024 and 2023.

The carrying values and fair values of financial instruments are summarized below:


	December 31,
	2024				2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,189,733	$	1,189,733	$	1,324,476	$	1,324,476
Equity securities	86,479		86,479		119,945		119,945

Bank loan participations	142,410		142,410		156,169		156,169
Cash and cash equivalents	362,345		362,345		274,298		274,298
Restricted cash equivalents	28,705		28,705		72,449		72,449
Short-term investments	97,074		97,074		72,137		72,137
Other invested assets – notes receivable	13,902		12,877		12,174		11,702
Liabilities
Senior debt	200,800		201,787		222,300		223,408
Junior subordinated debt	104,055		121,766		104,055		138,264

The fair values of fixed maturity securities, equity securities, and bank loan participations have been determined using quoted market prices for securities traded in the public market or prices using bid or closing prices for securities not traded in the public marketplace. The fair values of cash and cash equivalents and short-term investments approximate their carrying values due to their short-term maturity.

The fair values of other invested assets-notes receivable, senior debt, and junior subordinated debt at December 31, 2024 and 2023 were determined by calculating the present value of expected future cash flows under the terms of the note agreements or debt agreements, as applicable, discounted at an estimated market rate of interest at December 31, 2024 and 2023, respectively. The Company also utilized an internally developed valuation model based on the spread of a comparable market index to determine the fair value of certain other invested assets-notes receivable at December 31, 2024 and 2023.

The fair values of senior debt and junior subordinated debt at December 31, 2024 and 2023 were determined using inputs to the valuation methodology that are unobservable (Level 3).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Investments - Narrative (Details)	12 Months Ended
Investments - Narrative (Details)	Dec. 31, 2024 USD ($) issuer	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Number of issuers \| issuer	423
Fixed maturity securities, available-for-sale	$ 1,189,733,000	$ 1,324,476,000
Unpaid principal balance	149,400,000
Bank loan participations	142,410,000	156,169,000
Gross investment income	96,782,000	87,077,000	$ 45,444,000
Unrealized gains (losses) on bank loan participations	(620,000)	9,000,000.0	(5,400,000)
Unrealized gains (losses) related impairments	3,300,000	397,000	574,000
Investments on deposit with state insurance departments	76,600,000	72,400,000
Bank loan participations
Debt Securities, Available-for-sale [Line Items]
Gross investment income	16,992,000	11,984,000	4,256,000
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Total fair value	1,012,365,000	993,635,000
Gross unrealized losses	90,706,000	87,990,000
Fixed maturity securities, available-for-sale	1,189,733,000	1,324,476,000
Impairment loss	207,000
Available-for-sale securities, change in gross unrealized losses	$ (7,900,000)	$ (30,400,000)	$ (131,400,000)
Fixed maturity securities \| BBB- or better
Debt Securities, Available-for-sale [Line Items]
Percentage of available for sale securities	100.00%
Fixed maturity securities \| Standard & Poor's, Below BBB- Rating
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available-for-sale	$ 0

Segment Information - Reconciliation of Operating Segments by Individual Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total underwriting (loss) profit of operating segments	$ (70,582)	$ 58,424	$ 87,285
Other operating expenses of the Corporate and Other segment	(34,972)	(33,940)	(31,260)
Underwriting (loss) profit	(105,554)	24,484	56,025
Losses and loss adjustment expenses - retroactive reinsurance	(37,237)	(4,991)	(15,742)
Net investment income	93,089	84,046	43,188
Net realized and unrealized gains (losses) on investments	3,625	10,441	(15,720)
Other income	6,131	4,216	551
Other expenses	(6,145)	(3,792)	(795)
Interest expense	(24,666)	(24,627)	(13,872)
Amortization of intangible assets	(363)	(363)	(363)
Impairment of intangible assets	0	(2,500)	0
(Loss) income from continuing operations before income taxes	(71,120)	86,914	53,272
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Total underwriting (loss) profit of operating segments	(77,455)	54,347	83,051
Amortization of intangible assets	(363)	(363)	(363)
Excess and Surplus Lines \| Commercial Auto LPT \| Commercial Auto LPT
Segment Reporting Information [Line Items]
Losses and loss adjustment expenses - retroactive reinsurance	(37,237)	(4,991)	(15,742)
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total underwriting (loss) profit of operating segments	6,873	4,077	4,234
Amortization of intangible assets	$ 0	$ 0	$ 0

SCHEDULE III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	$ 30,175	$ 31,497	$ 32,837
Reserve for Losses and Loss Adjustment Expenses	3,084,406	2,606,107	2,340,963
Unearned Premiums	572,034	587,899	578,196
Net Earned Premiums	600,196	708,005	629,734
Net Investment Income	93,089	84,046	43,188
Losses and Loss Adjustment Expenses	554,374	500,157	440,642
Amortization of Policy Acquisition Costs	65,960	72,633	49,809
Other Operating Expenses	193,198	193,656	152,570
Net Written Premiums	580,854	693,901	665,446
Excess and Surplus Lines
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	31,085	30,625	36,917
Reserve for Losses and Loss Adjustment Expenses	2,226,038	1,769,788	1,585,861
Unearned Premiums	447,711	428,570	405,139
Net Earned Premiums	512,237	609,566	555,597
Net Investment Income	73,341	69,325	28,664
Losses and Loss Adjustment Expenses	485,951	425,035	382,094
Amortization of Policy Acquisition Costs	69,704	75,890	59,457
Other Operating Expenses	140,978	135,175	106,194
Net Written Premiums	508,445	589,551	589,056
Specialty Admitted
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	(910)	872	(4,080)
Reserve for Losses and Loss Adjustment Expenses	858,368	836,319	755,102
Unearned Premiums	124,323	159,329	173,057
Net Earned Premiums	87,959	98,439	74,137
Net Investment Income	16,937	13,568	5,068
Losses and Loss Adjustment Expenses	68,423	75,122	58,548
Amortization of Policy Acquisition Costs	(3,744)	(3,257)	(9,648)
Other Operating Expenses	17,248	24,541	15,116
Net Written Premiums	72,409	104,350	76,390
Corporate and Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	0	0	0
Reserve for Losses and Loss Adjustment Expenses	0	0	0
Unearned Premiums	0	0	0
Net Earned Premiums	0	0	0
Net Investment Income	2,811	1,153	9,456
Losses and Loss Adjustment Expenses	0	0	0
Amortization of Policy Acquisition Costs	0	0	0
Other Operating Expenses	34,972	33,940	31,260
Net Written Premiums	$ 0	$ 0	$ 0

Senior Debt	12 Months Ended
Senior Debt	Dec. 31, 2024
Debt Disclosure [Abstract]
Senior Debt	Senior Debt The Company has a $257.5 million senior revolving credit facility (as amended or amended and restated, the "2013 Facility”). The 2013 Facility is comprised of the following at December 31, 2024: • A $212.5 million unsecured revolving facility to meet the working capital needs of the Company. All unpaid principal on the revolver is due at maturity. Interest accrues quarterly and is payable in arrears, currently at 1-month SOFR (the Company, per the terms of the credit agreement, can elect between one, three, or six month interest periods) plus a 0.1% SOFR index adjustment and a SOFR margin (1.75% at December 31, 2024), which is subject to change according to terms in the credit agreement. At December 31, 2024 and 2023, the Company had a drawn balance of $185.8 million outstanding on the unsecured revolver. • A $45.0 million secured revolving facility to issue letters of credit for the benefit of third-party reinsureds. At December 31, 2024, the Company had $7.5 million of letters of credit issued under the secured facility, all of which are collateralized by a back-to-back letter of credit issued by Comerica Bank on behalf of JRG Re. On July 7, 2023, the Company entered into a Third Amended and Restated Credit Agreement for the 2013 Facility which, among other things, extended the maturity date of such facility until July 7, 2026 and increased the applicable interest rate and letter of credit fees. The 2013 Facility has been amended from time to time, including on April 16, 2024 when the 2013 Facility was amended in connection with the closing of the sale of JRG Re by the Company to (i) release JRG Re as a borrower and release all collateral pledged by JRG Re thereunder, and (ii) decrease the secured revolving facility commitment from $102.5 million to $45.0 million. Additionally, the Third Amended and Restated Credit Agreement provides for an accordion feature that permits the Company to request that one or more lenders (without the consent of the other lenders) or one or more financial institutions which were not previously party to the Third Amended and Restated Credit Agreement (with the consent of the administrative agent) provide it with increases in the secured or unsecured revolving credit facilities of up to an aggregate of $100.0 million, which is unchanged from the accordion feature set forth in the Second Amended and Restated Credit Agreement. The Company’s ability to request such increases in the revolving credit facility is subject to its compliance with customary conditions set forth in the Third Amended and Restated Credit Agreement. A subsidiary of the bank holding company for which the former Non-Executive Chairman of the Company was previously Lead Independent Director is one of the lenders for the 2013 Facility, with a $40.9 million commitment allocation on the total $257.5 million 2013 Facility. The 2013 Facility contains certain financial and other covenants (including minimum net worth, maximum ratio of total adjusted debt outstanding to total capitalization, and financial strength ratings) with which the Company was in compliance at December 31, 2024. On August 2, 2017, the Company and its wholly-owned subsidiary, JRG Re, together as borrowers, entered into a credit agreement (the "2017 Facility") that provided the Company with a revolving line of credit of up to $100.0 million, which was used for loans and letters of credit made or issued, at the borrowers' option, on a secured or unsecured basis. The loans and letters of credit made or issued under the revolving line of credit were used to finance the Borrowers’ general corporate purposes. Obligations under the 2017 Facility carried a variable rate of interest subject to terms in the credit agreement. The 2017 Facility was amended from time to time since its inception in 2017, including on April 16, 2024 in connection with the closing of the sale of JRG Re by the Company to (i) release JRG Re as a borrower and release all collateral pledged by JRG Re thereunder, (ii) increase the applicable interest rates, (iii) eliminate the letter of credit portion of the facility, and (iv) to build in an automatic decrease of the facility amount by the amount of each letter of credit outstanding under the 2017 Facility as of the date of the amendment with effect from the date each such letter of credit is cancelled. The 2017 Facility was terminated in November 2024. An affiliate of the lender under the 2017 Facility was an underwriter in the December 2014 initial public offering of the Company’s common shares and a joint lead book-running manager in the Company’s May 2021 public offering of the Company’s common shares. On May 26, 2004, James River Group issued $15.0 million of unsecured, floating rate senior debentures (the “Senior Debt”), due April 29, 2034 unless accelerated earlier, through an indenture. The Senior Debt is not redeemable by the holder and is not subject to sinking fund requirements. Interest accrues quarterly and is payable in arrears at a per annum rate of the three-month SOFR on the Determination Date (as defined in the indenture) plus a spread adjustment of 0.26% and a margin of 3.85%. The Senior Debt is redeemable prior to its stated maturity in whole or in part, at the option of James River Group. The terms of the indenture generally provide that so long as the Senior Debt is outstanding, neither James River Group nor any of its subsidiaries may: • assume or permit to exist any indebtedness that is secured by any encumbrance on the capital stock of James River Group or any of its subsidiaries which is senior to the Senior Debt; or • issue, sell, transfer or otherwise dispose of any shares of, securities convertible into, or warrants, rights or options to subscribe for or purchase shares of, capital stock of any subsidiary. The terms of the Senior Debt contain certain covenants, with which the Company was in compliance at December 31, 2024, and which, among other things, restrict our ability to assume senior indebtedness secured by our U.S. holding company's common stock or its subsidiaries' capital stock or to issue shares of its subsidiaries' capital stock. Interest payable is included in “accrued expenses” in the accompanying consolidated balance sheets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(3)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SCHEDULE I - Summary of Investments - Other than Investments in Related Parties (Details) $ in Thousands	Dec. 31, 2024 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amount at which shown on Balance Sheet	$ 1,544,706
Fixed maturity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	1,278,337
Fair Value	1,189,733
Amount at which shown on Balance Sheet	1,189,733
State and municipal
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	223,009
Fair Value	196,564
Amount at which shown on Balance Sheet	196,564
Residential mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	352,064
Fair Value	326,227
Amount at which shown on Balance Sheet	326,227
Corporate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	503,610
Fair Value	475,485
Amount at which shown on Balance Sheet	475,485
Commercial mortgage and asset-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	178,238
Fair Value	170,458
Amount at which shown on Balance Sheet	170,458
U.S. Treasury securities and obligations guaranteed by the U.S. government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	21,416
Fair Value	20,999
Amount at which shown on Balance Sheet	20,999
Equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	82,678
Fair Value	86,479
Amount at which shown on Balance Sheet	86,479
Preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	67,044
Fair Value	71,245
Amount at which shown on Balance Sheet	71,245
Common stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	15,634
Fair Value	15,234
Amount at which shown on Balance Sheet	15,234
Bank loan participations
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	147,321
Fair Value	142,410
Amount at which shown on Balance Sheet	142,410
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	97,074
Fair Value	97,074
Amount at which shown on Balance Sheet	97,074
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amount at which shown on Balance Sheet	$ 29,010

Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Federal income tax expense (benefit) at applicable statutory rates	$ (8,435)	$ 25,175	$ 18,041
Tax-exempt investment income	(216)	(230)	(225)
Dividends received deduction	(461)	(386)	(315)
Excess tax expense (benefits) on share based compensation	740	449	530
Provision to return and amended tax returns	126	(211)	124
Excess §162(m) compensation	399	522	210
Other	68	(14)	49
Federal income tax expense (benefit)	(7,779)	25,305	18,414
U.S. state income tax expense	145	400	0
Total income tax expense (benefit)	$ (7,634)	$ 25,705	$ 18,414

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Schedule of Rollforward of Changes in Common Shares Issued and Outstanding

The following table presents a rollforward of changes in common shares issued and outstanding.


	Year Ended December 31,
	2024	2023

Issued and outstanding common shares, beginning of year	37,641,563	37,470,237
Conversion of Series A Preferred Shares to common shares	5,859,375	—
Enstar common share investment	1,953,125	—
Vesting of RSU awards	190,255	171,326
Issued and outstanding common shares, end of year	45,644,318	37,641,563

Schedule of Cash Dividends Declared

The Board of Directors declared the following cash dividends on common shares in 2024, 2023, and 2022:


Date of Declaration	Dividend per Common Share	Payable to Shareholders of Record on	Payment Date	Total Amount (thousands)
2024
February 15, 2024	$0.05	March 11, 2024	March 29, 2024	$	1,940
April 25, 2024	$0.05	June 10, 2024	June 28, 2024	$	1,939
July 25, 2024	$0.05	September 16, 2024	September 30, 2024	$	1,938
November 9, 2024	$0.01	December 16, 2024	December 31, 2024	$	446
Total	$0.16			$	6,263
2023
February 16, 2023	$0.05	March 13, 2023	March 31, 2023	$	1,922
April 27, 2023	$0.05	June 12, 2023	June 30, 2023	$	1,921
July 27, 2023	$0.05	September 11, 2023	September 29, 2023	$	1,922
October 26, 2023	$0.05	December 11, 2023	December 29, 2023	$	1,919
Total	$0.20			$	7,684
2022
February 16, 2022	$0.05	March 14, 2022	March 31, 2022	$	1,908
April 28, 2022	$0.05	June 13, 2022	June 30, 2022	$	1,908
July 26, 2022	$0.05	September 12, 2022	September 30, 2022	$	1,908
October 25, 2022	$0.05	December 12, 2022	December 30, 2022	$	1,908
Total	$0.20			$	7,632

Reinsurance - Summary of Premiums Written, Premiums Earned, and Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Written premiums:
Direct	$ 1,429,791	$ 1,506,668	$ 1,408,524
Assumed	1,981	1,992	2,848
Ceded	(850,918)	(814,759)	(745,926)
Net written premiums	580,854	693,901	665,446
Earned premiums:
Direct	1,445,652	1,496,708	1,378,619
Assumed	1,984	2,250	3,032
Ceded	(847,440)	(790,953)	(751,917)
Net earned premiums	600,196	708,005	629,734
Losses and loss adjustment expenses:
Direct	1,343,698	1,204,532	937,393
Assumed	730	2,032	1,344
Ceded	(790,054)	(706,407)	(498,095)
Net	$ 554,374	$ 500,157	$ 440,642

Other Comprehensive (Loss) Income - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net realized investment (losses) gains	$ (1,278)	$ (339)	$ 275
Net (losses) gains in bank loan participations	(3,844)	5,549	(5,746)
Net realized and unrealized (losses) gains on investments in equity securities	$ 8,749	$ 5,247	$ (11,122)

Leases - Summary of Operating Lease Liabilities Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 3,150
2026	1,196
2027	914
2028	538
2029	158
Thereafter	0
Total lease payments	5,956
Less imputed interest	(357)
Total operating lease liabilities	$ 5,599	$ 8,000

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

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, James River UK, and JRG Holdings as well as 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 (Loss) Income and Comprehensive 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 Bermuda and U.S. holding companies, professional fees, share-based compensation for the full Company, and various other corporate expenses that were not reimbursed by our subsidiaries, including costs associated with rating agencies and strategic initiatives. 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 consist of 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, 2024
Gross written premiums	$	1,017,029	$	414,743	$	—	$	1,431,772
Net earned premiums	512,237		87,959		—		600,196
Fee income	—		4,585		—		4,585
Losses and loss adjustment expenses	485,951		68,423		—		554,374
Less: losses and loss adjustment expense - retroactive reinsurance	37,237		—		—		37,237
Losses and loss adjustment expenses excluding retroactive reinsurance	448,714		68,423		—		517,137
Other operating expenses:
Net commissions	56,186		(11,243)		—		44,943
Employee compensation	62,176		14,115		23,804		100,095
All other operating expenses	22,616		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 revenues	594,433		109,472		3,721		707,626
Net investment income	73,341		16,937		2,811		93,089
Interest expense	—		—		24,666		24,666
Segment goodwill	181,831		—		—		181,831
Segment assets	3,516,399		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 premiums	609,566		98,439		—		708,005
Fee income	—		5,301		—		5,301
Losses and loss adjustment expenses	425,035		75,122		—		500,157
Less: losses and loss adjustment expense - retroactive reinsurance	4,991		—		—		4,991
Losses and loss adjustment expenses excluding retroactive reinsurance	420,044		75,122		—		495,166
Other operating expenses:
Net commissions	61,542		(12,809)		—		48,733
Employee compensation	57,436		18,492		22,502		98,430
All other operating expenses	16,197		18,858		11,438		46,493
	135,175		24,541		33,940		193,656
Underwriting profit	54,347		4,077		(33,940)		24,484
Segment revenues	690,388		119,777		1,844		812,009
Net investment income	69,325		13,568		1,153		84,046
Interest expense	—		—		24,627		24,627
Segment goodwill	181,831		—		—		181,831
Segment assets	3,083,798		1,387,020		63,039		4,533,857


	Excess and Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)
As of and for the Year Ended December 31, 2022
Gross written premiums	$	921,164	$	490,208	$	—	$	1,411,372
Net earned premiums	555,597		74,137		—		629,734
Fee income	—		3,761		—		3,761
Losses and loss adjustment expenses	382,094		58,548		—		440,642
Less: losses and loss adjustment expense - retroactive reinsurance	15,742		—		—		15,742
Losses and loss adjustment expenses excluding retroactive reinsurance	366,352		58,548		—		424,900
Other operating expenses:
Net commissions	47,006		(18,411)		—		28,595
Employee compensation	47,898		17,823		20,857		86,578
All other operating expenses	11,290		15,704		10,403		37,397
	106,194		15,116		31,260		152,570
Underwriting profit	83,051		4,234		(31,260)		56,025
Segment revenues	570,087		81,593		9,834		661,514
Net investment income	28,664		5,068		9,456		43,188
Interest expense	—		—		13,872		13,872
Segment goodwill	181,831		—		—		181,831
Segment assets	2,627,956		1,277,988		85,332		3,991,276

The following table reconciles the underwriting (loss) profit of operating segments by individual segment to consolidated (loss) income from continuing operations before income taxes:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Underwriting (loss) profit of the operating segments:
Excess and Surplus Lines	$	(77,455)	$	54,347	$	83,051
Specialty Admitted Insurance	6,873		4,077		4,234

Total underwriting (loss) profit of operating segments	(70,582)		58,424		87,285
Other operating expenses of the Corporate and Other segment	(34,972)		(33,940)		(31,260)
Underwriting (loss) profit	(105,554)		24,484		56,025
Losses and loss adjustment expenses - retroactive reinsurance	(37,237)		(4,991)		(15,742)
Net investment income	93,089		84,046		43,188
Net realized and unrealized gains (losses) on investments	3,625		10,441		(15,720)
Other income	6,131		4,216		551
Other expenses	(6,145)		(3,792)		(795)
Interest expense	(24,666)		(24,627)		(13,872)
Amortization of intangible assets	(363)		(363)		(363)
Impairment of intangible assets	—		(2,500)		—
(Loss) income from continuing operations before income taxes	$	(71,120)	$	86,914	$	53,272

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,
	2024		2023		2022
	(in thousands)
Excess Casualty	$	325,017	$	339,870	$	310,383
General Casualty	237,632		202,861		173,574
Manufacturers and Contractors	176,494		180,074		156,645
Excess Property	53,254		64,574		52,104
Energy	46,405		51,593		42,290
Small Business	39,946		38,561		36,930
Allied Health	31,791		30,904		34,156
Commercial Auto	27,819		29,379		37,974
Life Sciences	25,642		27,595		32,277
Sports and Entertainment	22,192		17,826		13,934
Environmental	20,096		13,832		20,676
Professional Liability	9,367		9,264		8,936
Medical Professionals	870		955		1,285
Management Liability	504		63		—
Total Excess and Surplus Lines segment	1,017,029		1,007,351		921,164
Specialty Admitted Insurance segment	414,743		501,309		490,208

Total	$	1,431,772	$	1,508,660	$	1,411,372

The Company does business with three brokers that generated $345.1 million, $245.5 million and $134.1 million of gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2024, representing 24.1%, 17.1%

and 9.4% of consolidated gross written premiums and 33.9%, 24.1% and 13.2% 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, 2024. 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, 2024.

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 two agencies that generated $175.7 million and $63.7 million of gross written premiums for the Specialty Admitted Insurance segment for the year ended December 31, 2024, representing 12.3% and 4.5% of consolidated gross written premiums and 42.4% and 15.4% of the Specialty Admitted Insurance segment’s gross written premiums, respectively. 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, 2024.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Fair Value Measurements - Summary of Assets Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	$ 1,189,733	$ 1,324,476
Equity securities:
Bank loan participations	142,410	156,169
Short-term investments	97,074	72,137
Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	1,189,733	1,324,476
State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	196,564	248,837
Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	326,227	317,928
Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	475,485	505,728
Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	170,458	222,853
U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	20,999	29,130
Recurring basis
Equity securities:
Bank loan participations	142,410	156,169
Short-term investments	97,074	72,137
Recurring basis \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	1,189,733	1,324,476
Recurring basis \| State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	196,564	248,837
Recurring basis \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	326,227	317,928
Recurring basis \| Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	475,485	505,728
Recurring basis \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	170,458	222,853
Recurring basis \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	20,999	29,130
Recurring basis \| Equity securities
Equity securities:
Equity securities	86,479	119,945
Recurring basis \| Preferred stock
Equity securities:
Equity securities	71,245	69,310
Recurring basis \| Common stock
Equity securities:
Equity securities	15,234	50,635
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1
Equity securities:
Bank loan participations	0	0
Short-term investments	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	20,999	29,130
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	20,999	29,130
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Equity securities
Equity securities:
Equity securities	12,693	48,370
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Preferred stock
Equity securities:
Equity securities	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Common stock
Equity securities:
Equity securities	12,693	48,370
Recurring basis \| Significant Other Observable Inputs Level 2
Equity securities:
Bank loan participations	142,410	156,169
Short-term investments	97,074	72,137
Recurring basis \| Significant Other Observable Inputs Level 2 \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	1,168,734	1,295,346
Recurring basis \| Significant Other Observable Inputs Level 2 \| State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	196,564	248,837
Recurring basis \| Significant Other Observable Inputs Level 2 \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	326,227	317,928
Recurring basis \| Significant Other Observable Inputs Level 2 \| Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	475,485	505,728
Recurring basis \| Significant Other Observable Inputs Level 2 \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	170,458	222,853
Recurring basis \| Significant Other Observable Inputs Level 2 \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Other Observable Inputs Level 2 \| Equity securities
Equity securities:
Equity securities	73,781	71,564
Recurring basis \| Significant Other Observable Inputs Level 2 \| Preferred stock
Equity securities:
Equity securities	71,245	69,310
Recurring basis \| Significant Other Observable Inputs Level 2 \| Common stock
Equity securities:
Equity securities	2,536	2,254
Recurring basis \| Significant Unobservable Inputs Level 3
Equity securities:
Bank loan participations	0	0
Short-term investments	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Equity securities
Equity securities:
Equity securities	5	11
Recurring basis \| Significant Unobservable Inputs Level 3 \| Preferred stock
Equity securities:
Equity securities	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Common stock
Equity securities:
Equity securities	$ 5	$ 11

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 28,664	$ 28,664
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	7,825	7,462
Total intangible assets, gross	$ 40,275	40,275
Broker relationships
Acquired Intangible Assets [Line Items]
Life (Years)	24 years 7 months 6 days
Identifiable intangible assets subject to amortization
Gross Carrying Amount	$ 11,611	11,611
Accumulated Amortization	7,825	7,462
Trademarks
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	19,700	19,700
Insurance licenses and authorities
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 8,964	$ 8,964

Series A Preferred Shares (Details) $ / shares in Units, $ in Thousands						3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 23, 2024 shares	Nov. 12, 2024 USD ($)	Nov. 11, 2024 USD ($) $ / shares shares	Nov. 10, 2024	Feb. 24, 2022 USD ($) d $ / shares shares	Dec. 31, 2024 USD ($) shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)
Temporary Equity [Line Items]
Dividends on Series A preferred shares								$ 12,768	$ 10,500	$ 6,125
Carrying value						$ 133,115		133,115	$ 144,898
Conversion of shares								37,500
Deemed dividend								$ 25,717
Series A preferred shares outstanding \| shares						0		0	0
Common Shares
Temporary Equity [Line Items]
Conversion of shares								$ 1
Retained Earnings
Temporary Equity [Line Items]
Conversion of shares								(1,289)
Deemed dividend								$ 25,717
Private Placement
Temporary Equity [Line Items]
Number of shares issued during period (in shares) \| shares	1,953,125
Sale of stock, consideration received on transaction			$ 12,500
Per share price (in dollars per share) \| $ / shares			$ 6.40
Convertible Preferred Stock
Temporary Equity [Line Items]
Preferred stock, dividend rate, percentage			8.00%
Dividends on Series A preferred shares		$ 2,000	$ 299			$ 2,300
Preferred stock, convertible, conversion price (in dollars per share) \| $ / shares			$ 6.40
Percentage of then-applicable conversion price threshold			200.00%	130.00%
Carrying value			$ 144,900
Conversion of shares			$ 37,500
Preferred stock convertible voluntary percentage			130.00%	127.50%
Voting equity percentage			9.90%
Preferred stock, value			$ 133,100
Conversion of Series A Preferred Shares to common shares (in shares) \| shares			37,500
Series A preferred shares outstanding \| shares			112,500
Convertible Preferred Stock \| AM Best, Below A- Rating
Temporary Equity [Line Items]
Voting equity percentage			19.90%
Convertible Preferred Stock \| Retained Earnings
Temporary Equity [Line Items]
Deemed dividend			$ 25,700
Convertible Preferred Stock \| Private Placement
Temporary Equity [Line Items]
Number of shares issued during period (in shares) \| shares					150,000
Preferred stock, dividend rate, percentage					7.00%
Series A convertible preferred shares (in dollars per share) \| $ / shares					$ 0.00125
Sale of stock, consideration received on transaction					$ 150,000
Per share price (in dollars per share) \| $ / shares					$ 1,000
Liquidation preference (in dollars per share) \| $ / shares					$ 1,000
Preferred stock, dividend term				5 years	5 years
Preferred stock, dividend payment rate, variable spread				5.20%
Dividends on Series A preferred shares							$ 10,500
Cash dividends declared									$ 10,500	8,800
Dividends payable									$ 2,600	$ 2,600
Preferred stock, convertible, conversion price (in dollars per share) \| $ / shares					$ 26.5950
Convertible preferred stock, shares issued upon conversion \| shares					5,640,158
Preferred stock, floor conversion price (in dollars per share) \| $ / shares					$ 21.902
Convertible preferred stock, minimum term for conversion					2 years
Percentage of then-applicable conversion price threshold					130.00%
Number of trading days \| d					20
Preferred stock, discount rate, percentage					3.50%
Number of trading days immediately preceding Mandatory Conversion \| d					5
Issuance costs					$ 5,100
Carrying value					$ 144,900
Convertible Preferred Stock \| Private Placement \| Common Shares
Temporary Equity [Line Items]
Common stock, covenant, threshold, cash paid (in dollars per share) \| $ / shares					$ 0.05
Cash dividend declared (in dollars per share) \| $ / shares					$ 0.10

Investments - Summary of Realized Gains and Losses on Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments [Abstract]
Fixed maturity securities, gross realized gains	$ 1,613	$ 0	$ 1,534
Fixed maturity securities, gross realized losses	(2,891)	(339)	(291)
Fixed maturity securities	(1,278)	(339)	1,243
Equity securities, gross realized gains	11,061	1,845	1,248
Equity securities, gross realized losses	(1,439)	(320)	(685)
Changes in fair values of equity securities	(873)	3,722	(11,685)
Equity securities	8,749	5,247	(11,122)
Bank loan participations, gross realized gain	845	306	63
Bank loan participations, gross realized losses	(4,069)	(3,806)	(428)
Changes in fair values of bank loan participations	(620)	9,049	(5,381)
Bank loan participations	(3,844)	5,549	(5,746)
Short-term investments and other, gross realized gains	1	2	1
Short-term investments and other, gross realized losses	(2)	(18)	(96)
Changes in fair values of short-term investments and other	(1)	0	0
Short-term investments and other	(2)	(16)	(95)
Total	$ 3,625	$ 10,441	$ (15,720)

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, JRG Re's Assets and Liabilities and Operating Results

JRG Re's assets and liabilities held for sale at December 31, 2023 were comprised of the following:


	December 31,
	2023
	(in thousands)
Assets
Invested assets:
Fixed maturity securities, at fair value	$	532,242
Equity securities, at fair value	2,779


Total invested assets	535,021
Cash and cash equivalents	13,202
Accrued investment income	3,589
Premiums receivable and agents’ balances, net	68,441
Reinsurance recoverable on unpaid and paid losses, net	234,615

Deferred policy acquisition costs	4,986
Write down of JRG Re to fair value less cost to sell	(80,400)
Other assets	3,939
Assets held for sale	$	783,393

Liabilities
Reserve for losses and loss adjustment expenses	$	441,666
Unearned premiums	17,223
Funds held	137,796
Deferred reinsurance gain	33,167
Accrued expenses	1,955
Other liabilities	9,690
Liabilities held for sale	$	641,497

The operating results of JRG Re reported in discontinued operations were as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Revenues:
Gross written premiums	$	1,137	$	17,357	$	85,208
Ceded written premiums	877		2,178		(2,175)
Net written premiums	2,014		19,535		83,033
Change in net unearned premiums	8,371		75,874		53,394
Net earned premiums	10,385		95,409		136,427
Net investment income	4,432		23,038		27,923
Net realized and unrealized (losses) gains on investments	(9,472)		(53,693)		(12,598)
Other income	—		—		430
Total revenues	5,345		64,754		152,182
Expenses:
Losses and loss adjustment expenses	13,157		120,294		104,172
Other operating expenses	5,039		27,983		42,987
Other expenses	—		1,402		5,202
Interest expense	732		3,568		3,706
Total expenses	18,928		153,247		156,067
Loss from discontinued operations	(13,583)		(88,493)		(3,885)
Loss on disposal of discontinued operations	(4,051)		(80,400)		—
Total loss from discontinued operations	(17,634)		(168,893)		(3,885)

Cash flows from discontinued operations included in the consolidated statements of cash flows were as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)

Net cash used in operating activities of discontinued operations	$	(25,115)	$	(115,907)	$	(25,122)
Net cash provided by investing activities of discontinued operations	63,104		115,145		8,497
Net cash provided by (used in) discontinued operations	$	37,989	$	(762)	$	(16,625)
Interest paid by discontinued operations	$	1,388	$	3,951	$	2,578

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
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-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

SCHEDULE V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 18,576	$ 16,828	$ 17,287
Additions Amounts Charged to Expense	7,460	2,906	1,024
Deductions Amounts Written Off or Disposals	(2,494)	(1,158)	(1,483)
Balance at End of Period	23,542	18,576	16,828
Allowance for Credit Losses on Premiums Receivable and Agents' Balances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	17,916	16,248	16,680
Additions Amounts Charged to Expense	6,905	2,826	1,051
Deductions Amounts Written Off or Disposals	(2,494)	(1,158)	(1,483)
Balance at End of Period	22,327	17,916	16,248
Allowance for Credit Losses on Reinsurance Balances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	660	580	607
Additions Amounts Charged to Expense	555	80	(27)
Deductions Amounts Written Off or Disposals	0	0	0
Balance at End of Period	$ 1,215	$ 660	$ 580

Discontinued Operations - Cash Flows (Details) - Discontinued Operations, Disposed of by Sale - Jrg Re - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Discontinued Operations
Net cash used in operating activities of discontinued operations	$ (25,115)	$ (115,907)	$ (25,122)
Net cash provided by investing activities of discontinued operations	63,104	115,145	8,497
Net cash provided by (used in) discontinued operations	37,989	(762)	(16,625)
Interest paid by discontinued operations	$ 1,388	$ 3,951	$ 2,578

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Summary of Company's Segment Results

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, 2024
Gross written premiums	$	1,017,029	$	414,743	$	—	$	1,431,772
Net earned premiums	512,237		87,959		—		600,196
Fee income	—		4,585		—		4,585
Losses and loss adjustment expenses	485,951		68,423		—		554,374
Less: losses and loss adjustment expense - retroactive reinsurance	37,237		—		—		37,237
Losses and loss adjustment expenses excluding retroactive reinsurance	448,714		68,423		—		517,137
Other operating expenses:
Net commissions	56,186		(11,243)		—		44,943
Employee compensation	62,176		14,115		23,804		100,095
All other operating expenses	22,616		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 revenues	594,433		109,472		3,721		707,626
Net investment income	73,341		16,937		2,811		93,089
Interest expense	—		—		24,666		24,666
Segment goodwill	181,831		—		—		181,831
Segment assets	3,516,399		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 premiums	609,566		98,439		—		708,005
Fee income	—		5,301		—		5,301
Losses and loss adjustment expenses	425,035		75,122		—		500,157
Less: losses and loss adjustment expense - retroactive reinsurance	4,991		—		—		4,991
Losses and loss adjustment expenses excluding retroactive reinsurance	420,044		75,122		—		495,166
Other operating expenses:
Net commissions	61,542		(12,809)		—		48,733
Employee compensation	57,436		18,492		22,502		98,430
All other operating expenses	16,197		18,858		11,438		46,493
	135,175		24,541		33,940		193,656
Underwriting profit	54,347		4,077		(33,940)		24,484
Segment revenues	690,388		119,777		1,844		812,009
Net investment income	69,325		13,568		1,153		84,046
Interest expense	—		—		24,627		24,627
Segment goodwill	181,831		—		—		181,831
Segment assets	3,083,798		1,387,020		63,039		4,533,857


	Excess and Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)
As of and for the Year Ended December 31, 2022
Gross written premiums	$	921,164	$	490,208	$	—	$	1,411,372
Net earned premiums	555,597		74,137		—		629,734
Fee income	—		3,761		—		3,761
Losses and loss adjustment expenses	382,094		58,548		—		440,642
Less: losses and loss adjustment expense - retroactive reinsurance	15,742		—		—		15,742
Losses and loss adjustment expenses excluding retroactive reinsurance	366,352		58,548		—		424,900
Other operating expenses:
Net commissions	47,006		(18,411)		—		28,595
Employee compensation	47,898		17,823		20,857		86,578
All other operating expenses	11,290		15,704		10,403		37,397
	106,194		15,116		31,260		152,570
Underwriting profit	83,051		4,234		(31,260)		56,025
Segment revenues	570,087		81,593		9,834		661,514
Net investment income	28,664		5,068		9,456		43,188
Interest expense	—		—		13,872		13,872
Segment goodwill	181,831		—		—		181,831
Segment assets	2,627,956		1,277,988		85,332		3,991,276

Schedule of Underwriting Profit (Loss) of Operating Segments by Individual Segment and Reconciliation to Consolidated Income (Loss) from Continuing Operations Before Taxes

The following table reconciles the underwriting (loss) profit of operating segments by individual segment to consolidated (loss) income from continuing operations before income taxes:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Underwriting (loss) profit of the operating segments:
Excess and Surplus Lines	$	(77,455)	$	54,347	$	83,051
Specialty Admitted Insurance	6,873		4,077		4,234

Total underwriting (loss) profit of operating segments	(70,582)		58,424		87,285
Other operating expenses of the Corporate and Other segment	(34,972)		(33,940)		(31,260)
Underwriting (loss) profit	(105,554)		24,484		56,025
Losses and loss adjustment expenses - retroactive reinsurance	(37,237)		(4,991)		(15,742)
Net investment income	93,089		84,046		43,188
Net realized and unrealized gains (losses) on investments	3,625		10,441		(15,720)
Other income	6,131		4,216		551
Other expenses	(6,145)		(3,792)		(795)
Interest expense	(24,666)		(24,627)		(13,872)
Amortization of intangible assets	(363)		(363)		(363)
Impairment of intangible assets	—		(2,500)		—
(Loss) income from continuing operations before income taxes	$	(71,120)	$	86,914	$	53,272

Schedule of Gross Written Premiums by Segment and Underwriting Division

Gross written premiums by segment and underwriting division are presented below:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Excess Casualty	$	325,017	$	339,870	$	310,383
General Casualty	237,632		202,861		173,574
Manufacturers and Contractors	176,494		180,074		156,645
Excess Property	53,254		64,574		52,104
Energy	46,405		51,593		42,290
Small Business	39,946		38,561		36,930
Allied Health	31,791		30,904		34,156
Commercial Auto	27,819		29,379		37,974
Life Sciences	25,642		27,595		32,277
Sports and Entertainment	22,192		17,826		13,934
Environmental	20,096		13,832		20,676
Professional Liability	9,367		9,264		8,936
Medical Professionals	870		955		1,285
Management Liability	504		63		—
Total Excess and Surplus Lines segment	1,017,029		1,007,351		921,164
Specialty Admitted Insurance segment	414,743		501,309		490,208

Total	$	1,431,772	$	1,508,660	$	1,411,372

Equity Awards - Summary of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share based compensation expense	$ 6,631	$ 9,116	$ 8,122
U.S. tax benefit on share based compensation expense	$ 1,214	$ 1,690	$ 1,526

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2024

Reinsurance Disclosures [Abstract]

Schedule of Premiums Written, Premiums Earned, and Losses and Loss Adjustment Expenses

Premiums written, premiums earned, and losses and loss adjustment expenses incurred are summarized as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Written premiums:
Direct	$	1,429,791	$	1,506,668	$	1,408,524
Assumed	1,981		1,992		2,848
Ceded	(850,918)		(814,759)		(745,926)
Net	$	580,854	$	693,901	$	665,446
Earned premiums:
Direct	$	1,445,652	$	1,496,708	$	1,378,619
Assumed	1,984		2,250		3,032
Ceded	(847,440)		(790,953)		(751,917)
Net	$	600,196	$	708,005	$	629,734
Losses and loss adjustment expenses:
Direct	$	1,343,698	$	1,204,532	$	937,393
Assumed	730		2,032		1,344
Ceded	(790,054)		(706,407)		(498,095)
Net	$	554,374	$	500,157	$	440,642

Other Operating Expenses and Other Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Operating Expenses

Other operating expenses consist of the following:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Amortization of policy acquisition costs	$	65,960	$	72,633	$	49,809
Other underwriting expenses of the insurance segments	92,266		87,083		71,501
Other operating expenses of the Corporate and Other segment	34,972		33,940		31,260
Total	$	193,198	$	193,656	$	152,570

Other Operating Expenses and Other Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Amortization of policy acquisition costs	$ 65,960	$ 72,633	$ 49,809
Other underwriting expenses of the insurance segments	92,266	87,083	71,501
Other operating expenses of the Corporate and Other segment	34,972	33,940	31,260
Total	193,198	193,656	152,570
Other expenses	$ 6,145	$ 3,792	$ 795

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References + Details

Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Accounting Policies

Organization

James River Group Holdings, Ltd. (referred to as “JRG Holdings” or, with its subsidiaries, the “Company”) is an exempted holding company registered in Bermuda, organized for the purpose of acquiring and managing insurance entities.

The Company owns five insurance companies based in the United States (“U.S.”) focused on specialty insurance niches as described below:

• James River Group Holdings UK Limited (“James River UK”) is an insurance holding company formed in 2015 in the United Kingdom (“U.K.”). The Company contributed James River Group, Inc. (“James River Group”), a U.S. insurance holding company, to James River UK in 2015.

• James River Group is a Delaware domiciled insurance holding company formed in 2002, which owns all of the Company’s U.S.-based subsidiaries, either directly or indirectly through one of its wholly-owned U.S. subsidiaries. James River Group oversees the Company’s U.S. insurance operations and maintains all of the outstanding debt in the U.S.

• James River Insurance Company (“James River Insurance”) is an Ohio domiciled excess and surplus lines insurance company that, with its wholly-owned insurance subsidiary, James River Casualty Company, is authorized to write business in every state and the District of Columbia.

• Falls Lake National Insurance Company (“Falls Lake National”) is an Ohio domiciled insurance company which wholly owns Stonewood Insurance Company (“Stonewood Insurance”), an Ohio domiciled company, and Falls Lake Fire and Casualty Company, a California domiciled company. Falls Lake National primarily writes specialty admitted fronting and program business and individual risk workers' compensation insurance.

The Company previously owned JRG Reinsurance Company Ltd. (“JRG Re”), a Bermuda domiciled reinsurer, which comprised the former Casualty Reinsurance segment, and which, prior to the suspension of its underwriting activities in 2023, primarily provided non-catastrophe casualty reinsurance to U.S. third parties. On November 8, 2023, the Company entered into an agreement to sell JRG Re. The sale closed on April 16, 2024 and resulted in the Company’s disposition of its casualty reinsurance business and related assets. See Held-for-Sale and Discontinued Operations below and Note 2 for additional disclosure.

Basis of Presentation and Principles of Consolidation

The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which vary in some respects from statutory accounting practices (“SAP”) which are prescribed or permitted by the various state insurance departments in the U.S. or by insurance regulators in Bermuda. The accompanying consolidated financial statements include the accounts and operations of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated.

Held-for-Sale and Discontinued Operations

The results of operations of a component of the Company are reported in discontinued operations when certain criteria are met as of the date of disposal, or earlier if classified as held-for-sale. The Company has determined that the definitive agreement to sell JRG Re met the criteria for JRG Re to be classified as held for sale and that the sale represented a strategic shift that will have a major effect on the Company's operations. Accordingly, the results of JRG Re's operations have been presented as discontinued operations, and the assets and liabilities of JRG Re have been classified as held-for-sale and segregated for all periods presented in this Annual Report on Form 10-K. See Note 2 for additional disclosure.

Estimates and Assumptions

Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.

Fixed Maturity and Equity Securities

Fixed maturity securities classified as “available-for-sale” are carried at fair value, and unrealized gains and losses on such securities, net of any deferred taxes, are reported as a separate component of accumulated other comprehensive income. The Company does not have any securities classified as “held-to-maturity” or “trading”.

Fair value generally represents quoted market value prices for securities traded in the public marketplace or prices analytically determined using bid or closing prices for securities not traded in the public marketplace.

Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the constant yield method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the retrospective method.

Realized investment gains or losses are determined on a specific identification basis. Interest income is recognized as earned, and dividend income is recognized on the ex-dividend date.

The Company reviews its available-for-sale fixed maturities to determine whether any unrealized losses are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net realized and unrealized gains (losses) on investments. Unrealized losses that are not credit-related are recognized in other comprehensive income.

Bank Loan Participations

Bank loan participations are managed by a specialized outside investment manager. The Company has elected the fair value option to account for bank loan participations. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our Consolidated Statements of (Loss) Income and Comprehensive Loss as net realized and unrealized gains (losses) on investments.

Losses due to credit-related impairments on bank loan participations are determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors.

Interest income is accrued on the unpaid principal balance. Discounts and premiums are amortized to income using the interest method.

Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2024 or 2023.

Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt.

Other Invested Assets

Other invested assets at December 31, 2024 and 2023 include the Company’s interests in private debt and equity investments. The investments are primarily focused in renewable energy, limited partnerships, and bank holding companies. Equity interests in various limited liability companies (“LLCs”) and limited partnerships are accounted for under the equity method, as the Company has determined that the equity method best reflects its economic interest in the underlying equity investment.

Short-Term Investments

Short-term investments are carried at amortized cost, which approximates fair value. Short-term investments have maturities greater than three months but less than one year at the date of purchase.

Cash Equivalents

The Company considers highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.

Restricted Cash Equivalents

The Company considers highly liquid investments with maturities of three months or less at the date of purchase that are segregated for a specific use to be restricted cash equivalents. Certain restricted cash equivalents invested in funds with floating net asset values are measured at fair value with changes in fair value recognized in net income.

Direct Written Premiums

Direct written premiums are earned on a pro rata basis over the terms of the policies, generally 12 months. The portion of premiums written applicable to the unexpired terms of the policies in force is recorded as unearned premiums. Policies are accounted for on an individual basis, with no aggregation by counterparty.

Premiums Receivable and Agents’ Balances, Net

Premiums receivable and agents’ balances are carried at face value net of any allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses based on the Company’s assessment of the collectability of receivables that are past due, historical collection percentages, and consideration of current economic conditions and expectations of future conditions that could affect ultimate collections. Receivables greater than 90 days past due were $16.4 million and $11.5 million at December 31, 2024 and 2023, respectively. The allowance for credit losses was $22.3 million and $17.9 million at December 31, 2024 and 2023, respectively. Credit loss expense was $6.9 million for the year ended December 31, 2024, $2.8 million for the year ended December 31, 2023, and $1.1 million for the year ended December 31, 2022. Receivables written off against the allowance for credit losses totaled $2.5 million for the year ended December 31, 2024, $1.2 million for the year ended December 31, 2023, and $1.5 million for the year ended December 31, 2022. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

Deferred Policy Acquisition Costs

Costs which are incrementally or directly related to the successful acquisition of new or renewal insurance business are deferred. These deferred costs are primarily commissions to agents, premium taxes, and the portion of underwriting fixed compensation and payroll related fringe benefits directly related to an insurance contract that has been acquired, net of ceding commissions related to reinsurance ceded. Amortization of such policy acquisition costs is charged to expense in proportion to premium earned over the estimated policy life. To the extent that unearned premiums on existing policies are not adequate to cover projected related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company considers anticipated investment income in determining whether a premium deficiency exists.

Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts

Certain premiums and losses are ceded to other insurance companies under various excess of loss and quota-share reinsurance contracts. The Company enters into ceded reinsurance contracts to limit its exposure to large losses, to limit exposure on new lines of insurance written by the Company, and to provide additional capacity for growth.

Premiums, commissions, and losses and loss adjustment expenses on reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and the terms of the reinsurance contracts. Reinsurance recoverables and prepaid reinsurance premiums are reported as assets. The Company uses a provision matrix to calculate the allowance for credit losses on reinsurance recoverables by applying impairment rates based on historical loss data to similarly rated reinsurance companies based on the expected duration of the receivables. The Company also considers the expected impact of current and future expected economic conditions and adjusts estimates if needed based on an evaluation of these factors. The allowance for credit losses on reinsurance recoverables at December 31, 2024 and 2023 was $1.2 million and $660,000, respectively. Other amounts payable to reinsurers or receivable from reinsurers are netted where the right of offset exists. The Company receives ceding commissions in connection with certain ceded reinsurance. The ceding commissions are recorded as a reduction of other operating expenses.

Certain reinsurance contracts include provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses are recorded based upon the projected loss experience under the contracts.

The Company’s Specialty Admitted Insurance segment writes insurance under specialty admitted fronting and program arrangements. The fronting and program arrangements may contain contractual provisions that adjust acquisition expenses based upon loss experience under the contracts. The specialty admitted fronting and program arrangements are significantly reinsured. These reinsurance contracts may also contain provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses, are recorded based upon the projected loss experience under the contracts.

Other Income

Other income is principally comprised of fee income in the Specialty Admitted Insurance segment earned on policies for which the segment has no exposure to underwriting risk and broker incentive income in the Excess and Surplus Lines segment. Fee income of $4.6 million, $5.3 million, and $3.8 million is included in other income for the years ended December 31, 2024, 2023, and 2022, respectively. Fees are earned on a pro rata basis over the service period of the underlying business. Policies are accounted for on an individual basis, with no aggregation by counterparty. Broker incentive income in the Excess and Surplus Lines segment was $5.4 million, $1.3 million, and $471,000 for the years ended December 31, 2024, 2023, and 2022, respectively.

Income Taxes

Deferred tax assets and deferred tax liabilities are provided for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective U.S. tax basis. Deferred tax assets and liabilities are measured using enacted U.S. corporate tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance only when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. The Company determined that no valuation allowance was necessary at December 31, 2024 or 2023.

Goodwill

Goodwill is tested annually for impairment in the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the carrying amount of the Company’s reporting units, including goodwill, may exceed their fair values. The Company first assesses qualitative factors in determining whether it is necessary to perform the quantitative goodwill impairment test. If management determines that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on qualitative factors then they will perform the quantitative goodwill impairment test. For the quantitative goodwill impairment testing, the fair value of the reporting units is determined using a combination of a market approach and an income approach which projects the future cash flows produced by the reporting units and discounts those cash flows to their present value. The projection of future cash flows is necessarily dependent upon assumptions on the future levels of income as well as business trends, prospects, market, and economic conditions. The results of the two approaches are weighted to determine the fair value of each reporting unit. When the fair value is less than the carrying value of the net assets of the reporting unit, including goodwill, an impairment loss is charged to operations. To determine the amount of any goodwill impairment, the implied fair value of reporting unit goodwill is compared to the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. That is, the fair value of a reporting unit is assigned to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill.

Intangible Assets, Net

Intangible assets are initially recognized and measured at fair value. Specifically identified intangible assets with indefinite lives include trademarks and state insurance licenses and authorities. Other specifically identified intangible assets with lives ranging from 7.0 to 27.5 years represent relationships with brokers. These intangible assets are amortized on a straight-line basis over their estimated useful lives.

Intangible assets with indefinite useful lives are reviewed for impairment at least annually. In evaluating whether there has been impairment to the intangible asset, management determines the fair value of the intangible asset and compares the resulting fair value to the carrying value of the intangible asset. If the carrying value exceeds the fair value, the intangible asset

is written down to fair value, and the impairment is reported through earnings. The Company evaluates intangible assets with definite lives for impairment when impairment indicators are noted.

Impairment of Long-Lived Assets

Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. In the fourth quarter of 2024, the Company determined that the decrease in the share price of the Company’s common stock during the quarter was an indication of impairment, and accordingly, the Company performed impairment testing on its goodwill and other intangible assets using a December 31, 2024 valuation date. As a result of this testing, the Company concluded that no impairment of the intangible assets had occurred. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. That assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value.

Property and Equipment, Net

Property and equipment, which is included in “other assets” in the accompanying consolidated balance sheets, is reported at cost less accumulated depreciation and is depreciated principally on a straight-line basis over the estimated useful lives of the depreciable assets, generally three years to ten years.

Reserve for Losses and Loss Adjustment Expenses

The reserve for losses and loss adjustment expenses represents the estimated ultimate cost of all reported and unreported losses and loss adjustment expenses incurred and unpaid at the balance sheet date. The Company does not discount this reserve. The process of estimating the reserve for losses and loss adjustment expenses requires a high degree of judgment and is subject to a number of variables. The reserve for losses and loss adjustment expenses is estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in loss severity and frequency.

The Company utilizes various actuarially-accepted reserving methodologies in determining expected outcomes for its reserves. These methodologies utilize various inputs, including management’s initial expected loss ratio (the ratio of losses and loss adjustment expenses incurred to net earned premiums), expected reporting patterns and payment patterns for losses and loss adjustment expenses (based on insurance industry data and the Company’s own experience), and the Company’s actual paid and reported losses and loss adjustment expenses. An internal actuary reviews these results and (after applying appropriate professional judgment and other actuarial techniques that are considered necessary) presents recommendations to the Company’s management. Management uses this information and its judgment to make decisions on the final recorded reserve for losses and loss adjustment expenses. Management believes that the use of judgment is necessary to arrive at a best estimate for the reserve for losses and loss adjustment expenses given the long-tailed nature of the business generally written by the Company and the limited operating experience of the fronting and program business in the Specialty Admitted Insurance segment. Judgment is also required to make actuarial adjustments, if needed, for changes in claims processing and case reserving that could cause current reported loss and paid loss development patterns to deviate from historical patterns. The Company believes that the insurance that it writes is subject to above-average variation in reserve estimates. The Excess and Surplus Lines market is subject to high policyholder turnover and changes in underlying mix of exposures. This turnover and change in underlying mix of exposures can cause actuarial estimates based on prior experience to be less reliable than estimates for more stable, admitted books of business.

Catastrophes of significant magnitude, including hurricanes, earthquakes, and wildfires, involve complex coverage issues. In estimating the reserve for losses and loss adjustment expenses for these catastrophes, management uses case reserve estimates based on information obtained from site inspections by the Company’s adjustors and the terms of coverage provided in the policies. Management estimates reserves for incurred but not reported claims for these catastrophes using judgment based on an assessment of the Company’s property insurance exposures where the catastrophes occur and the Company’s progress in settling claims.

Although management believes that the reserve for losses and loss adjustment expenses is reasonable, it is possible that the Company’s actual incurred losses and loss adjustment expenses will not develop in a manner consistent with the assumptions inherent in the determination of these reserves. Specifically, the Company’s actual ultimate loss ratio could differ from management’s initial expected loss ratio and/or the Company’s actual reporting patterns for losses could differ from the

expected reporting patterns. Accordingly, the ultimate settlement of losses and the related loss adjustment expenses may vary significantly from the estimates included in the Company’s consolidated financial statements. These estimates are reviewed continually by management and are adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations.

Retroactive Reinsurance Accounting

Loss portfolio transfers and adverse development covers are forms of reinsurance utilized by the Company to transfer losses and loss adjustment expenses and associated risk of adverse development on covered subject business, as defined in the respective agreements, to an assuming reinsurer in exchange for a reinsurance premium. The Company periodically reevaluates the remaining reserves subject to loss portfolio transfers and adverse development covers, and when recognized adverse prior year development on the subject business causes the cumulative amounts ceded under the agreements to exceed the consideration paid, the agreements move into a gain position subject to retroactive reinsurance accounting under GAAP. Gains are deferred under retroactive reinsurance accounting and recognized in earnings in proportion to actual paid recoveries under the agreements using the recovery method.

Share Based Compensation

The Company expenses the fair value of share equity awards over the vesting period of the award on a straight-line basis. Compensation cost for performance restricted share units (“PRSU”) is based upon the probable outcome of performance conditions. The Black-Scholes-Merton option pricing model is used to value the options granted (see Note 14). Forfeitures of share-based awards are recognized as they occur. As the share based compensation expense is incurred, a corresponding increase to additional paid-in capital in shareholders’ equity is recognized. Share based compensation expense is reflected in “other operating expenses” in the accompanying consolidated statements of (loss) income and comprehensive loss.

Variable Interest Entities

Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”). A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis.

The Company holds interests in VIEs through certain equity method investments included in “other invested assets” in the accompanying consolidated balance sheets. The Company has determined that it should not consolidate any of the VIEs as it is not the primary beneficiary in any of the relationships. Although the investments resulted in the Company holding variable interests in the entities, they did not empower the Company to direct the activities that most significantly impact the economic performance of the entities. The Company’s investments related to these VIEs totaled $7.7 million and $8.4 million as of December 31, 2024 and 2023, respectively, representing the Company’s maximum exposure to loss.

Earnings (Loss) Per Share

Basic earnings (loss) per share excludes dilution and is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the dilution that could occur if securities or other contracts to issue common shares were exercised or vested using the treasury stock method or converted into common shares under the if-converted method. When inclusion of potential common shares increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive, and the diluted net earnings or net loss per share is computed excluding these potential common shares.

The following represents a reconciliation of the numerator and denominator of the basic and diluted (loss) earnings per common share computations contained in the consolidated financial statements.


	Year Ended December 31,
	2024		2023		2022
	(in thousands, except share and per share amounts)
Net (loss) income from continuing operations	$	(63,486)	$	61,209	$	34,858
Less: Dividends on Series A preferred shares	(37,149)		(10,500)		(8,750)
(Loss) income from continuing operations available to common shareholders	$	(100,635)	$	50,709	$	26,108
Loss from discontinued operations	(17,634)		(168,893)		(3,885)
Net (loss) income available to common shareholders	$	(118,269)	$	(118,184)	$	22,223

Weighted average common shares outstanding:
Basic	38,685,003		37,618,660		37,442,856
Dilutive potential common shares	—		191,780		208,113
Diluted	38,685,003		37,810,440		37,650,969

Net (loss) income per common share:
Basic
Continuing operations	$	(2.60)	$	1.35	$	0.70
Discontinued operations	$	(0.46)	$	(4.49)	$	(0.11)
	$	(3.06)	$	(3.14)	$	0.59
Diluted
Continuing operations	$	(2.60)	$	1.34	$	0.69
Discontinued operations	$	(0.46)	$	(4.47)	$	(0.10)
	$	(3.06)	$	(3.13)	$	0.59

For the years ended December 31, 2024, 2023, and 2022, potential common shares of 7,886,906, 5,722,915, and 4,728,461, respectively, were excluded from the calculation of diluted (loss) earnings per common share as their effects were anti-dilutive.

Adopted Accounting Standards

The guidance in ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures was designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the new standard effective with this Form 10-K by providing additional segment disclosures in Note 20. The new standard did not have a material impact on the Company's financial statements.

No accounting standards were adopted during the year ended December 31, 2024 that had a material impact on our financial statements.

Prospective Accounting Standards

The guidance in ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures was designed to increase transparency about income tax information through improvements to the rate reconciliation and disclosure of income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. Although the Company continues to evaluate the impact of adopting this new accounting standard, the amendments are disclosure-related and are not expected to have a material impact on the Company's financial statements.

The guidance in ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses requires additional, disaggregated disclosure around certain income statement expense line items. This ASU is effective for fiscal years beginning after December 15, 2026

and interim periods beginning after December 15, 2027, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on the disclosures in its financial statements.

There are no other prospective accounting standards which are expected to have a material impact on our financial statements subsequent to December 31, 2024.

SCHEDULE IV - Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 1,429,791	$ 1,506,668	$ 1,408,524
Ceded to Other Companies	850,918	814,759	745,926
Assumed from Other Companies	1,981	1,992	2,848
Net written premiums	$ 580,854	$ 693,901	$ 665,446
Percentage of Amount Assumed to Net	0.30%	0.30%	0.40%
Excess and Surplus Lines Written Premiums
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 1,017,029	$ 1,007,351	$ 921,164
Ceded to Other Companies	508,584	417,800	332,108
Assumed from Other Companies	0	0	0
Net written premiums	$ 508,445	$ 589,551	$ 589,056
Percentage of Amount Assumed to Net	0.00%	0.00%	0.00%
Specialty Admitted Written Premiums
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 412,762	$ 499,317	$ 487,360
Ceded to Other Companies	342,334	396,959	413,818
Assumed from Other Companies	1,981	1,992	2,848
Net written premiums	$ 72,409	$ 104,350	$ 76,390
Percentage of Amount Assumed to Net	2.70%	1.90%	3.70%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 17
-Paragraph Column F
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 17
-Paragraph Column E
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 17
-Paragraph Column D
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 17
-Paragraph Column C
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 17
-Paragraph Column B
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 17
-Paragraph Column A
-Publisher SEC

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 17
-Publisher SEC

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

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-Topic 944
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column F))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis as of December 31, 2024 are summarized below:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total

	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—	$	196,564	$	—	$	196,564
Residential mortgage-backed	—		326,227		—		326,227
Corporate	—		475,485		—		475,485
Commercial mortgage and asset-backed	—		170,458		—		170,458

U.S. Treasury securities and obligations guaranteed by the U.S. government	20,999		—		—		20,999

Total fixed maturity securities, available-for-sale	$	20,999	$	1,168,734	$	—	$	1,189,733
Equity securities:
Preferred stock	$	—	$	71,245	$	—	$	71,245
Common stock	12,693		2,536		5		15,234
Total equity securities	$	12,693	$	73,781	$	5	$	86,479
Bank loan participations	$	—	$	142,410	$	—	$	142,410

Short-term investments	$	—	$	97,074	$	—	$	97,074

Assets measured at fair value on a recurring basis as of December 31, 2023 are summarized below:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1			Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
			(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—		$	248,837	$	—	$	248,837
Residential mortgage-backed	—			317,928		—		317,928
Corporate	—			505,728		—		505,728
Commercial mortgage and asset-backed	—			222,853		—		222,853

U.S. Treasury securities and obligations guaranteed by the U.S. government	29,130			—		—		29,130
Total fixed maturity securities, available-for-sale	$	29,130		$	1,295,346	$	—	$	1,324,476
Equity securities:
Preferred stock	$	—		$	69,310	$	—	$	69,310
Common stock	48,370			2,254		11		50,635
Total equity securities	$	48,370		$	71,564	$	11	$	119,945
Bank loan participations	$	—		$	156,169	$	—	$	156,169
Short-term investments	$	—		$	72,137	$	—	$	72,137

Schedule of Reconciliation of Securities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Beginning balance	$	11	$	7	$	39
Transfers in to Level 3	—		—		—
Transfers out of Level 3	—		—		—
Purchases	—		—		—
Sales	—		—		(35)
Maturities, calls and paydowns	—		—		—
Amortization of discount	—		—		—
Total gains or losses (realized/unrealized):
Included in earnings	(6)		4		3
Included in other comprehensive income	—		—		—
Ending balance	$	5	$	11	$	7

Schedule of Carrying Value and Fair Value

The carrying values and fair values of financial instruments are summarized below:


	December 31,
	2024				2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,189,733	$	1,189,733	$	1,324,476	$	1,324,476
Equity securities	86,479		86,479		119,945		119,945

Bank loan participations	142,410		142,410		156,169		156,169
Cash and cash equivalents	362,345		362,345		274,298		274,298
Restricted cash equivalents	28,705		28,705		72,449		72,449
Short-term investments	97,074		97,074		72,137		72,137
Other invested assets – notes receivable	13,902		12,877		12,174		11,702
Liabilities
Senior debt	200,800		201,787		222,300		223,408
Junior subordinated debt	104,055		121,766		104,055		138,264

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Junior Subordinated Debt

12 Months Ended

Dec. 31, 2024

Subordinated Borrowings [Abstract]

Junior Subordinated Debt

The Company issued trust preferred securities (“Trust Preferred Securities”) through James River Capital Trust I, James River Capital Trust II, James River Capital Trust III, James River Capital Trust IV, and Franklin Holdings II (Bermuda) Capital Trust I, (each, a “Trust”; collectively, the “Trusts”). These Delaware statutory trusts are sponsored and wholly-owned by the Company. Each Trust was created solely for the purpose of issuing the Trust Preferred Securities.

Each Trust used proceeds from the sale of its Trust Preferred Securities to purchase the Company’s floating rate junior subordinated debentures (the “Junior Subordinated Debt”) issued to the Trust under an indenture (each, an “Indenture”; collectively, the “Indentures”). The Junior Subordinated Debt is the sole asset of each Trust, and the Trust Preferred Securities are the sole liabilities of each Trust. The Company purchased all of the outstanding common stock of the Trusts, and the investment in the Trusts is included in “other assets” in the accompanying consolidated balance sheets.

The following table summarizes the nature and terms of the junior subordinated debt and trust preferred securities outstanding at December 31, 2024 (including the Company’s repurchases of a portion of these trust preferred securities):


	James River Capital Trust I	James River Capital Trust II	James River Capital Trust III	James River Capital Trust IV	Franklin Holdings II (Bermuda) Capital Trust I
	($ in thousands)
Issue date	May 26, 2004	December 15, 2004	June 15, 2006	December 11, 2007	January 10, 2008
Principal amount of Trust Preferred Securities	$7,000	$15,000	$20,000	$54,000	$30,000
Principal amount of Junior Subordinated Debt	$7,217	$15,464	$20,619	$55,670	$30,928
Carrying amount of Junior Subordinated Debt net of repurchases	$7,217	$15,464	$20,619	$44,827	$15,928
Maturity date of Junior Subordinated Debt, unless accelerated earlier	May 24, 2034	December 15, 2034	June 15, 2036	December 15, 2037	March 15, 2038
Trust common stock	$217	$464	$619	$1,670	$928
Interest rate, per annum	Three-Month SOFR plus 4.3%	Three-Month SOFR plus 3.7%	Three-Month SOFR plus 3.3%	Three-Month SOFR plus 3.4%	Three-Month SOFR plus 4.3%

All of the Junior Subordinated Debt is currently redeemable at 100.0% of the unpaid principal amount at the Company’s option. Interest on the Trust Preferred Securities and interest paid to the Trusts on the Junior Subordinated Debt is payable quarterly in arrears at a per annum rate as described in the table above. The Company has the right to defer interest payments on the Junior Subordinated Debt for up to five years without triggering an event of default.

The Trust Preferred Securities are subject to mandatory redemption in a like amount (a) upon repayment of all of the Junior Subordinated Debt on the stated maturity date, (b) contemporaneously with the optional prepayment of all of the Junior Subordinated Debt in conjunction with a special event (as defined), and (c) five years or more after the issue date, contemporaneously with the optional prepayment, in whole or in part, of the Junior Subordinated Debt. The Indentures contain certain covenants which the Company is in compliance with as of December 31, 2024.

Interest payable is included in “accrued expenses” on the accompanying consolidated balance sheets.

Consolidated Statements of (Loss) Income and Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net unrealized (losses) gains, net of taxes	$ (1,668)	$ 6,384	$ (27,041)

Goodwill and Intangible Assets - Schedule of Future Estimated Amortization (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 363
2026	363
2027	363
2028	363
2029	363
Thereafter	1,971
Total	$ 3,786

Segment Information - Narrative (Details) $ in Thousands	12 Months Ended
Segment Information - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) segment underwriting_division broker agency	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	3
Number of underwriting divisions \| underwriting_division	15
Gross written premiums	$ 1,431,772	$ 1,508,660	$ 1,411,372
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Number of underwriting divisions \| underwriting_division	14
Number of brokers \| broker	3
Excess and Surplus Lines \| Broker one
Segment Reporting Information [Line Items]
Gross written premiums	$ 345,100
Consolidated gross written premiums percentage	24.10%
Gross written premiums percentage	33.90%
Excess and Surplus Lines \| Broker two
Segment Reporting Information [Line Items]
Gross written premiums	$ 245,500
Consolidated gross written premiums percentage	17.10%
Gross written premiums percentage	24.10%
Excess and Surplus Lines \| Broker three
Segment Reporting Information [Line Items]
Gross written premiums	$ 134,100
Consolidated gross written premiums percentage	9.40%
Gross written premiums percentage	13.20%
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Number of underwriting divisions \| underwriting_division	1
Number of agencies \| agency	2
Specialty Admitted Insurance \| Agency one
Segment Reporting Information [Line Items]
Gross written premiums	$ 175,700
Consolidated gross written premiums percentage	12.30%
Gross written premiums percentage	42.40%
Specialty Admitted Insurance \| Agency two
Segment Reporting Information [Line Items]
Gross written premiums	$ 63,700
Consolidated gross written premiums percentage	4.50%
Gross written premiums percentage	15.40%

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Currently, James River Group Holdings, Ltd. is not (and its former Bermuda-based subsidiary, JRG Re, prior to its disposition was not) subject to income or capital tax. The Companies have obtained from the Bermuda Minister of Finance an assurance that, in the event Bermuda enacts legislation imposing tax, the imposition of any such tax shall not be applicable to the Company until March 31, 2035 (the “EUTP Act”). Effective for tax years beginning on or after January 1, 2025, Bermuda has introduced the Corporate Income Tax Act 2023 ("CIT Act") where a Bermuda Constituent Entity group (BCE) that is part of an “in scope Multi-National Enterprise group” (MNE) will be subject to a 15% corporate income tax. The CIT Act supersedes the assurance received from the Bermuda Minister of Finance under the EUTP Act.

A MNE group with a limited international footprint is not an in scope MNE, thus not subject to CIT. The limited international footprint exception is a year-by-year test and expires after tax year 2029. James River Group Holdings, Ltd. is expected to meet the criteria of the limited international footprint exception, and as such is not expected to be subject to tax under the CIT act.

Distributions from the Company’s U.S. subsidiaries to its U.K. intermediate holding company, James River UK, are generally subject to a 5% dividend withholding tax. No distributions occurred in 2024, 2023 or 2022.

The Company’s U.S. subsidiaries are subject to federal, state and local corporate income taxes, and other taxes applicable to U.S. corporations. The Company’s U.S.-domiciled subsidiaries file a consolidated U.S. federal income tax return.

The Company’s U.S.-based subsidiaries are generally no longer subject to income tax examination by U.S. income tax authorities for the tax years ending before January 1, 2021.

During 2018, the IRS published factors that allowed the Company to adjust its current and deferred tax liabilities based on the provisions of the Tax Act. The Tax Act has specific transition provisions associated with reserve discounting. The initial impact of the proposed regulations in 2018 was an increase to our deferred tax asset for the additional discount as of December 31, 2017 of $8.8 million offset by an increase to our deferred tax liability of $8.8 million representing the 8 year transition provision required by the Tax Act. During 2018, $1.1 million of this transition provision was recognized in our current provision and adjusted out of our deferred tax liability. The regulations were finalized in 2019, and the remaining reserve adjustment at December 31, 2019 based on these final regulations was $5.7 million to be recognized over the six years 2020 - 2025 at $950,000 per year.

The expected income tax provision computed from pre-tax income at the weighted-average tax rate has been calculated as the sum of the pre-tax income in each jurisdiction multiplied by that jurisdiction’s applicable Federal statutory tax rate. Federal

statutory tax rates of 0% and 21% have been used in 2024, 2023 and 2022 for Bermuda and the U.S., respectively. The U.S. income (loss) before Federal income taxes was $(40.0) million, $119.9 million, and $85.9 million for the years ending December 31, 2024, 2023, and 2022, respectively. The Tax Act base-erosion and anti-abuse tax (“BEAT”) provisions impose a minimum tax on applicable taxpayers that make certain payments to related foreign persons. BEAT subjects the modified taxable income of an applicable taxpayer to a specified tax rate (10% in 2024). Modified taxable income is generally calculated by adding back certain payments to related foreign persons to regular taxable income. A reconciliation of the difference between the Company’s Federal income tax provision on U.S. income and the expected Federal tax provision on U.S. income using the weighted-average tax rate as well as a reconciliation to total tax expense is as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Federal income tax expense (benefit) at applicable statutory rates	$	(8,435)	$	25,175	$	18,041
Tax-exempt investment income	(216)		(230)		(225)
Dividends received deduction	(461)		(386)		(315)
Excess tax expense (benefits) on share based compensation	740		449		530
Provision to return and amended tax returns	126		(211)		124

Excess §162(m) compensation	399		522		210
Other	68		(14)		49
Federal income tax expense (benefit)	$	(7,779)	$	25,305	$	18,414
U.S. state income tax expense	145		400		—

Total income tax expense (benefit)	$	(7,634)	$	25,705	$	18,414

The significant components of net deferred tax assets at the corporate income tax rate of 21% for the years ended December 31, 2024 and 2023 are summarized as follows:


	December 31,
	2024		2023
	(in thousands)
Deferred tax assets:
Accrued compensation expenses	$	3,696	$	3,302
Reserve for losses and loss adjustment expenses	32,823		27,260
Unearned premiums	11,580		12,484
Share based compensation	1,543		1,692
Allowance for credit losses	4,496		3,240
Other invested assets	3,552		998
Net unrealized losses	18,595		16,613


Other	4,466		3,838
Total deferred tax assets	80,751		69,427
Deferred tax liabilities:
Intangible assets	6,709		6,733

Deferred policy acquisition costs	6,337		6,614
Equity method investments	2,792		3,470
Other	3,743		4,313
Total deferred tax liabilities	19,581		21,130
Net deferred tax assets	$	61,170	$	48,297

Deferred income taxes have not been accrued with respect to certain undistributed earnings of foreign subsidiaries. If the earnings were to be distributed, as dividends or otherwise, such amounts may be subject to withholding taxation in the

jurisdiction of the paying entity. The Company asserts that U.S. unremitted earnings as of December 31, 2024 will be permanently reinvested in the U.S. and, accordingly, no provision for withholding taxes arising in respect to U.S. unremitted earnings has been made.

The Company is considered a mixed company for net operating loss carryforward rules. A 20-year carryforward without an annual income limitation is applicable for insurance companies. The carryforward period for non-insurance companies is unlimited but limited to 80% of the current year taxable income. At December 31, 2024, the Company has $984,000 of net operating loss carryforwards that were generated in 2024 and do not expire.

The Company had no reserve for future tax contingencies or liabilities (“unrecognized tax benefits”) at December 31, 2024 or 2023.

The U.S. imposes a 1% excise tax on reinsurance premiums paid to non-U.S. reinsurers with respect to risks located in the U.S. The rates of tax are established based on the nature of the risk, unless reduced by an applicable U.S. tax treaty. The Company paid excise taxes of $204,000, $194,000, and $842,000 for the years ended December 31, 2024, 2023, and 2022, respectively, on written premiums assumed from third-party insurers with respect to risks located in the U.S. These excise taxes are reflected as “other operating expenses” in the Company’s Consolidated Statements of (Loss) Income and Comprehensive Loss.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
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-Section 50
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-Publisher FASB
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-Topic 235
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-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 14
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-Topic 740
-SubTopic 10
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-Topic 740
-SubTopic 10
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Consolidated Statements of (Loss) Income and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Gross written premiums	$ 1,431,772	$ 1,508,660	$ 1,411,372
Ceded written premiums	(850,918)	(814,759)	(745,926)
Net written premiums	580,854	693,901	665,446
Change in net unearned premiums	19,342	14,104	(35,712)
Net earned premiums	600,196	708,005	629,734
Net investment income	93,089	84,046	43,188
Net realized and unrealized gains (losses) on investments	3,625	10,441	(15,720)
Other income	10,716	9,517	4,312
Total revenues	707,626	812,009	661,514
Expenses:
Losses and loss adjustment expenses	554,374	500,157	440,642
Other operating expenses	193,198	193,656	152,570
Other expenses	6,145	3,792	795
Interest expense	24,666	24,627	13,872
Amortization of intangible assets	363	363	363
Impairment of intangible assets	0	2,500	0
Total expenses	778,746	725,095	608,242
(Loss) income from continuing operations before income taxes	(71,120)	86,914	53,272
Income tax (benefit) expense on continuing operations:
Current	3,562	31,677	13,787
Deferred	(11,196)	(5,972)	4,627
Total income tax expense (benefit)	(7,634)	25,705	18,414
Net (loss) income from continuing operations	(63,486)	61,209	34,858
Discontinued operations (Note 2):
Loss from discontinued operations	(13,583)	(88,493)	(3,885)
Loss on disposal of discontinued operations	(4,051)	(80,400)	0
Total loss from discontinued operations	(17,634)	(168,893)	(3,885)
Net (loss) income	(81,120)	(107,684)	30,973
Dividends on Series A preferred shares	(37,149)	(10,500)	(8,750)
Net (loss) income available to common shareholders	(118,269)	(118,184)	22,223
Other comprehensive (loss) income:
Net unrealized (losses) gains, net of taxes of $(1,668) in 2024, $6,384 in 2023, and $(27,041) in 2022	(6,276)	99,323	(193,022)
Total comprehensive loss	$ (87,396)	$ (8,361)	$ (162,049)
Basic
Continuing operations (in dollars per share)	$ (2.60)	$ 1.35	$ 0.70
Discontinued operations (in dollars per share)	(0.46)	(4.49)	(0.11)
Basic (in dollars per share)	(3.06)	(3.14)	0.59
Diluted
Continuing operations (in dollars per share)	(2.60)	1.34	0.69
Discontinued operations (in dollars per share)	(0.46)	(4.47)	(0.10)
Diluted (in dollars per share)	(3.06)	(3.13)	0.59
Dividend declared per common share (in dollars per share)	$ 0.16	$ 0.20	$ 0.20
Weighted-average common shares outstanding:
Basic (in shares)	38,685,003	37,618,660	37,442,856
Diluted (in shares)	38,685,003	37,810,440	37,650,969

Fair Value Measurements - Summary of Available-for-Sale Fixed Maturity Securities Measured at Fair Value on a Recurring Basis (Details) - Available-for-sale fixed maturity securities and equity securities - Fair Value, Recurring - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 11	$ 7	$ 39
Transfers in to Level 3	0	0	0
Transfers out of Level 3	0	0	0
Purchases	0	0	0
Sales	0	0	(35)
Maturities, calls and paydowns	0	0	0
Amortization of discount	0	0	0
Total gains or losses (realized/unrealized) - Included in earnings	(6)	4	3
Total gains or losses (realized/unrealized) - Included in other comprehensive income	0	0	0
Ending balance	$ 5	$ 11	$ 7

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company has entered into operating leases for office space in North Carolina, Virginia, Arizona, and Georgia. The present value of future lease payments for the Company’s leases with terms greater than 12 months are included on the consolidated balance sheets as lease liabilities and right-of-use lease assets. For leases with terms of 12 months or less, lease payments are recognized in other operating expenses on a straight-line basis over the lease term.

Total expected lease payments are based on the lease payments specified in the contract and the stated term, including any options to extend or terminate that the Company is reasonably certain to exercise. The Company elected the practical expedient to account for lease components and any associated non-lease components as a single lease component, and therefore allocates all of the expected lease payments to the lease component.

The lease liability, which represents the Company’s obligation to make lease payments arising from the lease, is calculated based on the present value of expected lease payments over the remaining lease term, discounted using the Company’s collateralized incremental borrowing rate at the commencement date. The lease liability is then adjusted for any prepaid rent, lease incentives received or capitalized initial direct costs to determine the lease asset, which represents the Company's right to use the underlying asset for the lease term. Lease liabilities and right-of-use assets are included in other liabilities and other assets, respectively, on the Company's consolidated balance sheets.

At December 31, 2024, lease liabilities and right-of-use assets associated with the Company's operating leases were $5.6 million and $5.3 million, respectively ($8.0 million and $7.8 million at December 31, 2023, respectively). The weighted-average discount rate and weighted average remaining lease term for operating leases was 4.8% and 2.6 years, respectively, as of December 31, 2024.

The table below summarizes maturities of the Company’s operating lease liabilities as of December 31, 2024, which reconciles to total lease liabilities included in other liabilities on the Company’s consolidated balance sheets:


Years ending December 31,	(in thousands)
2025	$	3,150
2026	1,196
2027	914
2028	538
2029	158
Thereafter	—
Total lease payments	5,956
Less imputed interest	(357)
Total operating lease liabilities	$	5,599

Operating lease liabilities include $2.3 million associated with office space in a building that is owned by a partnership in which the Company has a minority interest.

Operating lease costs were $4.1 million, $4.6 million, and $4.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. Operating lease costs are primarily comprised of rental expense for operating leases. Rental expense is recognized on a straight line basis over the lease term and includes amortization of the right-of-use lease asset and imputed interest on the lease liability. Operating lease costs are included in other operating expenses in the Company's consolidated statements of (loss) income and comprehensive loss.

Equity Awards (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Summary of Option Activity

The following table summarizes the option activity:


	Year Ended December 31,
	2024			2023			2022
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding:
Beginning of year	74,390	$	42.17	287,974	$	35.26	287,974	$	35.26
Granted	—	$	—	—	$	—	—	$	—
Exercised	—	$	—	—	$	—	—	$	—
Lapsed	(74,390)	$	42.17	(164,548)	$	32.07	—	$	—
Forfeited	—	$	—	(49,036)	$	35.50	—	$	—
End of year	—	$	—	74,390	$	42.17	287,974	$	35.26
Exercisable, end of year	—	$	—	74,390	$	42.17	287,974	$	35.26

Schedule of Summary of RSU Activity

The following table summarizes RSU activity:


	Year Ended December 31,
	2024			2023			2022
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Unvested, beginning of year	751,254	$	23.48	665,458	$	25.98	292,135	$	45.89
Granted	541,520	$	9.75	388,517	$	24.13	560,680	$	20.61
Vested	(276,428)	$	24.80	(250,793)	$	30.99	(147,530)	$	45.16
Forfeited	(101,494)	$	17.55	(51,928)	$	24.08	(39,827)	$	25.41
PRSU performance adjustment	(29,679)	$	24.83	—	$	—	—	$	—
Unvested, end of year	885,173	$	15.30	751,254	$	23.48	665,458	$	25.98

Schedule of Summary of Share Based Compensation Amount of Expense and Related Tax Benefit

Share based compensation expense is recognized on a straight-line basis over the vesting period. The amount of expense and related tax benefit is summarized below:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Share based compensation expense	$	6,631	$	9,116	$	8,122
U.S. tax benefit on share based compensation expense	$	1,214	$	1,690	$	1,526

Statutory Matters (Tables)

12 Months Ended

Dec. 31, 2024

Statutory Matters [Abstract]

Schedule of Statutory Accounting

Combined net income, statutory capital and surplus and minimum required statutory capital and surplus, as determined in accordance with statutory accounting practices, for the U.S. insurance subsidiaries as of December 31, 2024, 2023, and 2022 and for the years then ended are summarized as follows:


	2024		2023		2022
	(in thousands)
Statutory net income (loss)	$	40,731	$	90,469	$	42,565
Statutory capital and surplus	642,978		615,427		493,303
Minimum required statutory capital and surplus	286,392		220,449		165,809

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Junior Subordinated Debt - Summary of Junior Subordinated Debt and Trust Preferred Securities (Details) - Junior Subordinated Debt $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
James River Capital Trust I
Debt Instrument [Line Items]
Issue date	May 26, 2004
Principal amount of Trust Preferred Securities	$ 7,000
Principal amount of Junior Subordinated Debt	7,217
Carrying amount of Junior Subordinated Debt net of repurchases	$ 7,217
Maturity date of Junior Subordinated Debt, unless accelerated earlier	May 24, 2034
Trust common stock	$ 217
Interest rate, per annum	4.30%
James River Capital Trust II
Debt Instrument [Line Items]
Issue date	Dec. 15, 2004
Principal amount of Trust Preferred Securities	$ 15,000
Principal amount of Junior Subordinated Debt	15,464
Carrying amount of Junior Subordinated Debt net of repurchases	$ 15,464
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Dec. 15, 2034
Trust common stock	$ 464
Interest rate, per annum	3.70%
James River Capital Trust III
Debt Instrument [Line Items]
Issue date	Jun. 15, 2006
Principal amount of Trust Preferred Securities	$ 20,000
Principal amount of Junior Subordinated Debt	20,619
Carrying amount of Junior Subordinated Debt net of repurchases	$ 20,619
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Jun. 15, 2036
Trust common stock	$ 619
Interest rate, per annum	3.30%
James River Capital Trust IV
Debt Instrument [Line Items]
Issue date	Dec. 11, 2007
Principal amount of Trust Preferred Securities	$ 54,000
Principal amount of Junior Subordinated Debt	55,670
Carrying amount of Junior Subordinated Debt net of repurchases	$ 44,827
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Dec. 15, 2037
Trust common stock	$ 1,670
Interest rate, per annum	3.40%
Franklin Holdings II (Bermuda) Capital Trust I
Debt Instrument [Line Items]
Issue date	Jan. 10, 2008
Principal amount of Trust Preferred Securities	$ 30,000
Principal amount of Junior Subordinated Debt	30,928
Carrying amount of Junior Subordinated Debt net of repurchases	$ 15,928
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Mar. 15, 2038
Trust common stock	$ 928
Interest rate, per annum	4.30%

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	$ 1,996,913	$ 1,358,474
Reinsurance recoverable on paid losses	$ 101,210	157,991
Percentage of reinsurance recoverables on unpaid losses for 3 largest reinsurers	49.10%
Prepaid reinsurance premiums ceded	$ 296,635	$ 293,108
Percentage of prepaid reinsurance premiums ceded for 3 largest reinsurers	36.60%
Largest reinsurer one
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	$ 398,500
Prepaid reinsurance premiums ceded	37,100
Largest reinsurer two
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	365,500
Prepaid reinsurance premiums ceded	36,800
Largest reinsurer three
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	216,600
Prepaid reinsurance premiums ceded	$ 34,700

- Definition

Amount, after valuation allowance, recoverable under reinsurance contracts for losses reported to the ceding insurer but not yet paid and amounts expected for incurred losses and settlement expenses, which have not yet been reported to the ceding insurer.

+ References + Details

Accounting Policies - Schedule of Basic and Diluted (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Net (loss) income from continuing operations	$ (63,486)	$ 61,209	$ 34,858
Less: Dividends on Series A preferred shares	(37,149)	(10,500)	(8,750)
Net (loss) income available to common shareholders	(100,635)	50,709	26,108
Loss from discontinued operations	(17,634)	(168,893)	(3,885)
Net (loss) income available to common shareholders	$ (118,269)	$ (118,184)	$ 22,223
Weighted average common shares outstanding:
Basic (in shares)	38,685,003	37,618,660	37,442,856
Dilutive potential common shares (in shares)	0	191,780	208,113
Diluted (in shares)	38,685,003	37,810,440	37,650,969
Basic
Continuing operations (in dollars per share)	$ (2.60)	$ 1.35	$ 0.70
Discontinued operations (in dollars per share)	(0.46)	(4.49)	(0.11)
Basic (in dollars per share)	(3.06)	(3.14)	0.59
Diluted
Continuing operations (in dollars per share)	(2.60)	1.34	0.69
Discontinued operations (in dollars per share)	(0.46)	(4.47)	(0.10)
Diluted (in dollars per share)	$ (3.06)	$ (3.13)	$ 0.59

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2024	Feb. 28, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36777
Entity Registrant Name	JAMES RIVER GROUP HOLDINGS, LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0585280
Entity Address, Address Line Three	Clarendon House
Entity Address, Address Line Two	2 Church Street
Entity Address, Address Line One	Hamilton
Entity Address, City or Town	Pembroke
Entity Address, Postal Zip Code	HM11
Entity Address, Country	BM
City Area Code	441
Local Phone Number	295-1422
Title of 12(b) Security	Common Shares, par value $0.0002 per share
Trading Symbol	JRVR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 288,761,772
Entity Common Stock, Shares Outstanding		45,644,318
Documents Incorporated by Reference	Portions of the James River Group Holdings, Ltd. Proxy Statement for the 2025 Annual General Meeting of Shareholders may be incorporated by reference into Part III hereof. Alternatively, such Part III information may be filed by James River Group Holdings, Ltd. by an amendment to this Form 10-K.
Entity Central Index Key	0001620459
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024

Equity Awards

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity Awards

Equity Incentive Plans

The Company’s shareholders have approved various equity incentive plans, including the 2014 Long Term Incentive Plan (“2014 LTIP”) and the 2014 Non-Employee Director Incentive Plan (“2014 Director Plan”) (collectively, the “Plans”). All awards issued under the Plans are issued at the discretion of the Board of Directors.

Employees are eligible to receive non-qualified stock options, incentive stock options, share appreciation rights, performance shares, restricted shares, RSUs, and other awards under the 2014 LTIP. The 2014 LTIP was amended on October 24, 2024, increasing the number of shares available for issuance under the 2014 LTIP by 525,000 shares. Following the amendment, the maximum number of shares available for issuance under the 2014 LTIP is 5,507,650, and at December 31, 2024, 1,716,316 shares are available for grant.

On July 26, 2022, the Board of Directors of the Company approved a new long-term incentive plan (the “LTI Plan”) under the 2014 LTIP. The LTI Plan is designed to align compensation of designated senior officers of the Company with Company performance and shareholder interests over the long-term. Awards under the LTI Plan are made in the form of performance restricted share units (a “PRSU”) and service based restricted share units (RSUs).

Each PRSU represents a contingent right to receive one Company common share based upon the level of achievement of certain performance metrics during the performance period, with payout for achievement of threshold, target and maximum performance levels set at 50%, 100% and 200% of the target number of PRSUs, respectively. The PRSUs awarded in the first quarter of 2023 have a performance period of January 1, 2023 through December 31, 2025. The PRSUs awarded in the first quarter of 2024 have a performance period of January 1, 2024 through December 31, 2026.

Non-employee directors of the Company are eligible to receive non-qualified stock options, share appreciation rights, performance shares, restricted shares, RSUs, and other awards under the 2014 Director Plan. The 2014 Director Plan was amended on October 24, 2024, increasing the number of shares available for issuance under the 2014 LTIP by 100,000 shares.

Following the amendment, the maximum number of shares available for issuance under the 2014 Director Plan is 250,000, and at December 31, 2024, 131,927 shares are available for grant.

Generally, awards issued under the 2014 LTIP and 2014 Director Plan vest immediately in the event that an award recipient is terminated without Cause (as defined), and in the case of the 2014 LTIP for Good Reason (as defined), at any time following a Change in Control (as defined in the applicable plans).

Options

The following table summarizes the option activity:


	Year Ended December 31,
	2024			2023			2022
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding:
Beginning of year	74,390	$	42.17	287,974	$	35.26	287,974	$	35.26
Granted	—	$	—	—	$	—	—	$	—
Exercised	—	$	—	—	$	—	—	$	—
Lapsed	(74,390)	$	42.17	(164,548)	$	32.07	—	$	—
Forfeited	—	$	—	(49,036)	$	35.50	—	$	—
End of year	—	$	—	74,390	$	42.17	287,974	$	35.26
Exercisable, end of year	—	$	—	74,390	$	42.17	287,974	$	35.26

There were no options granted in 2024, 2023, or 2022. The value of the options granted prior to 2022 was estimated at the date of grant using the Black-Scholes-Merton option pricing model. The options outstanding at December 31, 2023 lapsed in the year ended December 31, 2024. At December 31, 2024, no options remain outstanding. The options outstanding at December 31, 2023 and 2022 were fully vested (vesting period of three years from date of grant) and had a contractual life of seven years from the original date of grant. All options had an exercise price equal to the fair value of the underlying shares at the date of grant.

The intrinsic value of each option was determined based on the difference between the fair value of the underlying share and the exercise price of the underlying option. No options were exercised during 2024, 2023 or 2022. The aggregate intrinsic value of options outstanding and options exercisable was $0 at December 31, 2023 and 2022. The fair value used for calculating intrinsic values was $9.24 and $20.91 at December 31, 2023 and 2022, respectively.

RSUs

The following table summarizes RSU activity:


	Year Ended December 31,
	2024			2023			2022
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Unvested, beginning of year	751,254	$	23.48	665,458	$	25.98	292,135	$	45.89
Granted	541,520	$	9.75	388,517	$	24.13	560,680	$	20.61
Vested	(276,428)	$	24.80	(250,793)	$	30.99	(147,530)	$	45.16
Forfeited	(101,494)	$	17.55	(51,928)	$	24.08	(39,827)	$	25.41
PRSU performance adjustment	(29,679)	$	24.83	—	$	—	—	$	—
Unvested, end of year	885,173	$	15.30	751,254	$	23.48	665,458	$	25.98

Outstanding RSUs granted to employees generally vest ratably over a three year vesting period. RSUs granted to non-employee directors generally have a one year vesting period. The total fair value of shares vested in 2024, 2023 and 2022 was $2.7 million, $5.6 million and $3.8 million, respectively. The holders of RSUs are entitled to dividend equivalents. The

dividend equivalents are settled in cash at the same time that the underlying RSUs vest and are subject to the same risk of forfeiture as the underlying shares. The fair value of the RSUs granted is based on the market price of the underlying shares at the date of grant. The RSUs granted in 2024 and 2023 include 231,492 and 91,818 PRSU awards, respectively. Initial PRSU awards are granted at the 100% target performance level. The Company projects the level of achievement for each award during the performance period and periodically adjusts the number of outstanding awards to reflect the number of awards expected to vest. In 2024, a downward performance adjustment was made to the outstanding PRSUs granted in 2023.

Compensation Expense

Share based compensation expense is recognized on a straight-line basis over the vesting period. The amount of expense and related tax benefit is summarized below:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Share based compensation expense	$	6,631	$	9,116	$	8,122
U.S. tax benefit on share based compensation expense	$	1,214	$	1,690	$	1,526

Compensation cost for PRSUs is based upon the probable outcome of performance conditions. In 2024, the Company adjusted the probable outcome of performance conditions for the 2023 PRSUs which resulted in a cumulative adjustment to reduce the compensation expense recognized for the awards of $451,000.

At December 31, 2024, the Company had $6.3 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 1.6 years.

SCHEDULE IV - Reinsurance

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Reinsurance


	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount Assumed to Net
	(in thousands)
Year Ended December 31, 2024
Excess and Surplus Lines Written Premiums	$	1,017,029	$	508,584	$	—	$	508,445	—
Specialty Admitted Written Premiums	412,762		342,334		1,981		72,409		2.7	%

Total Written Premiums	$	1,429,791	$	850,918	$	1,981	$	580,854	0.3	%
Year Ended December 31, 2023
Excess and Surplus Lines Written Premiums	$	1,007,351	$	417,800	$	—	$	589,551	—
Specialty Admitted Written Premiums	499,317		396,959		1,992		104,350		1.9	%

Total Written Premiums	$	1,506,668	$	814,759	$	1,992	$	693,901	0.3	%
Year Ended December 31, 2022
Excess and Surplus Lines Written Premiums	$	921,164	$	332,108	$	—	$	589,056	—
Specialty Admitted Written Premiums	487,360		413,818		2,848		76,390		3.7	%

Total Written Premiums	$	1,408,524	$	745,926	$	2,848	$	665,446	0.4	%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of the Difference Between Federal Income Tax Provision (Benefit) and Expected Tax Provision (Benefit)

A reconciliation of the difference between the Company’s Federal income tax provision on U.S. income and the expected Federal tax provision on U.S. income using the weighted-average tax rate as well as a reconciliation to total tax expense is as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Federal income tax expense (benefit) at applicable statutory rates	$	(8,435)	$	25,175	$	18,041
Tax-exempt investment income	(216)		(230)		(225)
Dividends received deduction	(461)		(386)		(315)
Excess tax expense (benefits) on share based compensation	740		449		530
Provision to return and amended tax returns	126		(211)		124

Excess §162(m) compensation	399		522		210
Other	68		(14)		49
Federal income tax expense (benefit)	$	(7,779)	$	25,305	$	18,414
U.S. state income tax expense	145		400		—

Total income tax expense (benefit)	$	(7,634)	$	25,705	$	18,414

Schedule of Deferred Tax Assets (Liabilities) at the Current Prevailing Corporate Income Tax Rate

The significant components of net deferred tax assets at the corporate income tax rate of 21% for the years ended December 31, 2024 and 2023 are summarized as follows:


	December 31,
	2024		2023
	(in thousands)
Deferred tax assets:
Accrued compensation expenses	$	3,696	$	3,302
Reserve for losses and loss adjustment expenses	32,823		27,260
Unearned premiums	11,580		12,484
Share based compensation	1,543		1,692
Allowance for credit losses	4,496		3,240
Other invested assets	3,552		998
Net unrealized losses	18,595		16,613


Other	4,466		3,838
Total deferred tax assets	80,751		69,427
Deferred tax liabilities:
Intangible assets	6,709		6,733

Deferred policy acquisition costs	6,337		6,614
Equity method investments	2,792		3,470
Other	3,743		4,313
Total deferred tax liabilities	19,581		21,130
Net deferred tax assets	$	61,170	$	48,297

Deferred Policy Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2024

Deferred Policy Acquisition Costs Disclosures [Abstract]

Schedule of Deferred Policy Acquisition Costs

An analysis of deferred policy acquisition costs is as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Balance at beginning of period	$	31,497	$	32,837	$	21,399
Policy acquisition costs deferred:
Commissions	43,720		47,665		38,190
Underwriting and other issue expenses	20,918		23,628		23,057
	64,638		71,293		61,247
Amortization of policy acquisition costs	(65,960)		(72,633)		(49,809)
Net change	(1,322)		(1,340)		11,438
Balance at end of period	$	30,175	$	31,497	$	32,837

Other Comprehensive (Loss) Income

12 Months Ended

Dec. 31, 2024

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other Comprehensive (Loss) Income

The following table summarizes the components of other comprehensive income (loss):


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Unrealized (losses) gains arising during the period, before U.S. income taxes	$	(9,222)	$	105,368	$	(219,788)
U.S. income taxes	1,937		(6,313)		26,780
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(7,285)		99,055		(193,008)
Less reclassification adjustment:
Net realized investment (losses) gains	(1,278)		(339)		275
U.S. income taxes	269		71		(261)
Reclassification adjustment for investment (losses) gains realized in net income	(1,009)		(268)		14
Other comprehensive (loss) income	$	(6,276)	$	99,323	$	(193,022)

In addition to the net realized investment (losses) gains of $(1.3) million, $(339,000), and $275,000 on available-for-sale fixed maturity securities for the years ended December 31, 2024, 2023, and 2022, the Company recognized net realized and unrealized investment (losses) gains in the respective years of $(3.8) million, $5.5 million, and $(5.7) million on its investments in bank loan participations and $8.7 million, $5.2 million, and $(11.1) million on its investments in equity securities.

Shareholders' Equity - Schedule of Rollforward of Changes in Common Shares Issued and Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) In Common Stock Issued And Outstanding [Roll Forward]
Issued common shares, beginning of year (in shares)	37,641,563
Balance (in shares)	37,641,563
Issued common shares, end of year (in shares)	45,644,318	37,641,563
Balance (in shares)	45,644,318	37,641,563
Common Shares
Increase (Decrease) In Common Stock Issued And Outstanding [Roll Forward]
Issued common shares, beginning of year (in shares)	37,641,563	37,470,237
Balance (in shares)	37,641,563	37,470,237	37,373,066
Conversion of Series A Preferred Shares to common shares (in shares)	5,859,375	0
Enstar common share investment (in shares)	1,953,125	0
Vesting of RSU awards (in shares)	190,255	171,326	97,171
Issued common shares, end of year (in shares)	45,644,318	37,641,563	37,470,237
Balance (in shares)	45,644,318	37,641,563	37,470,237

Reserve for Losses and Loss Adjustment Expenses - IBNR Liabilities and Claims Frequency (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 554,374	$ 500,157	$ 440,642
Excluding Commercial Auto \| Excess and Surplus Lines \| 2015
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	122,048
IBNR before E&S ADC	4,065
IBNR net of E&S ADC	$ 1,765
Claims outstanding \| claim	2,739
Excluding Commercial Auto \| Excess and Surplus Lines \| 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 148,400
IBNR before E&S ADC	6,758
IBNR net of E&S ADC	$ 2,841
Claims outstanding \| claim	3,807
Excluding Commercial Auto \| Excess and Surplus Lines \| 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 155,593
IBNR before E&S ADC	9,949
IBNR net of E&S ADC	$ 4,336
Claims outstanding \| claim	4,963
Excluding Commercial Auto \| Excess and Surplus Lines \| 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 173,186
IBNR before E&S ADC	12,942
IBNR net of E&S ADC	$ 5,904
Claims outstanding \| claim	6,156
Excluding Commercial Auto \| Excess and Surplus Lines \| 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 228,076
IBNR before E&S ADC	29,201
IBNR net of E&S ADC	$ 12,652
Claims outstanding \| claim	7,284
Excluding Commercial Auto \| Excess and Surplus Lines \| 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 273,883
IBNR before E&S ADC	59,368
IBNR net of E&S ADC	$ 28,306
Claims outstanding \| claim	6,980
Excluding Commercial Auto \| Excess and Surplus Lines \| 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 307,338
IBNR before E&S ADC	104,355
IBNR net of E&S ADC	$ 45,322
Claims outstanding \| claim	6,074
Excluding Commercial Auto \| Excess and Surplus Lines \| 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 320,146
IBNR before E&S ADC	145,381
IBNR net of E&S ADC	$ 61,332
Claims outstanding \| claim	5,628
Excluding Commercial Auto \| Excess and Surplus Lines \| 2023
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 330,330
IBNR before E&S ADC	232,184
IBNR net of E&S ADC	$ 97,166
Claims outstanding \| claim	4,456
Excluding Commercial Auto \| Excess and Surplus Lines \| 2024
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 360,426
IBNR before E&S ADC	330,304
IBNR net of E&S ADC	$ 330,304
Claims outstanding \| claim	2,885
Commercial Auto \| Excess and Surplus Lines \| 2015
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 37,778
IBNR before E&S ADC	25
IBNR net of E&S ADC	$ 1
Claims outstanding \| claim	41,771
Commercial Auto \| Excess and Surplus Lines \| 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 165,121
IBNR before E&S ADC	169
IBNR net of E&S ADC	$ 6
Claims outstanding \| claim	89,117
Commercial Auto \| Excess and Surplus Lines \| 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 376,306
IBNR before E&S ADC	2,477
IBNR net of E&S ADC	$ 84
Claims outstanding \| claim	134,150
Commercial Auto \| Excess and Surplus Lines \| 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 389,261
IBNR before E&S ADC	4,126
IBNR net of E&S ADC	$ 6
Claims outstanding \| claim	97,342
Commercial Auto \| Excess and Surplus Lines \| 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 416,654
IBNR before E&S ADC	10,790
IBNR net of E&S ADC	$ 33
Claims outstanding \| claim	71,494
Commercial Auto \| Excess and Surplus Lines \| 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 22,062
IBNR before E&S ADC	1,873
IBNR net of E&S ADC	$ 827
Claims outstanding \| claim	637
Commercial Auto \| Excess and Surplus Lines \| 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 19,998
IBNR before E&S ADC	3,974
IBNR net of E&S ADC	$ 1,666
Claims outstanding \| claim	791
Commercial Auto \| Excess and Surplus Lines \| 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 19,730
IBNR before E&S ADC	6,699
IBNR net of E&S ADC	$ 2,587
Claims outstanding \| claim	528
Commercial Auto \| Excess and Surplus Lines \| 2023
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 16,089
IBNR before E&S ADC	7,714
IBNR net of E&S ADC	$ 3,154
Claims outstanding \| claim	299
Commercial Auto \| Excess and Surplus Lines \| 2024
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 11,602
IBNR before E&S ADC	10,735
IBNR net of E&S ADC	$ 10,735
Claims outstanding \| claim	203
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2015
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 16,071
IBNR before E&S ADC	$ 22
Claims outstanding \| claim	975
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 12,483
IBNR before E&S ADC	$ 19
Claims outstanding \| claim	836
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 15,306
IBNR before E&S ADC	$ 11
Claims outstanding \| claim	1,093
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 11,773
IBNR before E&S ADC	$ 20
Claims outstanding \| claim	1,238
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 17,227
IBNR before E&S ADC	$ 180
Claims outstanding \| claim	1,555
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 18,277
IBNR before E&S ADC	$ 340
Claims outstanding \| claim	1,381
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 12,409
IBNR before E&S ADC	$ 293
Claims outstanding \| claim	1,301
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 10,814
IBNR before E&S ADC	$ 281
Claims outstanding \| claim	1,050
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2023
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 18,772
IBNR before E&S ADC	$ 446
Claims outstanding \| claim	907
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2024
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 9,877
IBNR before E&S ADC	$ 2,838
Claims outstanding \| claim	283
Fronting and Programs \| Specialty Admitted Insurance \| 2015
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 8,146
IBNR before E&S ADC	$ 30
Claims outstanding \| claim	1,363
Fronting and Programs \| Specialty Admitted Insurance \| 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 13,009
IBNR before E&S ADC	$ 124
Claims outstanding \| claim	2,825
Fronting and Programs \| Specialty Admitted Insurance \| 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 22,734
IBNR before E&S ADC	$ 842
Claims outstanding \| claim	6,809
Fronting and Programs \| Specialty Admitted Insurance \| 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 18,230
IBNR before E&S ADC	$ 899
Claims outstanding \| claim	7,416
Fronting and Programs \| Specialty Admitted Insurance \| 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 17,235
IBNR before E&S ADC	$ 976
Claims outstanding \| claim	8,170
Fronting and Programs \| Specialty Admitted Insurance \| 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 32,526
IBNR before E&S ADC	$ 2,125
Claims outstanding \| claim	9,173
Fronting and Programs \| Specialty Admitted Insurance \| 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 39,679
IBNR before E&S ADC	$ 6,846
Claims outstanding \| claim	10,848
Fronting and Programs \| Specialty Admitted Insurance \| 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 39,210
IBNR before E&S ADC	$ 11,335
Claims outstanding \| claim	10,153
Fronting and Programs \| Specialty Admitted Insurance \| 2023
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 42,655
IBNR before E&S ADC	$ 15,794
Claims outstanding \| claim	10,075
Fronting and Programs \| Specialty Admitted Insurance \| 2024
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 23,396
IBNR before E&S ADC	$ 32,140
Claims outstanding \| claim	7,364

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 27, 2025, the Company borrowed $25.0 million on the unsecured revolver of the 2013 Facility, increasing the outstanding drawn balance to $210.8 million. The Company remains in compliance with financial and other covenants (including minimum net worth, maximum ratio of total adjusted debt outstanding to total capitalization, and financial strength ratings) under the 2013 Facility after giving effect to this borrowing. On February 20, 2025, the Board of Directors declared a cash dividend of $0.01 per common share. The dividend is payable on March 31, 2025 to shareholders of record on March 10, 2025. On February 20, 2025, the Board of Directors declared a quarterly dividend on the Series A Preferred Shares. The dividend of $2.0 million will be payable in cash on March 31, 2025 to shareholders of record on March 15, 2025. On February 20, 2025, the Board of Directors approved awards under the 2014 LTIP and the 2014 Director Plan to the Company’s employees and directors with an aggregate fair value of $9.1 million and a grant date of March 5, 2025.

Fair Value Measurements - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of equity securities held \| security	1	1	1
Recurring basis \| Available-for-sale fixed maturity securities and equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset value \| $	$ 5	$ 11	$ 7	$ 39

Reserve for Losses and Loss Adjustment Expenses - Reserve for Losses and Loss Adjustment Expenses, Net of Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) [Abstract]
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$ 1,246,973	$ 1,080,766	$ 974,221
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	441,058	463,530	429,260
Prior years - retroactive reinsurance	37,237	4,991	15,742
Prior years - excluding retroactive reinsurance	76,079	31,636	(4,360)
Total incurred losses and loss and adjustment expenses	554,374	500,157	440,642
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	31,313	32,410	33,720
Prior years	333,277	296,549	284,635
Total loss and loss adjustment expense payments	364,590	328,959	318,355
Deduct: Loss reserves ceded in E&S ADC	1,996,913	1,358,474
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,086,278	1,246,973	1,080,766
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,998,128	1,359,134	1,260,197
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	3,084,406	2,606,107	2,340,963
Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	76,700	32,600	(210)
Commercial Auto LPT And E&S ADC \| Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - retroactive reinsurance	37,237	4,991	15,742
Prior years - excluding retroactive reinsurance	51,799	64,403	46,697
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	37,237	4,991	15,742
E&S ADC \| Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	48,748	0	0
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Loss reserves ceded in E&S ADC	$ 313,242	$ 0	$ 0

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Operating activities

Net (loss) income

$ (81,120)

$ (107,684)

$ 30,973

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:

Deferred policy acquisition costs

(65,580)

(73,333)

(79,648)

Amortization of policy acquisition costs

69,261

96,453

88,571

Net realized and unrealized losses on investments

6,985

43,251

28,318

Impairment of intangible assets

2,500

Distributions from equity method investments

405

4,364

Income from equity method investments

(4,133)

(4,881)

(2,458)

Loss on disposal

(2,193)

80,400

Deferred U.S. federal income tax benefit

(11,205)

(5,972)

4,627

Provision for depreciation and amortization

(709)

(475)

1,048

Share based compensation expense

6,631

9,116

8,122

Excess tax benefits from equity incentive plan transactions

740

449

530

Change in operating assets and liabilities:

Reserve for losses and loss adjustment expenses

453,149

278,778

20,522

Unearned premiums

(24,237)

(70,894)

(51,536)

Premiums receivable and agents’ balances

15,374

22,594

53,442

Reinsurance balances

(552,549)

(66,274)

96,310

Funds held

(66,942)

(107,922)

(60,900)

Payable to insurance companies

(3,385)

2,129

(2,770)

Other

12,423

(10,325)

83,219

Net cash (used in) provided by operating activities

^[1]

(247,085)

87,953

222,734

Investing activities

Sale of JRG Re

96,412

Fixed maturity securities:

Purchases

(178,818)

(197,360)

(709,576)

Sales

200,178

34,537

206,872

Maturities and calls

162,472

139,867

174,725

Equity Securities:

Purchases

(11,319)

(11,869)

(38,801)

Sales

56,852

12,625

17,214

Bank loan participations:

Purchases

(109,103)

(72,580)

(89,450)

Sales

83,564

52,016

52,042

Maturities

36,628

27,605

22,417

Other invested assets:

Purchases

(5,075)

(13,775)

(150)

Return of capital

1,160

2,793

20,170

Proceeds from sales and repayments

4,077

10,133

2,535

Securities receivable or payable, net

(169)

3,499

(6,684)

Short-term investments, net

(24,937)

35,675

28,751

Purchases of property and equipment

(4,890)

(6,434)

(8,219)

Net cash provided by (used in) investing activities

307,032

16,732

(328,154)

Financing activities

Senior debt repayments

(21,500)

(40,000)

Issuance of Series A preferred shares (Note 12)

144,898

Enstar common share investment (Note 13)

12,500

Payroll taxes withheld and remitted on net settlement of RSUs

(847)

(1,734)

(1,304)

Dividends on Series A preferred shares

(12,768)

(10,500)

(6,125)

Dividends on common shares

(6,231)

(7,746)

(7,798)

Payment of debt issuance costs

(1,135)

Net cash (used in) provided by financing activities

(28,846)

(21,115)

89,671

Change in cash, cash equivalents, and restricted cash equivalents

31,101

83,570

(15,749)

Cash, cash equivalents, and restricted cash equivalents at beginning of year

359,949

276,379

292,128

Cash, cash equivalents, and restricted cash equivalents at end of year

391,050

359,949

276,379

Supplemental information

U.S. federal income taxes paid (refunded), net

25,104

45,330

(3,470)

Interest paid

28,740

30,697

17,425

Restricted cash equivalents at beginning of year

72,449

103,215

102,005

Restricted cash equivalents at end of year

28,705

72,449

103,215

Change in restricted cash equivalents

$ (43,744)

$ (30,766)

$ 1,210

[1]

Cash (used in) provided by operating activities for the years ended December 31, 2024, 2023, and 2022 reflects the activity in restricted cash equivalents above. As permitted under the agreements establishing the Indemnity Trust and the LPT Trust, we have withdrawn collateral from the Indemnity Trust and the LPT Trust to fund the Loss Fund Trust as required under the Administrative Services Agreement. Amounts on deposit in the Loss Fund Trust are included in restricted cash equivalents on the Company's consolidated balance sheets. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book”. Excluding the restricted cash activity above, cash (used in) provided by operating activities was $(203.3) million, $118.7 million, and $221.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. The $203.3 million of cash used in operating activities for the year ended December 31, 2024 primarily reflects the $313.2 million and $52.8 million of reinsurance premium paid in 2024 related to the E&S ADC and E&S Top Up ADC (See Note 8).

Income Taxes - Summary of Net Deferred Tax Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Accrued compensation expenses	$ 3,696	$ 3,302
Reserve for losses and loss adjustment expenses	32,823	27,260
Unearned premiums	11,580	12,484
Share based compensation	1,543	1,692
Allowance for credit losses	4,496	3,240
Other invested assets	3,552	998
Net unrealized losses	18,595	16,613
Other	4,466	3,838
Total deferred tax assets	80,751	69,427
Deferred tax liabilities:
Intangible assets	6,709	6,733
Deferred policy acquisition costs	6,337	6,614
Equity method investments	2,792	3,470
Other	3,743	4,313
Total deferred tax liabilities	19,581	21,130
Net deferred tax assets	$ 61,170	$ 48,297

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Lease liabilities	$ 5,599	$ 8,000
Right-of-use assets	$ 5,300	7,800
Weighted average discount rate	4.80%
Weighted average remaining lease term	2 years 7 months 6 days
Operating lease costs	$ 4,100	$ 4,600	$ 4,600
Minority interest in partnership
Related Party Transaction [Line Items]
Lease liabilities	$ 2,300

Dividend Restrictions	12 Months Ended
Dividend Restrictions	Dec. 31, 2024
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]
Dividend Restrictions	Dividend Restrictions The insurance statutes of the U.S.-based insurance subsidiaries’ states of domicile limit the amount of dividends that they may pay annually without first obtaining regulatory approval. Generally, the limitations are based on the greater of statutory net income for the preceding year or 10.0% of statutory surplus at the end of the preceding year. The maximum amount of dividends available to James River Group from its U.S. insurance subsidiaries during 2025 without regulatory approval is $64.3 million. However, U.S. insurance regulators have broad powers to prevent the reduction of statutory surplus to inadequate levels and could refuse to permit the payment of dividends. Distributions from the Company’s U.S.-based subsidiaries to its U.K. intermediate holding company, James River UK, are generally subject to a 5% dividend withholding tax. The payment of any dividends by the Company’s U.S.-based subsidiaries directly to a Bermuda-based entity is subject to U.S. taxes at a 30.0% tax rate. JRG Holdings has determined that earnings of its U.S. subsidiaries have been and will be indefinitely reinvested in U.S. operations.

Reserve for Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2024

Insurance [Abstract]

Reserve for Losses and Loss Adjustment Expenses

In establishing the reserve for losses and loss adjustment expenses, the Company’s internal actuaries estimate an initial expected ultimate loss ratio for each of our lines of business by accident year. Input from the Company’s underwriting and claims departments, including premium pricing assumptions and historical experience, are considered by the Company’s internal actuaries in estimating the initial expected loss ratios. The Company’s internal actuaries generally utilize five primary actuarial methods in their estimation process for the reserve for losses and loss adjustment expenses. These primary methods are supplemented by additional actuarial methods as the Chief Actuary considers appropriate. For example, these supplemental methods can include frequency and severity methods that utilize claim count data to estimate ultimate losses and loss adjustment expenses. These methods utilize, to varying degrees, the initial expected loss ratio, detailed statistical analysis of past claims reporting and payment patterns, claims frequency and severity, paid loss experience, industry loss experience, and changes in market conditions and claims handling practices, policy forms, exclusions, and exposures.

In applying these methods to develop an estimate of the reserve for losses and loss adjustment expenses, our internal actuaries use judgment to determine three key parameters for each accident year and line of business: the initial expected loss ratios, the incurred and paid loss development factors and the weighting of the actuarial methods to be used for each accident year and line of business. For the Excess and Surplus Lines segment, the internal actuaries perform a study on each of these parameters at least annually and make recommendations for the initial expected loss ratios, the incurred and paid loss development factors and the weighting of the actuarial methods by accident year and line of business. Members of management’s Reserve Committee review and approve the parameter review actuarial recommendations, and absent any developments requiring an earlier review, these approved parameters are used in the reserve estimation process for the next four quarters at which time a new parameter study is performed. For the Specialty Admitted Insurance segment, expected loss ratios, loss development factors, and loss cost trends are reviewed and updated at least annually.

Different reserving methods are appropriate in different situations, and the Company’s internal actuaries use their judgment and experience to determine the weighting of the methods to use for each accident year and each line of business. For example, the current accident year has very little incurred and paid loss development data on which to base reserve projections. As a result, the Company relies heavily on the initial expected loss ratio in estimating reserves for the current accident year. The

Company generally sets the initial expected loss ratio for the current accident year consistent with the internal actuaries’ pricing assumptions adjusted upward where warranted based on management's judgment in order to produce the best estimate. We believe that this is a reasonable and appropriate reserving assumption for the current accident year since our pricing assumptions are actuarially driven and since the Company expects to make an acceptable return on the new business written. If actual loss emergence is better than our initial expected loss ratio assumptions, we will experience favorable development and if it is worse than our initial expected loss ratio assumptions, we will experience adverse development. Conversely, sufficient incurred and paid loss development data is available for the oldest accident years, so more weight is given to this development data and less weight is given to the initial expected loss ratio.

The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance, to the gross amounts reported in the consolidated balance sheets. Reinsurance recoverables on unpaid losses and loss adjustment expenses are presented gross of an allowance for credit losses on reinsurance balances of $1.2 million, $660,000, and $580,000 at December 31, 2024, 2023, and 2022, respectively.


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$	1,246,973	$	1,080,766	$	974,221
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	441,058		463,530		429,260
Prior years - retroactive reinsurance	37,237		4,991		15,742
Prior years - excluding retroactive reinsurance	76,079		31,636		(4,360)
Total incurred losses and loss and adjustment expenses	554,374		500,157		440,642
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	31,313		32,410		33,720
Prior years	333,277		296,549		284,635
Total loss and loss adjustment expense payments	364,590		328,959		318,355
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	37,237		4,991		15,742
Deduct: Loss reserves ceded in E&S ADC	313,242		—		—

Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,086,278		1,246,973		1,080,766
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,998,128		1,359,134		1,260,197
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	3,084,406	$	2,606,107	$	2,340,963

The foregoing reconciliation shows that $76.1 million of net adverse development was experienced in 2024 on the reserve for losses and loss adjustment expenses held at December 31, 2023 (excluding adverse prior year development subject to retroactive reinsurance accounting - see Loss Portfolio Transfers and Adverse Development Covers below). This net adverse reserve development included $76.7 million of net adverse development in the Excess and Surplus Lines segment, including a $52.2 million reserve charge upon execution of the E&S ADC (consideration paid in excess of initial reserves), and $607,000 of net favorable development in the Specialty Admitted Insurance segment.

The foregoing reconciliation shows that $31.6 million of net adverse development was experienced in 2023 on the reserve for losses and loss adjustment expenses held at December 31, 2022 (excluding adverse prior year development subject to retroactive reinsurance accounting - see Loss Portfolio Transfers and Adverse Development Covers below). This net adverse reserve development included $32.6 million of net adverse development in the Excess and Surplus Lines segment, with adverse development in accident years 2020 and prior exceeding favorable development on accident years 2022 and 2021, and $972,000 of net favorable development in the Specialty Admitted Insurance segment.

The foregoing reconciliation shows that $4.4 million of net favorable development was experienced in 2022 on the reserve for losses and loss adjustment expenses held at December 31, 2021 (excluding adverse prior year development subject to retroactive reinsurance accounting - see Loss Portfolio Transfers and Adverse Development Covers below). This net favorable

reserve development included $210,000 of net favorable development in the Excess and Surplus Lines segment and $4.2 million of net favorable development in the Specialty Admitted Insurance segment. The Company also experienced $5.0 million of net catastrophe losses in 2022 related to Hurricane Ian.

Loss Portfolio Transfers and Adverse Development Covers

Loss portfolio transfers and adverse development covers are forms of retroactive reinsurance utilized by the Company to transfer losses and loss adjustment expenses and associated risk of adverse development on covered subject business, as defined in the respective agreements, to an assuming reinsurer in exchange for a reinsurance premium. This reinsurance can bring economic finality (up to the limit of such agreements, if applicable) on the subject risks when they no longer meet the Company's risk appetite or are no longer aligned with the Company's risk management guidelines.

Commercial Auto Loss Portfolio Transfer

On September 27, 2021, James River Insurance and James River Casualty Company (together, “James River”) entered into a loss portfolio transfer transaction (the “Commercial Auto LPT”) with Aleka Insurance, Inc. (“Aleka”), a captive insurance company affiliate of Rasier LLC, to reinsure substantially all of the Excess and Surplus Lines segment's legacy portfolio of commercial auto policies previously issued to Rasier LLC and its affiliates (collectively, “Rasier”) for which James River is not otherwise indemnified by Rasier. The reinsurance coverage is structured to be fully collateralized, is not subject to an aggregate limit, and is subject to certain exclusions. The cumulative amounts ceded under the loss portfolio transfer were $459.3 million, $456.2 million and $391.8 million as of December 31, 2024, 2023, and 2022, respectively.

Combined Loss Portfolio Transfer and Adverse Development Cover

On July 2, 2024, James River entered into a Combined Loss Portfolio Transfer and Adverse Development Cover Reinsurance Contract (the “E&S ADC”) with State National Insurance Company, Inc. (“State National”). The transaction closed upon signing.

The E&S ADC was effective January 1, 2024 (the “Effective Date”) and applies to James River’s Excess & Surplus Lines segment casualty portfolio losses attaching to premium earned during 2010-2023 (both years inclusive), excluding, among others, losses related to commercial auto policies issued to a former large insured or its affiliates (the “Subject Business”). Pursuant to the E&S ADC, (a) State National reinsures 85% of losses paid on and after the Effective Date in respect of the Subject Business in excess of $716.6 million up to an aggregate limit of $467.1 million (with State National’s share of the aggregate limit being $397.0 million) in exchange for a reinsurance premium paid by James River equal to $313.2 million, (b) James River continues to manage claims and to manage and collect the benefit of other existing third-party reinsurance on the Subject Business, which third-party reinsurance inures to the benefit of the E&S ADC, and (c) James River is entitled to a profit commission of 50% of any favorable development on the business ceded to State National below 104.5% of carried reserves, which profit commission shall not exceed $87.0 million in total. The Company has $41.2 million of aggregate limit remaining on the E&S ADC at December 31, 2024.

Adverse Development Cover

On November 11, 2024, Enstar Group Limited ("Enstar"), through its subsidiary Cavello Bay Reinsurance Limited, entered into an adverse development cover agreement with James River ("E&S Top Up ADC"), pursuant to which, in exchange for a premium of $52.8 million (less an amount equal to the federal excise tax payable on the premium), Cavello Bay reinsures, effective January 1, 2024, 100% of the losses associated with James River’s Excess & Surplus Lines segment casualty portfolio losses attaching to premium earned during 2010-2023 (both years inclusive). The E&S Top Up ADC excludes losses related to commercial auto policies issued to a former large insured or its affiliates and is subject to a retention by James River of $1,183.7 million (the limit of the E&S ADC executed on July 2, 2024) and up to an aggregate limit of $75.0 million. The E&S Top Up ADC closed on December 23, 2024. The Company recognized a $52.8 million reduction in pre-tax income in connection with the adverse development cover upon closing. The Company has $75.0 million of aggregate limit remaining on the E&S Top Up ADC at December 31, 2024.

Retroactive Reinsurance Accounting

The Company periodically reevaluates the remaining reserves subject to the Commercial Auto LPT, the E&S ADC, and the E&S Top Up ADC, and when recognized adverse prior year development on the subject business causes the cumulative amounts ceded under the agreements to exceed the consideration paid, the agreements move into a gain position subject to retroactive reinsurance accounting under GAAP. Gains are deferred under retroactive reinsurance accounting and recognized in earnings in proportion to actual paid recoveries under the agreements using the recovery method. While the deferral of gains can introduce volatility in our results in the short-term, over the life of the contract, we would expect no economic impact to the

Company as long as the counterparty performs under the contract. The impact of retroactive reinsurance accounting is not indicative of our current and ongoing operations.

The following tables summarize the retroactive reinsurance accounting for the Commercial Auto LPT and the E&S ADC for the years ended December 31, 2024, 2023, and 2022.


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Commercial Auto LPT
Deferred retroactive reinsurance gain at beginning of period	$	20,733	$	15,742	$	—
Adverse prior year development on subject business	3,051		64,403		46,697
Retroactive reinsurance benefits under the recovery method	(14,562)		(59,412)		(30,955)
Deferred retroactive reinsurance gain at end of period	$	9,222	$	20,733	$	15,742

E&S ADC
Deferred retroactive reinsurance gain at beginning of period	$	—	$	—	$	—
Adverse prior year development ceded on subject business	48,748		—		—
Retroactive reinsurance benefits under the recovery method	—		—		—
Deferred retroactive reinsurance gain at end of period	$	48,748	$	—	$	—

Total
Deferred retroactive reinsurance gain at beginning of period	$	20,733	$	15,742	$	—
Adverse prior year development on subject business	51,799		64,403		46,697
Retroactive reinsurance benefits under the recovery method	(14,562)		(59,412)		(30,955)
Deferred retroactive reinsurance gain at end of period	$	57,970	$	20,733	$	15,742

The following tables present incurred and paid losses and loss adjustment expenses, net of reinsurance as of December 31, 2024 for: (1) the Excess and Surplus Lines segment split between all excess and surplus lines business excluding commercial auto, and separately, commercial auto, and (2) the Specialty Admitted Insurance segment split between individual risk workers’ compensation and fronting and programs. The information provided herein about incurred and paid accident year claims development for the years ended December 31, 2023 and prior is presented as “unaudited” supplementary information.

Excess and Surplus Lines — Excluding Commercial Auto


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	126,443	$	113,417	$	104,847	$	102,434	$	103,688	$	110,466	$	114,398	$	116,085	$	118,599	$	122,048
2016			138,507		125,093		126,050		126,971		125,097		132,235		135,491		141,242		148,400
2017					144,349		131,897		132,136		124,265		128,674		134,272		147,196		155,593
2018							167,004		158,458		146,633		150,687		151,563		167,237		173,186
2019									214,653		194,759		189,671		188,061		204,844		228,076
2020											239,897		211,732		207,210		231,658		273,883
2021													304,435		286,343		274,120		307,338
2022															340,436		293,402		320,146
2023																	369,255		330,330
2024																			360,426
Total																			$	2,419,426


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	4,048	$	17,164	$	34,801	$	55,911	$	73,455	$	87,344	$	94,494	$	103,138	$	110,860	$	112,793
2016			5,180		22,852		46,045		70,105		90,166		102,072		116,059		126,916		133,928
2017					5,290		22,956		42,764		64,924		81,303		102,866		120,229		132,182
2018							6,000		26,160		50,679		76,494		105,538		124,903		138,319
2019									8,235		31,346		62,227		103,836		136,289		166,472
2020											8,642		34,561		73,106		117,892		168,550
2021													11,693		55,070		100,649		154,168
2022															12,713		51,537		108,960
2023																	10,927		49,094
2024																			11,096
Total																			$	1,175,562
Total outstanding losses and loss adjustment expenses, net of reinsurance before E&S ADC																			$	1,243,864
Reinsurance recoverable for E&S ADC																			$	349,337
All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (81 claims outstanding)																			$	14,834
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	909,361

Excess and Surplus Lines — Commercial Auto


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	30,109	$	33,113	$	35,149	$	36,139	$	36,636	$	37,839	$	38,046	$	37,915	$	37,950	$	37,778
2016			74,340		109,286		126,791		147,122		157,712		164,399		164,046		165,744		165,121
2017					207,355		208,743		272,421		319,472		355,713		366,636		376,251		376,306
2018							255,881		230,220		283,408		349,067		371,637		389,244		389,261
2019									262,306		240,773		339,771		365,279		408,340		416,654
2020											19,133		10,899		12,324		19,009		22,062
2021													21,154		16,565		17,319		19,998
2022															26,126		19,921		19,730
2023																	18,181		16,089
2024																			11,602
Total																			$	1,474,601


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	8,356	$	15,234	$	24,282	$	31,592	$	34,819	$	35,983	$	36,710	$	37,462	$	37,725	$	37,753
2016			18,295		54,054		89,381		125,108		141,545		152,030		158,819		162,219		164,491
2017					41,467		107,377		192,961		252,169		309,860		344,235		364,501		369,931
2018							45,136		119,099		184,686		257,346		329,009		368,865		379,246
2019									44,225		107,182		192,982		285,725		358,920		393,141
2020											628		2,854		7,304		14,151		17,705
2021													2,810		4,313		10,325		12,936
2022															1,897		5,365		8,691
2023																	2,066		5,341
2024																			319
Total																			$	1,389,554
Total outstanding losses and loss adjustment expenses, net of reinsurance before Commercial Auto LPT																			$	85,047
Reinsurance recoverable for Commercial Auto LPT																			$	35,315
Reinsurance recoverable for E&S ADC																			$	12,653
All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (0 claims outstanding)																			$	25
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	37,104

Specialty Admitted — Individual Risk Workers’ Compensation


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	20,938	$	21,274	$	19,741	$	18,376	$	17,626	$	16,492	$	16,468	$	16,409	$	16,096	$	16,093
2016			21,678		20,299		18,050		15,800		14,050		13,069		12,790		12,510		12,502
2017					24,869		22,071		19,779		18,810		16,606		15,487		15,360		15,318
2018							16,432		16,288		16,038		14,200		12,139		11,829		11,793
2019									20,253		21,056		20,631		18,129		17,624		17,408
2020											20,137		22,240		19,389		18,934		18,617
2021													14,519		14,713		12,668		12,702
2022															14,507		11,828		11,096
2023																	21,095		19,218
2024																			12,715
Total																			$	147,462


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	6,604	$	13,285	$	15,118	$	15,889	$	15,901	$	16,068	$	16,069	$	16,071	$	16,071	$	16,071
2016			4,664		10,227		12,135		12,432		12,481		12,483		12,483		12,483		12,483
2017					6,546		12,782		14,285		15,195		15,210		15,236		15,279		15,286
2018							4,497		9,034		11,412		11,746		11,765		11,752		11,747
2019									5,473		13,776		16,254		16,909		17,154		17,179
2020											7,394		14,668		16,665		17,206		17,606
2021													5,874		10,780		11,679		11,865
2022															5,943		9,732		10,348
2023																	6,126		12,764
2024																			4,998
Total																			$	130,347
All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (2 claims outstanding)																			$	151
Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools																			$	3,106
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	20,372

Specialty Admitted — Fronting and Programs


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	7,136	$	9,632	$	9,358	$	8,974	$	8,384	$	8,444	$	8,436	$	8,279	$	8,195	$	8,176
2016			11,542		15,670		14,682		15,522		14,468		15,090		14,304		13,289		13,133
2017					21,229		24,271		25,201		24,728		25,097		24,893		23,128		23,576
2018							21,758		20,677		19,822		20,158		19,268		19,193		19,129
2019									18,832		19,020		19,991		18,956		18,777		18,210
2020											25,433		28,131		31,555		34,705		34,650
2021													39,999		44,857		47,505		46,526
2022															47,262		51,101		50,544
2023																	53,635		58,449
2024																			55,536
Total																			$	327,929


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	2,058	$	4,666	$	6,165	$	6,919	$	7,329	$	7,654	$	7,728	$	7,824	$	8,007	$	8,034
2016			1,894		5,123		6,888		10,732		10,896		11,711		12,142		12,321		12,567
2017					1,223		6,682		13,065		15,854		18,219		20,655		20,770		21,752
2018							885		4,972		10,495		12,631		14,059		15,424		16,457
2019									4,358		5,125		9,958		13,007		14,914		15,740
2020											5,375		15,678		20,903		26,523		29,084
2021													8,347		18,106		27,156		34,120
2022															13,018		23,284		30,131
2023																	13,145		26,983
2024																			14,745
Total																			$	209,613
All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (1 claim outstanding)																			$	—
Outstanding losses and loss adjustment expenses, assumed from involuntary pools																			$	1,125
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	119,441

The reconciliation of the net incurred and paid claims development tables to the reserve for losses and loss adjustment expenses in the consolidated balance sheet at December 31, 2024 is as follows (in thousands):


E&S – excluding commercial auto	$	909,361
E&S – commercial auto	37,104
Specialty Admitted – individual risk workers’ compensation	20,372
Specialty Admitted – fronting and programs	119,441
Net reserve for losses and loss adjustment expenses	1,086,278
Reinsurance recoverables on unpaid losses (gross of $1.2 million allowance for credit losses on reinsurance recoverables)	1,998,128
Gross reserve for losses and loss adjustment expenses	$	3,084,406

The following is unaudited supplementary information about average annual percentage payouts of incurred claims by age, net of reinsurance, as of December 31, 2024.


	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
E&S – excluding commercial auto	3.4	%	11.5	%	14.7	%	16.4	%	14.7	%	11.5	%	8.5	%	7.4	%	5.5	%	1.6	%
E&S – commercial auto	10.9	%	16.3	%	21.6	%	20.2	%	14.3	%	7.4	%	3.5	%	1.8	%	1.0	%	0.1	%
Specialty Admitted – individual risk workers’ compensation	29.1	%	32.3	%	15.5	%	7.7	%	6.1	%	3.3	%	1.9	%	1.0	%	1.0	%	0.7	%
Specialty Admitted – fronting and programs	19.8	%	21.4	%	20.1	%	13.3	%	8.0	%	5.0	%	3.7	%	3.8	%	2.4	%	2.1	%

In determining the cumulative number of reported claims, the Company measures claim counts by individual claimant for individual risk workers’ compensation policies in the Specialty Admitted Insurance segment. In the Excess and Surplus Lines segment and for fronting and programs in the Specialty Admitted Insurance segment, the Company measures claim counts by claim event. The claim counts include all claims reported, even if the Company does not establish a liability for the claim (i.e. reserve for losses and loss adjustment expenses).

The table below provides information on IBNR liabilities and claims frequency for: (1) the Excess and Surplus Lines segment split between commercial auto and all non commercial auto, and (2) the Specialty Admitted Insurance segment split between individual risk workers’ compensation and fronting and programs:

Excess and Surplus Lines — Excluding Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR before E&S ADC		IBNR net of E&S ADC		Cumulative # of Reported Claims
	($ in thousands)
2015	$	122,048	$	4,065	$	1,765	2,739
2016	148,400		6,758		2,841		3,807
2017	155,593		9,949		4,336		4,963
2018	173,186		12,942		5,904		6,156
2019	228,076		29,201		12,652		7,284
2020	273,883		59,368		28,306		6,980
2021	307,338		104,355		45,322		6,074
2022	320,146		145,381		61,332		5,628
2023	330,330		232,184		97,166		4,456
2024	360,426		330,304		330,304		2,885

Excess and Surplus Lines — Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR before Commercial Auto LPT& E&S ADC		IBNR net of Commercial Auto LPT & E&S ADC		Cumulative # of Reported Claims
	($ in thousands)
2015	$	37,778	$	25	$	1	41,771
2016	165,121		169		6		89,117
2017	376,306		2,477		84		134,150
2018	389,261		4,126		6		97,342
2019	416,654		10,790		33		71,494
2020	22,062		1,873		827		637
2021	19,998		3,974		1,666		791
2022	19,730		6,699		2,587		528
2023	16,089		7,714		3,154		299
2024	11,602		10,735		10,735		203

Specialty Admitted - Individual Risk Workers’ Compensation


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2015	$	16,071	$	22	975
2016	12,483		19		836
2017	15,306		11		1,093
2018	11,773		20		1,238
2019	17,227		180		1,555
2020	18,277		340		1,381
2021	12,409		293		1,301
2022	10,814		281		1,050
2023	18,772		446		907
2024	9,877		2,838		283

Specialty Admitted — Fronting and Programs


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2015	$	8,146	$	30	1,363
2016	13,009		124		2,825
2017	22,734		842		6,809
2018	18,230		899		7,416
2019	17,235		976		8,170
2020	32,526		2,125		9,173
2021	39,679		6,846		10,848
2022	39,210		11,335		10,153
2023	42,655		15,794		10,075
2024	23,396		32,140		7,364

The Company has not provided insurance coverage that could reasonably be expected to produce material levels of asbestos claims activity. In addition, management does not believe that the Company is exposed to environmental liability claims other than those which it has specifically underwritten and priced as an environmental exposure.

Reinsurance

12 Months Ended

Dec. 31, 2024

Reinsurance Disclosures [Abstract]

Reinsurance

The Company remains liable to policyholders if its reinsurers are unable to meet their contractual obligations under applicable reinsurance agreements. To minimize exposure to significant losses from reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk. The Company’s reinsurance contracts generally require reinsurers that are not authorized as reinsurers under U.S. state insurance regulations or that experience rating downgrades from rating agencies below specified levels to fund their share of the Company’s ceded outstanding losses and loss adjustment expense reserves, typically through the use of irrevocable and unconditional letters of credit. In fronting arrangements, which the Company conducts through its Specialty Admitted Insurance segment, the Company is subject to credit risk with regard to insurance companies who act as reinsurers for the Company in such arrangements. The Company customarily requires a collateral trust arrangement to secure the obligations of the insurance entity for whom it is fronting.

At December 31, 2024, the Company had reinsurance recoverables on unpaid losses of $1,996.9 million and reinsurance recoverables on paid losses of $101.2 million. All material reinsurance recoverables are from companies with A.M. Best Company ratings of “A-” (Excellent) or better, or are collateralized by the reinsurer for our benefit through letters of credit or trust agreements, or represent recoverables from a state residual market for automobile insurance.

At December 31, 2024, reinsurance recoverables on unpaid losses from the Company’s three largest reinsurers were $398.5 million, $365.5 million, and $216.6 million, representing 49.1% of the total balance.

At December 31, 2024, prepaid reinsurance premiums ceded to the three reinsurers with the largest amount of prepaid reinsurance premiums totaled $37.1 million, $36.8 million, and $34.7 million, representing 36.6% of the total balance.

Premiums written, premiums earned, and losses and loss adjustment expenses incurred are summarized as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Written premiums:
Direct	$	1,429,791	$	1,506,668	$	1,408,524
Assumed	1,981		1,992		2,848
Ceded	(850,918)		(814,759)		(745,926)
Net	$	580,854	$	693,901	$	665,446
Earned premiums:
Direct	$	1,445,652	$	1,496,708	$	1,378,619
Assumed	1,984		2,250		3,032
Ceded	(847,440)		(790,953)		(751,917)
Net	$	600,196	$	708,005	$	629,734
Losses and loss adjustment expenses:
Direct	$	1,343,698	$	1,204,532	$	937,393
Assumed	730		2,032		1,344
Ceded	(790,054)		(706,407)		(498,095)
Net	$	554,374	$	500,157	$	440,642

SCHEDULE VI - Supplementary Information Concerning Property Casualty Insurance Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]
Deferred policy acquisition costs	$ 30,175	$ 31,497	$ 32,837
Reserve for losses and loss adjustment expenses	3,084,406	2,606,107	2,340,963
Unearned premiums	572,034	587,899	578,196
Net earned premiums	600,196	708,005	629,734
Net investment income	93,089	84,046	43,188
Current year	441,058	463,530	429,260
Prior years - retroactive reinsurance	37,237	4,991	15,742
Prior years - excluding retroactive reinsurance	76,079	31,636	(4,360)
Total incurred losses and loss and adjustment expenses	554,374	500,157	440,642
Amortization of policy acquisition costs	65,960	72,633	49,809
Paid losses and loss adjustment expenses, net of reinsurance	364,590	328,959	318,355
Net written premiums	$ 580,854	$ 693,901	$ 665,446

Investments - Schedule of Contract Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cost or Amortized Cost
One year or less	$ 23,591
After one year through five years	325,901
After five years through ten years	252,201
After ten years	146,342
Residential mortgage-backed	352,064
Commercial mortgage and asset-backed	178,238
Cost or Amortized Cost	1,278,337
Fair Value
One year or less	23,350
After one year through five years	318,588
After five years through ten years	227,714
After ten years	123,396
Residential mortgage-backed	326,227
Commercial mortgage and asset-backed	170,458
Total, Fair Value	$ 1,189,733	$ 1,324,476

Discontinued Operations - Operating Results of JRG Re Reported in Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Expenses:
Loss from discontinued operations	$ (13,583)	$ (88,493)	$ (3,885)
Loss on disposal of discontinued operations	(4,051)	(80,400)	0
Total loss from discontinued operations	(17,634)	(168,893)	(3,885)
Discontinued Operations, Disposed of by Sale \| Jrg Re
Revenues:
Gross written premiums	1,137	17,357	85,208
Ceded written premiums	877	2,178	(2,175)
Net written premiums	2,014	19,535	83,033
Change in net unearned premiums	8,371	75,874	53,394
Net earned premiums	10,385	95,409	136,427
Net investment income	4,432	23,038	27,923
Net realized and unrealized (losses) gains on investments	(9,472)	(53,693)	(12,598)
Other income	0	0	430
Total revenues	5,345	64,754	152,182
Expenses:
Losses and loss adjustment expenses	13,157	120,294	104,172
Other operating expenses	5,039	27,983	42,987
Other expenses	0	1,402	5,202
Interest expense	732	3,568	3,706
Total expenses	18,928	153,247	156,067
Loss from discontinued operations	(13,583)	(88,493)	(3,885)
Loss on disposal of discontinued operations	(4,051)	(80,400)	0
Total loss from discontinued operations	$ (17,634)	$ (168,893)	$ (3,885)

Segment Information - Summary of Segment Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Gross written premiums	$ 1,431,772	$ 1,508,660	$ 1,411,372
Net earned premiums	600,196	708,005	629,734
Fee income	4,585	5,301	3,761
Total incurred losses and loss and adjustment expenses	554,374	500,157	440,642
Less: losses and loss adjustment expense - retroactive reinsurance	37,237	4,991	15,742
Losses and loss adjustment expenses excluding retroactive reinsurance	517,137	495,166	424,900
Other operating expenses:
Net commissions	44,943	48,733	28,595
Employee compensation	100,095	98,430	86,578
All other operating expenses	48,160	46,493	37,397
Total	193,198	193,656	152,570
Underwriting (loss) profit	(105,554)	24,484	56,025
Segment revenues	707,626	812,009	661,514
Net investment income	93,089	84,046	43,188
Interest expense	24,666	24,627	13,872
Segment goodwill	181,831	181,831	181,831
Segment assets	5,007,076	5,317,250
Segment assets		4,533,857	3,991,276
Excess and Surplus Lines \| Operating Segments
Segment Reporting Information [Line Items]
Gross written premiums	1,017,029	1,007,351	921,164
Net earned premiums	512,237	609,566	555,597
Fee income	0	0	0
Total incurred losses and loss and adjustment expenses	485,951	425,035	382,094
Less: losses and loss adjustment expense - retroactive reinsurance	37,237	4,991	15,742
Losses and loss adjustment expenses excluding retroactive reinsurance	448,714	420,044	366,352
Other operating expenses:
Net commissions	56,186	61,542	47,006
Employee compensation	62,176	57,436	47,898
All other operating expenses	22,616	16,197	11,290
Total	140,978	135,175	106,194
Underwriting (loss) profit	(77,455)	54,347	83,051
Segment revenues	594,433	690,388	570,087
Net investment income	73,341	69,325	28,664
Interest expense	0	0	0
Segment goodwill	181,831	181,831	181,831
Segment assets	3,516,399
Segment assets		3,083,798	2,627,956
Specialty Admitted Insurance \| Operating Segments
Segment Reporting Information [Line Items]
Gross written premiums	414,743	501,309	490,208
Net earned premiums	87,959	98,439	74,137
Fee income	4,585	5,301	3,761
Total incurred losses and loss and adjustment expenses	68,423	75,122	58,548
Less: losses and loss adjustment expense - retroactive reinsurance	0	0	0
Losses and loss adjustment expenses excluding retroactive reinsurance	68,423	75,122	58,548
Other operating expenses:
Net commissions	(11,243)	(12,809)	(18,411)
Employee compensation	14,115	18,492	17,823
All other operating expenses	14,376	18,858	15,704
Total	17,248	24,541	15,116
Underwriting (loss) profit	6,873	4,077	4,234
Segment revenues	109,472	119,777	81,593
Net investment income	16,937	13,568	5,068
Interest expense	0	0	0
Segment goodwill	0	0	0
Segment assets	1,390,894
Segment assets		1,387,020	1,277,988
Corporate and Other \| Segment Reporting, Reconciling Item, Corporate Nonsegment
Segment Reporting Information [Line Items]
Gross written premiums	0	0	0
Net earned premiums	0	0	0
Fee income	0	0	0
Total incurred losses and loss and adjustment expenses	0	0	0
Less: losses and loss adjustment expense - retroactive reinsurance	0	0	0
Losses and loss adjustment expenses excluding retroactive reinsurance	0	0	0
Other operating expenses:
Net commissions	0	0	0
Employee compensation	23,804	22,502	20,857
All other operating expenses	11,168	11,438	10,403
Total	34,972	33,940	31,260
Underwriting (loss) profit	(34,972)	(33,940)	(31,260)
Segment revenues	3,721	1,844	9,834
Net investment income	2,811	1,153	9,456
Interest expense	24,666	24,627	13,872
Segment goodwill	0	0	0
Segment assets	$ 99,783
Segment assets		$ 63,039	$ 85,332

Investments - Schedule of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fixed maturity securities:
Cost or Amortized Cost	$ 1,278,337
Fair Value	1,189,733	$ 1,324,476
Fixed maturity securities
Fixed maturity securities:
Cost or Amortized Cost	1,278,337	1,405,136
Gross Unrealized Gains	2,102	7,330
Gross Unrealized Losses	(90,706)	(87,990)
Fair Value	1,189,733	1,324,476
State and municipal
Fixed maturity securities:
Cost or Amortized Cost	223,009	273,462
Gross Unrealized Gains	598	1,834
Gross Unrealized Losses	(27,043)	(26,459)
Fair Value	196,564	248,837
Residential mortgage-backed
Fixed maturity securities:
Cost or Amortized Cost	352,064	336,064
Gross Unrealized Gains	32	1,243
Gross Unrealized Losses	(25,869)	(19,379)
Fair Value	326,227	317,928
Corporate
Fixed maturity securities:
Cost or Amortized Cost	503,610	530,408
Gross Unrealized Gains	1,358	4,167
Gross Unrealized Losses	(29,483)	(28,847)
Fair Value	475,485	505,728
Commercial mortgage and asset-backed
Fixed maturity securities:
Cost or Amortized Cost	178,238	235,302
Gross Unrealized Gains	112	78
Gross Unrealized Losses	(7,892)	(12,527)
Fair Value	170,458	222,853
U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities:
Cost or Amortized Cost	21,416	29,900
Gross Unrealized Gains	2	8
Gross Unrealized Losses	(419)	(778)
Fair Value	$ 20,999	$ 29,130

Dividend Restrictions (Details) $ in Millions	12 Months Ended
Dividend Restrictions (Details) $ in Millions	Dec. 31, 2024 USD ($)
Statutory Accounting Practices [Line Items]
Percentage of dividend withholding tax for distributions	5.00%
Percentage of dividend distribution tax	30.00%
United States
Statutory Accounting Practices [Line Items]
Dividend limitations percentage of statutory surplus	10.00%
Maximum amount of dividends available without regulatory approval	$ 64.3

Equity Awards - Summary of RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RSUs
Shares
Unvested, beginning of year (in shares)	751,254	665,458	292,135
Granted (in shares)	541,520	388,517	560,680
Vested (in shares)	(276,428)	(250,793)	(147,530)
Forfeited (in shares)	(101,494)	(51,928)	(39,827)
Unvested, end of year (in shares)	885,173	751,254	665,458
Weighted- Average Grant Date Fair Value
Unvested, beginning of year (in dollars per share)	$ 23.48	$ 25.98	$ 45.89
Granted (in dollars per share)	9.75	24.13	20.61
Vested (in dollars per share)	24.80	30.99	45.16
Forfeited (in dollars per share)	17.55	24.08	25.41
Unvested, end of year (in dollars per share)	$ 15.30	$ 23.48	$ 25.98
PRSU
Shares
Granted (in shares)	231,492	91,818
PRSU performance adjustment (in shares)	(29,679)	0	0
Weighted- Average Grant Date Fair Value
PRSU performance adjustment (in dollars per share)	$ 24.83	$ 0	$ 0

Series A Preferred Shares	12 Months Ended
Series A Preferred Shares	Dec. 31, 2024
Temporary Equity [Abstract]
Series A Preferred Shares	Series A Preferred Shares Initial Issuance and Terms On February 24, 2022, the Company entered into an Investment Agreement with GPC Partners Investments (Thames) LP (“GPC Partners”), an affiliate of Gallatin Point Capital LLC, relating to the issuance and sale of 150,000 7% Series A Perpetual Cumulative Convertible Preferred Shares, par value $0.00125 per share (the “Series A Preferred Shares”), for an aggregate purchase price of $150.0 million, or $1,000 per share, in a private placement. The transaction closed on March 1, 2022 (the “Series A Closing Date”). The Series A Preferred Shares rank senior to the Company's common shares with respect to dividend rights and rights on the distribution of assets on any liquidation, dissolution or winding up of the affairs of the Company, upon which the holders of Series A Preferred Shares would receive the greater of the $1,000 liquidation preference per share (the “Liquidation Preference”) plus accrued and unpaid dividends, or the amount they would have received if they had converted all of their Series A Preferred Shares to common shares immediately before such liquidation, dissolution or winding up. Holders of the Series A Preferred Shares are entitled to a dividend at the initial rate of 7% of the Liquidation Preference per annum, paid in cash, in-kind in common shares or in Series A Preferred Shares, at the Company's election. Prior to the amendment on November 11, 2024 (as discussed below), on the five-year anniversary of the Series A Closing Date, and each five-year anniversary thereafter, the dividend rate would reset to a rate equal to the five-year U.S. treasury rate plus 5.2%. Dividends accrue and are payable quarterly. Prior to the amendment on November 11, 2024 (disclosed below), cash dividends of $10.5 million were paid in the nine months ended September 30, 2024, including cash dividends paid in January, April, July, and September for the three month periods ended December 31, 2023, March 31, 2024, June 30, 2024, and September 30, 2024. For the years ended December 31, 2023 and 2022, cash dividends of $10.5 million and $8.8 million were declared, respectively, of which $2.6 million was payable at December 31 of both years. The Series A Preferred Shares are convertible at the option of the holders thereof at any time into common shares at an initial conversion price of $26.5950, making the Series A Preferred Shares initially convertible into 5,640,158 common shares. The conversion price is subject to customary anti-dilution adjustments, including cash dividends on the common shares above specified levels, as well as certain adjustments in case of net adverse reserve developments in excess of a threshold over a period of time. The measurement period for the adverse reserve development anti-dilution adjustment commenced with the quarter beginning January 1, 2022 and ends with the quarter ending December 31, 2025. Prior to the amendment on November 11, 2024 (disclosed below), net adverse reserve development exceeded the threshold. If net adverse reserve development exceeded the threshold at the conclusion of the measurement period (or upon a mandatory or optional conversion, if earlier), the conversion price would be adjusted pursuant to the Certificate of Designations, subject to a floor conversion price of $21.902, and the adjusted conversion price would become effective after the filing of the Company's financial statements for the period ending December 31, 2025 (or immediately after the close of business on the date of the public filing of the Company's financial statements for the most recent quarterly period preceding a mandatory or optional conversion, if earlier). None of the other triggers that would result in additional adjustments to the conversion price had been met prior to the amendment on November 11, 2024. The Certificate of Designations setting forth the terms of the Series A Preferred Shares (the “Certificate of Designations”) limits the Company's ability to pay dividends to its common shareholders. If the Company pays cash dividends of more than $0.05 per common share per quarter, without the consent of at least the majority of the Series A Preferred Shares then outstanding, the Company will be required to reduce the conversion price of the Series A Preferred Shares. Additionally, the payment of cash dividends in excess of $0.10 per common share per quarter is not permitted if the dividends on the Series A Preferred Shares for that quarter are not paid in cash, unless the Company’s U.S.-based insurance subsidiaries satisfy certain capital requirements. Share dividends payable on the common shares to our shareholders also trigger a reduction of the conversion price applicable to the Series A Preferred Shares. At any time on or after the two year anniversary of the Series A Closing Date, if the volume-weighted average price (“VWAP”) per Common Share is greater than 130% of the then-applicable conversion price for at least twenty (20) consecutive trading days, the Company will be able to elect to convert (a “Mandatory Conversion”) all of the outstanding Series A Preferred Shares into common shares. In the case of a Mandatory Conversion, each Series A Preferred Share then outstanding will be converted into (i) the number of common shares equal to the quotient of (A) the sum of the Liquidation Preference and the accrued and unpaid dividends with respect to such Series A Preferred Share to be converted divided by (B) the conversion price of such share in effect as of the date of the Mandatory Conversion plus (ii) cash in lieu of fractional shares. Upon any Mandatory Conversion on or before the five-year anniversary of the Series A Closing Date, all dividends that would have accrued from the date of the Mandatory Conversion to the later of the five-year anniversary of the Series A Closing Date or the last day of the eighth quarter following the date of the Mandatory Conversion, the last eight quarters of which will be discounted to present value using a discount rate of 3.5% per annum, and will be immediately payable in common shares, valued at the average of the daily VWAP of the Company’s common shares during the five (5) trading days immediately preceding the Mandatory Conversion. The holders of the Series A Preferred Shares may require the Company to repurchase their shares upon the occurrence of certain change of control events. Upon the occurrence of a Fundamental Change (as defined in the Certificate of Designations designating the Series A Preferred Shares), each holder of outstanding Series A Preferred Shares will be permitted to, at its election, (i) effective as of immediately prior to the Fundamental Change, convert all or a portion of its Series A Preferred Shares into common shares, or (ii) require the Company to repurchase any or all of such holder’s Series A Preferred Shares at a purchase price per Series A Preferred Share equal to the Liquidation Preference of such Series A Preferred Share plus accrued and unpaid dividends plus, if the Fundamental Change repurchase occurs prior to the five-year anniversary of the Series A Closing Date, all dividends that would have accrued up to such five-year anniversary, but that have not been paid. The repurchase price will be payable in cash. Because the Company may be required to repurchase all or a portion of the Series A Preferred Shares at the option of the holder upon the occurrence of certain change of control events, the Series A Preferred Shares were classified as mezzanine equity in the Company's consolidated balance sheets and recognized at their fair value of $150.0 million (the proceeds on the date of issuance) less issuance costs of $5.1 million, resulting in a carrying value of $144.9 million. Under the terms of the Investment Agreement, GPC Partners has the right to designate one member of the Board (the “Series A Designee”). GPC Partners initially designated Matthew Botein as the Series A Designee, and Mr. Botein was approved by the Board as a Class I director with a term that expired at the 2024 annual general meeting of the Company’s shareholders. Mr. Botein was re-elected as a director at the 2024 annual general meeting for a term ending at the 2025 annual general meeting. 2024 Amendment and Revised Terms On November 11, 2024, the Company amended the Certificate of Designations held by GPC Partners to, among other things, (i) convert $37.5 million of the outstanding Series A Preferred Shares to common stock at a per share price of $6.40 (the “Minimum Price”), (ii) increase the voluntary conversion price from 127.5% to 130% of the Minimum Price, (iv) increase the mandatory conversion price from 130% to 200% of the voluntary conversion price, (v) delay the first date on which the dividend rate re-sets from March 1, 2027 to October 1, 2029, (vi) cap the dividend rate at 8%, (vii) eliminate the adverse development anti-dilution adjustment provision, and (viii) limit transfers of the Series A Preferred Shares without the Company’s consent if, after the transfer, the transferee would hold 9.9% or more of the voting equity of the Company or, in the event of an A.M. Best downgrade of James River Insurance Company below A- (Excellent), 19.9% of the voting equity. The Company accounted for the amendment as an extinguishment of the pre-amendment Series A Preferred Shares due to the significance of quantitative and qualitative changes to the shares. The Company estimated the fair value of the new Series A Preferred Shares to be $133.1 million on the date of issuance and classified the new Series A Preferred Shares as mezzanine equity. The redemption feature, which could require the Company to repurchase all or a portion of the Series A Preferred Shares at the option of the holder upon the occurrence of certain change of control events, was not impacted by the amendment. The Company recorded a deemed dividend of $25.7 million within retained deficit for the difference between the $144.9 million carrying value of the extinguished pre-amendment Series A preferred shares and the combined $133.1 million estimated fair value of the new Series A Preferred Shares and $37.5 million of new common shares issued through conversion of Series A Preferred Shares in the amendment. Cash dividends of $2.3 million were paid on the Series A Preferred Shares in the three months ended December 31, 2024 including a $299,000 stub period dividend on the 37,500 Series A Preferred Shares converted to common shares with the amendment and a $2.0 million dividend on the 112,500 Series A Preferred Shares that remain outstanding post-amendment. The new Series A Preferred Shares were valued at the time of the amendment using a lattice method commonly applied to value preferred shares. The new Series A Preferred Shares are classified as level 3 in the valuation hierarchy due to the presence of significant unobservable inputs.

SCHEDULE II - Condensed Financial Information of Registrant - Statements of Cash Flows (Parent Company) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Operating activities

Net (loss) income

$ (81,120)

$ (107,684)

$ 30,973

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Share based compensation expense

6,631

9,116

8,122

Net cash (used in) provided by operating activities

^[1]

(247,085)

87,953

222,734

Investing activities

Sale of JRG Re

96,412

Net cash provided by (used in) investing activities

307,032

16,732

(328,154)

Financing activities

Senior debt repayments

(21,500)

(40,000)

Payment of debt issuance costs

(1,135)

Issuance of Series A preferred shares

144,898

Enstar common share investment

12,500

Payroll taxes withheld and remitted on net settlement of RSUs

(847)

(1,734)

(1,304)

Dividends on Series A preferred shares

(12,768)

(10,500)

(6,125)

Dividends on common shares

(6,231)

(7,746)

(7,798)

Net cash (used in) provided by financing activities

(28,846)

(21,115)

89,671

Change in cash, cash equivalents, and restricted cash equivalents

31,101

83,570

(15,749)

Cash and cash equivalents at beginning of period

274,298

Cash and cash equivalents at end of period

362,345

274,298

Supplemental information

Interest paid

28,740

30,697

17,425

Parent Company

Operating activities

Net (loss) income

(81,120)

(107,684)

30,973

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Provision for depreciation and amortization

474

345

216

Share based compensation expense

6,631

9,116

8,122

Equity in undistributed earnings of subsidiaries

43,825

73,349

(53,134)

Changes in operating assets and liabilities

2,996

47,673

68,272

Net cash (used in) provided by operating activities

(27,194)

22,799

54,449

Investing activities

Sale of JRG Re

136,213

Dividends from subsidiaries

5,755

Net cash provided by (used in) investing activities

141,968

Financing activities

Senior debt repayments

(21,500)

(40,000)

Contribution to subsidiary

(23,364)

(144,000)

Payment of debt issuance costs

(1,135)

Issuance of Series A preferred shares

144,898

Enstar common share investment

12,500

Payroll taxes withheld and remitted on net settlement of RSUs

(847)

(1,734)

(1,304)

Dividends on Series A preferred shares

(12,768)

(10,500)

(6,125)

Dividends on common shares

(6,231)

(7,746)

(7,798)

Net cash (used in) provided by financing activities

(52,210)

(21,115)

(54,329)

Change in cash, cash equivalents, and restricted cash equivalents

62,564

1,684

120

Cash and cash equivalents at beginning of period

1,961

277

157

Cash and cash equivalents at end of period

64,525

1,961

277

Supplemental information

Interest paid

$ 17,137

$ 16,949

$ 9,342

[1]

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

On December 11, 2007, the Company completed an acquisition of James River Group by acquiring 100% of the outstanding shares of James River Group common stock, referred to herein as the “Merger”. The transaction was accounted for under the purchase method of accounting, and goodwill and intangible assets were recognized by the Company as a result of the transaction.

All of the Company’s goodwill is an asset of the Excess and Surplus Lines segment. The Company’s annual testing performed in the fourth quarter of 2024, 2023 and 2022 indicated that no impairment of goodwill had occurred. The carrying amount of goodwill at December 31, 2024 and 2023 was $181.8 million. Accumulated goodwill impairment losses were $99.6 million at December 31, 2024 and 2023. The most recent goodwill impairment losses occurred in 2010.

Specifically identifiable intangible assets were acquired in the Merger. In September, 2023, the Company sold the renewal rights to the Individual Risk Workers’ Compensation (“IRWC”) business in the Specialty Admitted Insurance segment. Upon closing of the transaction, the Company recognized an impairment charge of $2.5 million related to the trademark intangible asset associated with the IRWC business. During the fourth quarters of 2024, 2023 and 2022, the indefinite-lived intangible assets for trademarks and insurance licenses and authorities were tested for impairment. Intangible assets for broker relationships that have specific lives and are subject to amortization were also reviewed for impairment. There were no additional impairments recognized in 2024, 2023, or 2022.

The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows:


		December 31,
		2024				2023
	Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		(in thousands)
Trademarks	Indefinite	$	19,700	$	—	$	19,700	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangibles not subject to amortization		28,664		—		28,664		—
Broker relationships	24.6	11,611		7,825		11,611		7,462
Identifiable intangible assets subject to amortization		11,611		7,825		11,611		7,462
		$	40,275	$	7,825	$	40,275	$	7,462

Future estimated amortization of specifically identifiable intangible assets as of December 31, 2024 is as follows (in thousands):


2025	$	363
2026	363
2027	363
2028	363
2029	363
Thereafter	1,971
Total	$	3,786

The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2024:


	December 31, 2023						December 31, 2024
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	4,148		(363)		—		3,785
	28,748		(363)		—		28,385
Specialty Admitted Insurance
Trademarks	—		—		—		—
Insurance licenses and authorities	4,065		—		—		4,065

	4,065		—		—		4,065
Total identifiable intangible assets	$	32,813	$	(363)	$	—	$	32,450

The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2023:


	December 31, 2022						December 31, 2023
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	4,511		(363)		—		4,148
	29,111		(363)		—		28,748
Specialty Admitted Insurance
Trademarks	2,500		—		(2,500)		—
Insurance licenses and authorities	4,065		—		—		4,065

	6,565		—		(2,500)		4,065
Total identifiable intangible assets	$	35,676	$	(363)	$	(2,500)	$	32,813

Amortization of intangible assets was $363,000 for the Excess and Surplus Lines segment and $0 for the Specialty Admitted Insurance segment for the year ended December 31, 2022.

Goodwill and Intangible Assets - Summary of Changes in Net Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets [Roll Forward]
Net Carrying Value	$ 32,813	$ 35,676
Amortization	(363)	(363)	$ (363)
Impairment Losses	0	(2,500)
Net Carrying Value	$ 32,450	32,813	35,676
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment of intangible assets
Excess and Surplus Lines
Intangible Assets [Roll Forward]
Net Carrying Value	$ 28,748	29,111
Amortization	(363)	(363)	(363)
Impairment Losses	0	0
Net Carrying Value	28,385	28,748	29,111
Excess and Surplus Lines \| Broker relationships
Intangible Assets [Roll Forward]
Net Carrying Value	4,148	4,511
Amortization	(363)	(363)
Impairment Losses	0	0
Net Carrying Value	3,785	4,148	4,511
Excess and Surplus Lines \| Trademarks
Intangible Assets [Roll Forward]
Net Carrying Value	19,700	19,700
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	19,700	19,700	19,700
Excess and Surplus Lines \| Insurance licenses and authorities
Intangible Assets [Roll Forward]
Net Carrying Value	4,900	4,900
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	4,900	4,900	4,900
Specialty Admitted Insurance
Intangible Assets [Roll Forward]
Net Carrying Value	4,065	6,565
Amortization	0	0	0
Impairment Losses	0	(2,500)
Net Carrying Value	4,065	4,065	6,565
Specialty Admitted Insurance \| Trademarks
Intangible Assets [Roll Forward]
Net Carrying Value	0	2,500
Amortization	0	0
Impairment Losses	0	(2,500)
Net Carrying Value	0	0	2,500
Specialty Admitted Insurance \| Insurance licenses and authorities
Intangible Assets [Roll Forward]
Net Carrying Value	4,065	4,065
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	$ 4,065	$ 4,065	$ 4,065

Other Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Minority interest in partnership
Related Party Transaction [Line Items]
Operating costs under lease	$ 2.1	$ 2.1	$ 2.1

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Gross Carrying Amounts and Accumulated Amortization for Finite-Lived Intangible Assets

The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows:


		December 31,
		2024				2023
	Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		(in thousands)
Trademarks	Indefinite	$	19,700	$	—	$	19,700	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangibles not subject to amortization		28,664		—		28,664		—
Broker relationships	24.6	11,611		7,825		11,611		7,462
Identifiable intangible assets subject to amortization		11,611		7,825		11,611		7,462
		$	40,275	$	7,825	$	40,275	$	7,462

Schedule of Gross Carrying Amounts for Indefinite-Lived Intangible Assets

The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows:


		December 31,
		2024				2023
	Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		(in thousands)
Trademarks	Indefinite	$	19,700	$	—	$	19,700	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangibles not subject to amortization		28,664		—		28,664		—
Broker relationships	24.6	11,611		7,825		11,611		7,462
Identifiable intangible assets subject to amortization		11,611		7,825		11,611		7,462
		$	40,275	$	7,825	$	40,275	$	7,462

Schedule of Future Estimated Amortization

Future estimated amortization of specifically identifiable intangible assets as of December 31, 2024 is as follows (in thousands):


2025	$	363
2026	363
2027	363
2028	363
2029	363
Thereafter	1,971
Total	$	3,786

Schedule of Acquired Indefinite-Lived Intangible Assets

The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2024:


	December 31, 2023						December 31, 2024
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	4,148		(363)		—		3,785
	28,748		(363)		—		28,385
Specialty Admitted Insurance
Trademarks	—		—		—		—
Insurance licenses and authorities	4,065		—		—		4,065

	4,065		—		—		4,065
Total identifiable intangible assets	$	32,813	$	(363)	$	—	$	32,450

The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2023:


	December 31, 2022						December 31, 2023
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	4,511		(363)		—		4,148
	29,111		(363)		—		28,748
Specialty Admitted Insurance
Trademarks	2,500		—		(2,500)		—
Insurance licenses and authorities	4,065		—		—		4,065

	6,565		—		(2,500)		4,065
Total identifiable intangible assets	$	35,676	$	(363)	$	(2,500)	$	32,813

Schedule of Acquired Finite-Lived Intangible Assets

The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2024:


	December 31, 2023						December 31, 2024
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	4,148		(363)		—		3,785
	28,748		(363)		—		28,385
Specialty Admitted Insurance
Trademarks	—		—		—		—
Insurance licenses and authorities	4,065		—		—		4,065

	4,065		—		—		4,065
Total identifiable intangible assets	$	32,813	$	(363)	$	—	$	32,450

The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2023:


	December 31, 2022						December 31, 2023
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	4,511		(363)		—		4,148
	29,111		(363)		—		28,748
Specialty Admitted Insurance
Trademarks	2,500		—		(2,500)		—
Insurance licenses and authorities	4,065		—		—		4,065

	6,565		—		(2,500)		4,065
Total identifiable intangible assets	$	35,676	$	(363)	$	(2,500)	$	32,813

Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance at beginning of period	$ 31,497	$ 32,837	$ 21,399
Policy acquisition costs deferred:
Commissions	43,720	47,665	38,190
Underwriting and other issue expenses	20,918	23,628	23,057
Policy acquisition costs deferred	64,638	71,293	61,247
Amortization of policy acquisition costs	(65,960)	(72,633)	(49,809)
Net change	(1,322)	(1,340)	11,438
Balance at end of period	$ 30,175	$ 31,497	$ 32,837

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References + Details

Reserve for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Insurance [Abstract]

Schedule of Reconciliation of Beginning and Ending Reserve Balances for Losses and Loss Adjustment Expenses


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$	1,246,973	$	1,080,766	$	974,221
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	441,058		463,530		429,260
Prior years - retroactive reinsurance	37,237		4,991		15,742
Prior years - excluding retroactive reinsurance	76,079		31,636		(4,360)
Total incurred losses and loss and adjustment expenses	554,374		500,157		440,642
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	31,313		32,410		33,720
Prior years	333,277		296,549		284,635
Total loss and loss adjustment expense payments	364,590		328,959		318,355
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	37,237		4,991		15,742
Deduct: Loss reserves ceded in E&S ADC	313,242		—		—

Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,086,278		1,246,973		1,080,766
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,998,128		1,359,134		1,260,197
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	3,084,406	$	2,606,107	$	2,340,963

Schedule of Retroactive Reinsurance

The following tables summarize the retroactive reinsurance accounting for the Commercial Auto LPT and the E&S ADC for the years ended December 31, 2024, 2023, and 2022.


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Commercial Auto LPT
Deferred retroactive reinsurance gain at beginning of period	$	20,733	$	15,742	$	—
Adverse prior year development on subject business	3,051		64,403		46,697
Retroactive reinsurance benefits under the recovery method	(14,562)		(59,412)		(30,955)
Deferred retroactive reinsurance gain at end of period	$	9,222	$	20,733	$	15,742

E&S ADC
Deferred retroactive reinsurance gain at beginning of period	$	—	$	—	$	—
Adverse prior year development ceded on subject business	48,748		—		—
Retroactive reinsurance benefits under the recovery method	—		—		—
Deferred retroactive reinsurance gain at end of period	$	48,748	$	—	$	—

Total
Deferred retroactive reinsurance gain at beginning of period	$	20,733	$	15,742	$	—
Adverse prior year development on subject business	51,799		64,403		46,697
Retroactive reinsurance benefits under the recovery method	(14,562)		(59,412)		(30,955)
Deferred retroactive reinsurance gain at end of period	$	57,970	$	20,733	$	15,742

Schedule of Incurred and Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance

Excess and Surplus Lines — Excluding Commercial Auto


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	126,443	$	113,417	$	104,847	$	102,434	$	103,688	$	110,466	$	114,398	$	116,085	$	118,599	$	122,048
2016			138,507		125,093		126,050		126,971		125,097		132,235		135,491		141,242		148,400
2017					144,349		131,897		132,136		124,265		128,674		134,272		147,196		155,593
2018							167,004		158,458		146,633		150,687		151,563		167,237		173,186
2019									214,653		194,759		189,671		188,061		204,844		228,076
2020											239,897		211,732		207,210		231,658		273,883
2021													304,435		286,343		274,120		307,338
2022															340,436		293,402		320,146
2023																	369,255		330,330
2024																			360,426
Total																			$	2,419,426


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	4,048	$	17,164	$	34,801	$	55,911	$	73,455	$	87,344	$	94,494	$	103,138	$	110,860	$	112,793
2016			5,180		22,852		46,045		70,105		90,166		102,072		116,059		126,916		133,928
2017					5,290		22,956		42,764		64,924		81,303		102,866		120,229		132,182
2018							6,000		26,160		50,679		76,494		105,538		124,903		138,319
2019									8,235		31,346		62,227		103,836		136,289		166,472
2020											8,642		34,561		73,106		117,892		168,550
2021													11,693		55,070		100,649		154,168
2022															12,713		51,537		108,960
2023																	10,927		49,094
2024																			11,096
Total																			$	1,175,562
Total outstanding losses and loss adjustment expenses, net of reinsurance before E&S ADC																			$	1,243,864
Reinsurance recoverable for E&S ADC																			$	349,337
All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (81 claims outstanding)																			$	14,834
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	909,361

Excess and Surplus Lines — Commercial Auto


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	30,109	$	33,113	$	35,149	$	36,139	$	36,636	$	37,839	$	38,046	$	37,915	$	37,950	$	37,778
2016			74,340		109,286		126,791		147,122		157,712		164,399		164,046		165,744		165,121
2017					207,355		208,743		272,421		319,472		355,713		366,636		376,251		376,306
2018							255,881		230,220		283,408		349,067		371,637		389,244		389,261
2019									262,306		240,773		339,771		365,279		408,340		416,654
2020											19,133		10,899		12,324		19,009		22,062
2021													21,154		16,565		17,319		19,998
2022															26,126		19,921		19,730
2023																	18,181		16,089
2024																			11,602
Total																			$	1,474,601


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	8,356	$	15,234	$	24,282	$	31,592	$	34,819	$	35,983	$	36,710	$	37,462	$	37,725	$	37,753
2016			18,295		54,054		89,381		125,108		141,545		152,030		158,819		162,219		164,491
2017					41,467		107,377		192,961		252,169		309,860		344,235		364,501		369,931
2018							45,136		119,099		184,686		257,346		329,009		368,865		379,246
2019									44,225		107,182		192,982		285,725		358,920		393,141
2020											628		2,854		7,304		14,151		17,705
2021													2,810		4,313		10,325		12,936
2022															1,897		5,365		8,691
2023																	2,066		5,341
2024																			319
Total																			$	1,389,554
Total outstanding losses and loss adjustment expenses, net of reinsurance before Commercial Auto LPT																			$	85,047
Reinsurance recoverable for Commercial Auto LPT																			$	35,315
Reinsurance recoverable for E&S ADC																			$	12,653
All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (0 claims outstanding)																			$	25
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	37,104

Specialty Admitted — Individual Risk Workers’ Compensation


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	20,938	$	21,274	$	19,741	$	18,376	$	17,626	$	16,492	$	16,468	$	16,409	$	16,096	$	16,093
2016			21,678		20,299		18,050		15,800		14,050		13,069		12,790		12,510		12,502
2017					24,869		22,071		19,779		18,810		16,606		15,487		15,360		15,318
2018							16,432		16,288		16,038		14,200		12,139		11,829		11,793
2019									20,253		21,056		20,631		18,129		17,624		17,408
2020											20,137		22,240		19,389		18,934		18,617
2021													14,519		14,713		12,668		12,702
2022															14,507		11,828		11,096
2023																	21,095		19,218
2024																			12,715
Total																			$	147,462


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	6,604	$	13,285	$	15,118	$	15,889	$	15,901	$	16,068	$	16,069	$	16,071	$	16,071	$	16,071
2016			4,664		10,227		12,135		12,432		12,481		12,483		12,483		12,483		12,483
2017					6,546		12,782		14,285		15,195		15,210		15,236		15,279		15,286
2018							4,497		9,034		11,412		11,746		11,765		11,752		11,747
2019									5,473		13,776		16,254		16,909		17,154		17,179
2020											7,394		14,668		16,665		17,206		17,606
2021													5,874		10,780		11,679		11,865
2022															5,943		9,732		10,348
2023																	6,126		12,764
2024																			4,998
Total																			$	130,347
All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (2 claims outstanding)																			$	151
Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools																			$	3,106
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	20,372

Specialty Admitted — Fronting and Programs


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	7,136	$	9,632	$	9,358	$	8,974	$	8,384	$	8,444	$	8,436	$	8,279	$	8,195	$	8,176
2016			11,542		15,670		14,682		15,522		14,468		15,090		14,304		13,289		13,133
2017					21,229		24,271		25,201		24,728		25,097		24,893		23,128		23,576
2018							21,758		20,677		19,822		20,158		19,268		19,193		19,129
2019									18,832		19,020		19,991		18,956		18,777		18,210
2020											25,433		28,131		31,555		34,705		34,650
2021													39,999		44,857		47,505		46,526
2022															47,262		51,101		50,544
2023																	53,635		58,449
2024																			55,536
Total																			$	327,929


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	2,058	$	4,666	$	6,165	$	6,919	$	7,329	$	7,654	$	7,728	$	7,824	$	8,007	$	8,034
2016			1,894		5,123		6,888		10,732		10,896		11,711		12,142		12,321		12,567
2017					1,223		6,682		13,065		15,854		18,219		20,655		20,770		21,752
2018							885		4,972		10,495		12,631		14,059		15,424		16,457
2019									4,358		5,125		9,958		13,007		14,914		15,740
2020											5,375		15,678		20,903		26,523		29,084
2021													8,347		18,106		27,156		34,120
2022															13,018		23,284		30,131
2023																	13,145		26,983
2024																			14,745
Total																			$	209,613
All outstanding losses and loss adjustment expenses prior to 2015, net of reinsurance (1 claim outstanding)																			$	—
Outstanding losses and loss adjustment expenses, assumed from involuntary pools																			$	1,125
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	119,441

Schedule of Reserve for Losses and Loss Adjustment Expenses


E&S – excluding commercial auto	$	909,361
E&S – commercial auto	37,104
Specialty Admitted – individual risk workers’ compensation	20,372
Specialty Admitted – fronting and programs	119,441
Net reserve for losses and loss adjustment expenses	1,086,278
Reinsurance recoverables on unpaid losses (gross of $1.2 million allowance for credit losses on reinsurance recoverables)	1,998,128
Gross reserve for losses and loss adjustment expenses	$	3,084,406

Schedule of Average Annual Percentage Payouts of Incurred Claims by Age, Net of Reinsurance

The following is unaudited supplementary information about average annual percentage payouts of incurred claims by age, net of reinsurance, as of December 31, 2024.


	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
E&S – excluding commercial auto	3.4	%	11.5	%	14.7	%	16.4	%	14.7	%	11.5	%	8.5	%	7.4	%	5.5	%	1.6	%
E&S – commercial auto	10.9	%	16.3	%	21.6	%	20.2	%	14.3	%	7.4	%	3.5	%	1.8	%	1.0	%	0.1	%
Specialty Admitted – individual risk workers’ compensation	29.1	%	32.3	%	15.5	%	7.7	%	6.1	%	3.3	%	1.9	%	1.0	%	1.0	%	0.7	%
Specialty Admitted – fronting and programs	19.8	%	21.4	%	20.1	%	13.3	%	8.0	%	5.0	%	3.7	%	3.8	%	2.4	%	2.1	%

Schedule of Incurred But Not Reported Liabilities and Claims Frequency

Excess and Surplus Lines — Excluding Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR before E&S ADC		IBNR net of E&S ADC		Cumulative # of Reported Claims
	($ in thousands)
2015	$	122,048	$	4,065	$	1,765	2,739
2016	148,400		6,758		2,841		3,807
2017	155,593		9,949		4,336		4,963
2018	173,186		12,942		5,904		6,156
2019	228,076		29,201		12,652		7,284
2020	273,883		59,368		28,306		6,980
2021	307,338		104,355		45,322		6,074
2022	320,146		145,381		61,332		5,628
2023	330,330		232,184		97,166		4,456
2024	360,426		330,304		330,304		2,885

Excess and Surplus Lines — Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR before Commercial Auto LPT& E&S ADC		IBNR net of Commercial Auto LPT & E&S ADC		Cumulative # of Reported Claims
	($ in thousands)
2015	$	37,778	$	25	$	1	41,771
2016	165,121		169		6		89,117
2017	376,306		2,477		84		134,150
2018	389,261		4,126		6		97,342
2019	416,654		10,790		33		71,494
2020	22,062		1,873		827		637
2021	19,998		3,974		1,666		791
2022	19,730		6,699		2,587		528
2023	16,089		7,714		3,154		299
2024	11,602		10,735		10,735		203

Specialty Admitted - Individual Risk Workers’ Compensation


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2015	$	16,071	$	22	975
2016	12,483		19		836
2017	15,306		11		1,093
2018	11,773		20		1,238
2019	17,227		180		1,555
2020	18,277		340		1,381
2021	12,409		293		1,301
2022	10,814		281		1,050
2023	18,772		446		907
2024	9,877		2,838		283

Specialty Admitted — Fronting and Programs


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2015	$	8,146	$	30	1,363
2016	13,009		124		2,825
2017	22,734		842		6,809
2018	18,230		899		7,416
2019	17,235		976		8,170
2020	32,526		2,125		9,173
2021	39,679		6,846		10,848
2022	39,210		11,335		10,153
2023	42,655		15,794		10,075
2024	23,396		32,140		7,364

Deferred Policy Acquisition Costs

12 Months Ended

Dec. 31, 2024

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

An analysis of deferred policy acquisition costs is as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Balance at beginning of period	$	31,497	$	32,837	$	21,399
Policy acquisition costs deferred:
Commissions	43,720		47,665		38,190
Underwriting and other issue expenses	20,918		23,628		23,057
	64,638		71,293		61,247
Amortization of policy acquisition costs	(65,960)		(72,633)		(49,809)
Net change	(1,322)		(1,340)		11,438
Balance at end of period	$	30,175	$	31,497	$	32,837

Accounting Policies - Narrative (Details)	12 Months Ended
Accounting Policies - Narrative (Details)	Dec. 31, 2024 USD ($) insurance_company shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Accounting Policies [Line Items]
Premiums receivable and agents’ balances, net	$ 243,882,000	$ 249,490,000
Allowance for credit losses	22,300,000	17,900,000
Credit loss expense	6,900,000	2,800,000	$ 1,100,000
Allowance for credit losses written off	2,500,000	1,200,000	1,500,000
Allowance for credit losses on reinsurance recoverables	1,200,000	660,000	580,000
Fee income	4,585,000	5,301,000	3,761,000
Deferred tax assets, valuation allowance	0	0
Impairment of intangible assets	0
Investment in variable interest entities	7,700,000	8,400,000
Excess and Surplus Lines
Accounting Policies [Line Items]
Broker incentive income	$ 5,400,000	$ 1,300,000	$ 471,000
Stock Options, Restricted Stock Units and Convertible Preferred Stock
Accounting Policies [Line Items]
Number of securities excluded from the calculations of diluted (loss) earnings per share (in shares) \| shares	7,886,906	5,722,915	4,728,461
Minimum
Accounting Policies [Line Items]
Intangible assets, useful life (in years)	7 years
Property and equipment, estimated useful lives (in years)	3 years
Maximum
Accounting Policies [Line Items]
Intangible assets, useful life (in years)	27 years 6 months
Property and equipment, estimated useful lives (in years)	10 years
Receivables greater than 90 days past due
Accounting Policies [Line Items]
Premiums receivable and agents’ balances, net	$ 16,400,000	$ 11,500,000
United States
Accounting Policies [Line Items]
Number of insurance companies \| insurance_company	5

Equity Awards - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 24, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 23, 2024	Nov. 11, 2024	Jul. 26, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares used in calculation of intrinsic values (in dollars per share)					$ 4.66	$ 6.62
Share based compensation expense		$ 6,631	$ 9,116	$ 8,122
PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares to be received per PRSU (in shares)							1
Payout for achievement, threshold							50.00%
Payout for achievement, target		100.00%					100.00%
Payout for achievement, maximum							200.00%
Number of awards granted (in shares)		231,492	91,818
Share based compensation expense		$ 451
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		0	0	0
Options outstanding (in shares)		0	74,390	287,974				287,974
Vesting period (in years)			3 years	3 years
Contractual life of option (in years)		7 years
Options exercised (in shares)		0	0	0
Aggregate intrinsic value of options outstanding		$ 0	$ 0	$ 0
Fair value of shares used in calculation of intrinsic values (in dollars per share)			$ 9.24	$ 20.91
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Total fair value of shares vested		$ 2,700	$ 5,600	$ 3,800
Number of awards granted (in shares)		541,520	388,517	560,680
Unrecognized share based compensation expense		$ 6,300
Weighted-average period of unrecognized share based compensation expense (in years)		1 year 7 months 6 days
RSUs \| Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		1 year
2014 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, additional shares authorized (in shares)	525,000
Maximum number of shares available for issuance (in shares)		5,507,650
Number of shares available for grant (in shares)		1,716,316
2014 Non-Employee Director Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, additional shares authorized (in shares)	100,000
Maximum number of shares available for issuance (in shares)		250,000
Number of shares available for grant (in shares)		131,927

Other Operating Expenses and Other Expenses

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Other Operating Expenses and Other Expenses

Other operating expenses consist of the following:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Amortization of policy acquisition costs	$	65,960	$	72,633	$	49,809
Other underwriting expenses of the insurance segments	92,266		87,083		71,501
Other operating expenses of the Corporate and Other segment	34,972		33,940		31,260
Total	$	193,198	$	193,656	$	152,570

Other expenses of $6.1 million, $3.8 million, and $795,000 for the years ended December 31, 2024, 2023, and 2022, respectively, primarily consist of certain nonoperating expenses including legal fees related to a class action lawsuit, and legal and other professional fees and other expenses related to various strategic initiatives.

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands			12 Months Ended			42 Months Ended
	Sep. 27, 2021	Jul. 01, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			$ 76,079	$ 31,636	$ (4,360)
Excess and Surplus Lines
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			76,700	32,600	(210)
Aleka \| Excess and Surplus Lines \| Commercial Auto LPT \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			7,700			$ 7,700
Rasier \| Excess and Surplus Lines \| Commercial Auto LPT \| Indemnity Trust
Contingent Liabilities [Line Items]
Required collateral percentage	102.00%
Cash equivalent collateral returned to trust	$ 691,300
Cash equivalent collateral trust arrangement			64,700			64,700
Rasier \| Excess and Surplus Lines \| Commercial Auto LPT \| Indemnity Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			82,100			82,100
Rasier \| Excess and Surplus Lines \| Commercial Auto LPT \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			17,400			17,400
Rasier And Aleka \| Excess and Surplus Lines \| Commercial Auto LPT \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			28,700			28,700
Commercial Auto LPT \| Excess and Surplus Lines \| Commercial Auto LPT
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			3,051	64,403	46,697	114,200
Cumulative amounts ceded under loss portfolio transfer			459,300	$ 456,200	$ 391,800	459,300
Commercial Auto LPT \| Aleka \| Excess and Surplus Lines \| Commercial Auto LPT
Contingent Liabilities [Line Items]
Reinsurance premium		$ 345,100
Required collateral percentage	102.00%
Reinsurance recoverables			36,600			36,600
Commercial Auto LPT \| Aleka \| Excess and Surplus Lines \| Commercial Auto LPT \| LPT Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			30,100			30,100
Commercial Auto LPT \| Aleka \| Excess and Surplus Lines \| Commercial Auto LPT \| LPT Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			$ 37,800			$ 37,800

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 11, 2007
Business Acquisition [Line Items]
Goodwill impairment		$ 0	$ 0	$ 0
Goodwill		181,831,000	181,831,000	181,831,000
Accumulated goodwill impairment losses		99,600,000	99,600,000
Impairment of intangible assets		0	2,500,000	0
Amortization of intangible assets		363,000	363,000	363,000
Excess and Surplus Lines
Business Acquisition [Line Items]
Amortization of intangible assets		363,000	363,000	363,000
Excess and Surplus Lines \| Trademarks
Business Acquisition [Line Items]
Amortization of intangible assets		0	0
Specialty Admitted Insurance
Business Acquisition [Line Items]
Amortization of intangible assets		0	0	$ 0
Specialty Admitted Insurance \| Trademarks
Business Acquisition [Line Items]
Amortization of intangible assets		$ 0	$ 0
Specialty Admitted Insurance \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Individual Risk Workers' Compensation \| Trademarks
Business Acquisition [Line Items]
Impairment of intangible assets	$ 2,500,000
James River Group, Inc.
Business Acquisition [Line Items]
Percentage of outstanding shares acquired					100.00%

Reserve for Losses and Loss Adjustment Expenses - Average Annual Percentage Payouts of Incurred Claims (Details)	Dec. 31, 2024
Excluding Commercial Auto \| Excess and Surplus Lines
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.40%
Year 2	11.50%
Year 3	14.70%
Year 4	16.40%
Year 5	14.70%
Year 6	11.50%
Year 7	8.50%
Year 8	7.40%
Year 9	5.50%
Year 10	1.60%
Commercial Auto \| Excess and Surplus Lines
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.90%
Year 2	16.30%
Year 3	21.60%
Year 4	20.20%
Year 5	14.30%
Year 6	7.40%
Year 7	3.50%
Year 8	1.80%
Year 9	1.00%
Year 10	0.10%
Individual Risk Workers' Compensation \| Specialty Admitted Insurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	29.10%
Year 2	32.30%
Year 3	15.50%
Year 4	7.70%
Year 5	6.10%
Year 6	3.30%
Year 7	1.90%
Year 8	1.00%
Year 9	1.00%
Year 10	0.70%
Fronting and Programs \| Specialty Admitted Insurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	19.80%
Year 2	21.40%
Year 3	20.10%
Year 4	13.30%
Year 5	8.00%
Year 6	5.00%
Year 7	3.70%
Year 8	3.80%
Year 9	2.40%
Year 10	2.10%

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Apr. 16, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash payment			$ 96,412	$ 0	$ 0
Loss on disposal			4,051	80,400	0
Discontinued Operations, Disposed of by Sale \| Jrg Re
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated transaction value	$ 291,400
Cash payment	152,400
Pre close dividend	139,000
Downward adjustment	11,400
Downward adjustment disputed	54,100
Pre close dividend, forgiveness	133,200
Cash paid to JRGH	$ 5,800			5,800
Estimated loss on sale		$ 80,400	78,300
Loss on disposal			4,051	80,400	$ 0
Gain for change in estimated loss on sale			2,100
Selling costs incurred			$ 6,200
Loss on fixed maturity securities				$ 53,200

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits The Company and its subsidiaries offer savings plans (the “Savings Plans”) which qualify under Section 401(k) of the U.S. Internal Revenue Code. Participants may contribute certain percentages of their pre-tax salary to the Savings Plans subject to statutory limitations. The Company and its subsidiaries match employee contributions at various rates up to a maximum contribution of 6.0% of the participant’s earnings subject to certain statutory limits. For the years ended December 31, 2024, 2023, and 2022, the expense associated with the Savings Plans totaled $4.2 million, $4.1 million, and $3.5 million, respectively.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net (loss) income	$ (81,120)	$ (107,684)	$ 30,973

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

SCHEDULE VI - Supplementary Information Concerning Property Casualty Insurance Operations

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]

Supplementary Information Concerning Property Casualty Insurance Operations


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Deferred policy acquisition costs	$	30,175	$	31,497	$	32,837
Reserve for losses and loss adjustment expenses	3,084,406		2,606,107		2,340,963
Unearned premiums	572,034		587,899		578,196
Net earned premiums	600,196		708,005		629,734
Net investment income	93,089		84,046		43,188
Losses and loss adjustment expenses incurred:
Current year	441,058		463,530		429,260
Prior years - retroactive reinsurance	37,237		4,991		15,742
Prior years - excluding retroactive reinsurance	76,079		31,636		(4,360)
Total losses and loss adjustment expenses incurred	554,374		500,157		440,642
Amortization of policy acquisition costs	65,960		72,633		49,809
Paid losses and loss adjustment expenses, net of reinsurance	364,590		328,959		318,355
Net written premiums	580,854		693,901		665,446

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Charlotte, North Carolina
Auditor Firm ID	42

Junior Subordinated Debt (Tables)

12 Months Ended

Dec. 31, 2024

Subordinated Borrowings [Abstract]

Schedule of Junior Subordinated Debt


	James River Capital Trust I	James River Capital Trust II	James River Capital Trust III	James River Capital Trust IV	Franklin Holdings II (Bermuda) Capital Trust I
	($ in thousands)
Issue date	May 26, 2004	December 15, 2004	June 15, 2006	December 11, 2007	January 10, 2008
Principal amount of Trust Preferred Securities	$7,000	$15,000	$20,000	$54,000	$30,000
Principal amount of Junior Subordinated Debt	$7,217	$15,464	$20,619	$55,670	$30,928
Carrying amount of Junior Subordinated Debt net of repurchases	$7,217	$15,464	$20,619	$44,827	$15,928
Maturity date of Junior Subordinated Debt, unless accelerated earlier	May 24, 2034	December 15, 2034	June 15, 2036	December 15, 2037	March 15, 2038
Trust common stock	$217	$464	$619	$1,670	$928
Interest rate, per annum	Three-Month SOFR plus 4.3%	Three-Month SOFR plus 3.7%	Three-Month SOFR plus 3.3%	Three-Month SOFR plus 3.4%	Three-Month SOFR plus 4.3%

Reserve for Losses and Loss Adjustment Expenses - Cumulative Paid Losses and Loss Adjustment Expenses (Details) $ in Thousands	Dec. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Claims Development [Line Items]
Reinsurance recoverable on unpaid losses, net	$ 1,996,913	$ 1,358,474
Excess and Surplus Lines \| E&S ADC
Claims Development [Line Items]
Reinsurance recoverable on unpaid losses, net	313,242	0	$ 0
Excluding Commercial Auto \| Excess and Surplus Lines
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	1,175,562
All outstanding losses and loss adjustment expenses, net of reinsurance	$ 14,834
Claims outstanding \| claim	81
Total outstanding losses and loss adjustment expenses, net of reinsurance	$ 909,361
Excluding Commercial Auto \| Excess and Surplus Lines \| E&S ADC
Claims Development [Line Items]
All outstanding losses and loss adjustment expenses, net of reinsurance	1,243,864
Reinsurance recoverable on unpaid losses, net	349,337
Excluding Commercial Auto \| Excess and Surplus Lines \| 2015
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	112,793	110,860	103,138	$ 94,494	$ 87,344	$ 73,455	$ 55,911	$ 34,801	$ 17,164	$ 4,048
Excluding Commercial Auto \| Excess and Surplus Lines \| 2016
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	133,928	126,916	116,059	102,072	90,166	70,105	46,045	22,852	5,180
Excluding Commercial Auto \| Excess and Surplus Lines \| 2017
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	132,182	120,229	102,866	81,303	64,924	42,764	22,956	5,290
Excluding Commercial Auto \| Excess and Surplus Lines \| 2018
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	138,319	124,903	105,538	76,494	50,679	26,160	6,000
Excluding Commercial Auto \| Excess and Surplus Lines \| 2019
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	166,472	136,289	103,836	62,227	31,346	8,235
Excluding Commercial Auto \| Excess and Surplus Lines \| 2020
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	168,550	117,892	73,106	34,561	8,642
Excluding Commercial Auto \| Excess and Surplus Lines \| 2021
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	154,168	100,649	55,070	11,693
Excluding Commercial Auto \| Excess and Surplus Lines \| 2022
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	108,960	51,537	12,713
Excluding Commercial Auto \| Excess and Surplus Lines \| 2023
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	49,094	10,927
Excluding Commercial Auto \| Excess and Surplus Lines \| 2024
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	11,096
Commercial Auto \| Excess and Surplus Lines
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	1,389,554
All outstanding losses and loss adjustment expenses, net of reinsurance	$ 25
Claims outstanding \| claim	0
Total outstanding losses and loss adjustment expenses, net of reinsurance	$ 37,104
Commercial Auto \| Excess and Surplus Lines \| Commercial Auto LPT
Claims Development [Line Items]
All outstanding losses and loss adjustment expenses, net of reinsurance	85,047
Reinsurance recoverable on unpaid losses, net	35,315
Commercial Auto \| Excess and Surplus Lines \| E&S ADC
Claims Development [Line Items]
Reinsurance recoverable on unpaid losses, net	12,653
Commercial Auto \| Excess and Surplus Lines \| 2015
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	37,753	37,725	37,462	36,710	35,983	34,819	31,592	24,282	15,234	8,356
Commercial Auto \| Excess and Surplus Lines \| 2016
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	164,491	162,219	158,819	152,030	141,545	125,108	89,381	54,054	18,295
Commercial Auto \| Excess and Surplus Lines \| 2017
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	369,931	364,501	344,235	309,860	252,169	192,961	107,377	41,467
Commercial Auto \| Excess and Surplus Lines \| 2018
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	379,246	368,865	329,009	257,346	184,686	119,099	45,136
Commercial Auto \| Excess and Surplus Lines \| 2019
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	393,141	358,920	285,725	192,982	107,182	44,225
Commercial Auto \| Excess and Surplus Lines \| 2020
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	17,705	14,151	7,304	2,854	628
Commercial Auto \| Excess and Surplus Lines \| 2021
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	12,936	10,325	4,313	2,810
Commercial Auto \| Excess and Surplus Lines \| 2022
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	8,691	5,365	1,897
Commercial Auto \| Excess and Surplus Lines \| 2023
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	5,341	2,066
Commercial Auto \| Excess and Surplus Lines \| 2024
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	319
Individual Risk Workers' Compensation \| Specialty Admitted Insurance
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	130,347
All outstanding losses and loss adjustment expenses, net of reinsurance	151
Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools	$ 3,106
Claims outstanding \| claim	2
Total outstanding losses and loss adjustment expenses, net of reinsurance	$ 20,372
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2015
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	16,071	16,071	16,071	16,069	16,068	15,901	15,889	15,118	13,285	6,604
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2016
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	12,483	12,483	12,483	12,483	12,481	12,432	12,135	10,227	4,664
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2017
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	15,286	15,279	15,236	15,210	15,195	14,285	12,782	6,546
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2018
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	11,747	11,752	11,765	11,746	11,412	9,034	4,497
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2019
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	17,179	17,154	16,909	16,254	13,776	5,473
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2020
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	17,606	17,206	16,665	14,668	7,394
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2021
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	11,865	11,679	10,780	5,874
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2022
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	10,348	9,732	5,943
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2023
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	12,764	6,126
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2024
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	4,998
Fronting and Programs \| Specialty Admitted Insurance
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	209,613
All outstanding losses and loss adjustment expenses, net of reinsurance	0
Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools	$ 1,125
Claims outstanding \| claim	1
Total outstanding losses and loss adjustment expenses, net of reinsurance	$ 119,441
Fronting and Programs \| Specialty Admitted Insurance \| 2015
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	8,034	8,007	7,824	7,728	7,654	7,329	6,919	6,165	4,666	$ 2,058
Fronting and Programs \| Specialty Admitted Insurance \| 2016
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	12,567	12,321	12,142	11,711	10,896	10,732	6,888	5,123	$ 1,894
Fronting and Programs \| Specialty Admitted Insurance \| 2017
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	21,752	20,770	20,655	18,219	15,854	13,065	6,682	$ 1,223
Fronting and Programs \| Specialty Admitted Insurance \| 2018
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	16,457	15,424	14,059	12,631	10,495	4,972	$ 885
Fronting and Programs \| Specialty Admitted Insurance \| 2019
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	15,740	14,914	13,007	9,958	5,125	$ 4,358
Fronting and Programs \| Specialty Admitted Insurance \| 2020
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	29,084	26,523	20,903	15,678	$ 5,375
Fronting and Programs \| Specialty Admitted Insurance \| 2021
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	34,120	27,156	18,106	$ 8,347
Fronting and Programs \| Specialty Admitted Insurance \| 2022
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	30,131	23,284	$ 13,018
Fronting and Programs \| Specialty Admitted Insurance \| 2023
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	26,983	$ 13,145
Fronting and Programs \| Specialty Admitted Insurance \| 2024
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 14,745

Shareholders' Equity - Summary of Cash Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Dividend declared per share (in dollars per share)	$ 0.01	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.16	$ 0.20	$ 0.20
Total Amount	$ 446	$ 1,938	$ 1,939	$ 1,940	$ 1,919	$ 1,922	$ 1,921	$ 1,922	$ 1,908	$ 1,908	$ 1,908	$ 1,908	$ 6,263	$ 7,684	$ 7,632

Equity Awards - Compensation Expense (Details) - RSUs $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 6.3
Weighted-average period of unrecognized share based compensation expense	1 year 7 months 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	$ 390,579	$ 186,672
Fixed maturity securities, less than 12 months, gross unrealized losses	(10,833)	(2,297)
Fixed maturity securities, 12 months or more, fair value	621,786	806,963
Fixed maturity securities, 12 months or more, gross unrealized losses	(79,873)	(85,693)
Fixed maturity securities, fair value	1,012,365	993,635
Fixed maturity securities, gross unrealized losses	(90,706)	(87,990)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	35,979	30,196
Fixed maturity securities, less than 12 months, gross unrealized losses	(1,087)	(287)
Fixed maturity securities, 12 months or more, fair value	146,547	168,517
Fixed maturity securities, 12 months or more, gross unrealized losses	(25,956)	(26,172)
Fixed maturity securities, fair value	182,526	198,713
Fixed maturity securities, gross unrealized losses	(27,043)	(26,459)
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	179,807	68,497
Fixed maturity securities, less than 12 months, gross unrealized losses	(5,285)	(1,256)
Fixed maturity securities, 12 months or more, fair value	140,559	145,954
Fixed maturity securities, 12 months or more, gross unrealized losses	(20,584)	(18,123)
Fixed maturity securities, fair value	320,366	214,451
Fixed maturity securities, gross unrealized losses	(25,869)	(19,379)
Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	149,149	55,970
Fixed maturity securities, less than 12 months, gross unrealized losses	(4,281)	(532)
Fixed maturity securities, 12 months or more, fair value	220,743	290,308
Fixed maturity securities, 12 months or more, gross unrealized losses	(25,202)	(28,315)
Fixed maturity securities, fair value	369,892	346,278
Fixed maturity securities, gross unrealized losses	(29,483)	(28,847)
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	17,991	24,048
Fixed maturity securities, less than 12 months, gross unrealized losses	(65)	(151)
Fixed maturity securities, 12 months or more, fair value	101,525	182,295
Fixed maturity securities, 12 months or more, gross unrealized losses	(7,827)	(12,376)
Fixed maturity securities, fair value	119,516	206,343
Fixed maturity securities, gross unrealized losses	(7,892)	(12,527)
U.S. Treasury securities and obligations guaranteed by the U.S. government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	7,653	7,961
Fixed maturity securities, less than 12 months, gross unrealized losses	(115)	(71)
Fixed maturity securities, 12 months or more, fair value	12,412	19,889
Fixed maturity securities, 12 months or more, gross unrealized losses	(304)	(707)
Fixed maturity securities, fair value	20,065	27,850
Fixed maturity securities, gross unrealized losses	$ (419)	$ (778)

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities The Company is involved in various legal proceedings, including commercial matters and litigation regarding insurance claims which arise in the ordinary course of business. In addition, the Company is involved from time to time in legal actions which seek extra-contractual damages, punitive damages or penalties, including claims alleging bad faith in the handling of insurance claims. The Company believes that the outcome of such matters, individually and in the aggregate, is not reasonably likely to have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows. On November 13, 2023, a purported class action lawsuit was filed in the U.S. District Court, Southern District of New York, on behalf of Paul Glantz against James River Group Holdings, Ltd. and certain of its officers, asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. On January 12, 2024, both Mr. Glantz and Madhav Ghimire, another individual shareholder, filed an application with the court for appointment as lead plaintiff, and on January 26, 2024 Mr. Glantz filed a notice of non-opposition to Mr. Ghimire's competing motion for appointment as lead plaintiff. On March 25, 2024 the court entered an order appointing Mr. Ghimire as lead plaintiff. On May 24, 2024, plaintiff filed its consolidated amended complaint alleging that he acquired the Company’s common stock at artificially inflated pricing between May 2, 2023 and November 7, 2023, inclusive, that the Company knew and/or recklessly disregarded that it had improperly accounted for reinsurance premiums and did not have effective internal control over financial reporting, and that as a result, he suffered unspecified damages, and seeking unspecified damages, costs, attorneys' fees and such other relief as the court may deem proper. On July 23, 2024 the Company filed a motion to dismiss the consolidated amended complaint. On September 6, 2024, the plaintiff filed its Opposition to Motion to Dismiss and on October 8, 2024, the Company filed its Reply to the plaintiff's Opposition to Motion to Dismiss. On January 23, 2025 the court granted the Company's Motion to Dismiss with prejudice. On March 11, 2024, the Company filed a complaint (the “Complaint”) in the Supreme Court of the State of New York, New York County, Commercial Division against Fleming Intermediate Holdings LLC (“Fleming”), a Cayman Islands limited liability company, relating to the previously announced Stock Purchase Agreement, dated as of November 8, 2023 (the “Stock Purchase Agreement”), pursuant to which Fleming agreed to purchase all of the outstanding common shares of JRG Re (the “Transaction”). The complaint alleges that Fleming breached the Stock Purchase Agreement by its refusal to close the Transaction on March 1, 2024 as required under the terms of the Stock Purchase Agreement, and seeks specific performance of Fleming’s obligation to complete the Transaction and an award of damages. The Company subsequently filed a motion for preliminary injunction to require Fleming to fulfill its contractual obligation to close the Transaction, and on April 6, 2024 the Court granted the Company’s motion and ordered Fleming to complete the Transaction on or prior to April 16, 2024. On April 8, 2024, Fleming filed a notice of appeal of the preliminary injunction, which Fleming withdrew on October 9, 2024. The Transaction closed on April 16, 2024. On April 19, 2024, Fleming filed a motion to dismiss the Complaint. On May 9, 2024, the Company filed an amended complaint seeking, among other things, specific performance and damages suffered as a result of Fleming's breach of the Stock Purchase Agreement. On June 6, 2024, Fleming filed a motion to dismiss the amended complaint, on July 3, 2024 the Company filed an opposition to the motion to dismiss, on July 24, 2024 Fleming filed its reply to the opposition, and on October 29, 2024 the court heard oral argument on the motion to dismiss. On July 15, 2024, Fleming filed a lawsuit in the U.S. District Court, Southern District of New York against James River Group Holdings, Ltd. and certain of its officers, asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, common law fraud, and breaches of contract, and seeking unspecified monetary damages, including compensatory, consequential and punitive damages, all associated with Fleming's purchase of JRG Re pursuant to the Stock Purchase Agreement. On July 31, 2024, Fleming filed an amended complaint, on September 13, 2024 the Company filed a motion to dismiss the amended complaint, and on October 18, 2024 Fleming filed a second amended complaint. On November 15, 2024, the Company filed a motion to dismiss the second amended complaint, on December 23, 2024 Fleming filed an opposition to the motion to dismiss, and on January 17, 2025 the Company filed its reply to Fleming's opposition. The Company believes that it has substantial defenses and intends to vigorously defend this lawsuit. Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book James River previously issued a set of commercial auto insurance contracts (the “Rasier Commercial Auto Policies”) to Rasier under which James River pays losses and loss adjustment expenses on the contracts. James River has indemnity agreements with Rasier (non-insurance entities) (collectively, the “Indemnity Agreements”) and is contractually entitled to reimbursement for the portion of the losses and loss adjustment expenses paid on behalf of Rasier under the Rasier Commercial Auto Policies and other expenses incurred by James River. On September 27, 2021, James River entered into the Commercial Auto LPT with Aleka to reinsure substantially all of the Rasier Commercial Auto Policies for which James River is not otherwise indemnified by Rasier under the Indemnity Agreements. Under the terms of the Commercial Auto LPT, effective as of July 1, 2021, James River ceded to Aleka approximately $345.1 million of commercial auto liabilities relating to Rasier Commercial Auto Policies written in the years 2013-2019, which amount constituted the reinsurance premium. Since inception, due to adverse paid and reported loss trends on the legacy Rasier business, the Company has recognized adverse prior year development of $114.2 million on the reserves subject to the Commercial Auto LPT, bringing the cumulative amount ceded under the Commercial Auto LPT to $459.3 million at December 31, 2024. Each of Rasier and Aleka are required to post collateral under the Indemnity Agreements and the Commercial Auto LPT: •Pursuant to the Indemnity Agreements, Rasier is required to post collateral equal to 102% of James River's estimate of the amounts that are recoverable or may be recoverable under the Indemnity Agreements, including, among other things, case loss and loss adjustment expense reserves, IBNR loss and loss adjustment expense reserves, extra contractual obligations and excess policy limits liabilities. The collateral is provided through a collateral trust arrangement (the “Indemnity Trust”) in favor of James River by Aleka. In connection with the execution of the Commercial Auto LPT, James River returned $691.3 million to the Indemnity Trust, representing the remaining balance of the amount withdrawn in October 2019, as was permitted under the indemnification agreements with Rasier and the associated trust agreement. At December 31, 2024, the balance in the Indemnity Trust was $64.7 million, and, together with the balance of the Loss Fund Trust (as defined below) attributable to the Indemnity Agreements as described below, the total balance of collateral securing Rasier’s obligations under the Indemnity Agreements was $82.1 million. •Pursuant to the Commercial Auto LPT, Aleka is required to post collateral equal to 102% of James River's estimate of Aleka's obligations under the Commercial Auto LPT, calculated in accordance with standard actuarial principles and based on reserves recorded in the Company's statutory financial statements. The collateral is provided through a collateral trust arrangement (the “LPT Trust”) established in favor of James River by Aleka. At December 31, 2024, the balance in the LPT Trust was $30.1 million, and, together with the balance of the Loss Fund Trust (as defined below) attributable to the Commercial Auto LPT as described below, the total balance of collateral securing Aleka’s obligations under the Commercial Auto LPT was $37.8 million. At December 31, 2024, the total reinsurance recoverables under the Commercial Auto LPT was $36.6 million. In connection with the execution of the Commercial Auto LPT, James River and Aleka entered into an administrative services agreement (the “Administrative Services Agreement”) with a third party claims administrator (the “Administrator”) pursuant to which the Administrator handles the claims on the Rasier Commercial Auto Policies for the remaining life of those claims. The claims paid by the Administrator are reimbursable by James River, and pursuant to the Administrative Services Agreement, James River established a loss fund trust account for the benefit of the Administrator (the “Loss Fund Trust”) to collateralize its claims payment reimbursement obligations. James River funds the Loss Fund Trust using funds withdrawn from the Indemnity Trust, funds withdrawn from the LPT Trust, and its own funds, in each case in an amount equal to the pro rata portion of the required Loss Fund Trust balance attributable to the Indemnity Agreements, the Commercial Auto LPT and James River’s existing third party reinsurance agreements, respectively. At December 31, 2024, the balance in the Loss Fund Trust was $28.7 million, including $17.4 million representing collateral supporting Rasier’s obligations under the Indemnity Agreements and $7.7 million representing collateral supporting Aleka’s obligations under the Commercial Auto LPT. Funds posted to the Loss Fund Trust are classified as restricted cash equivalents on the Company's balance sheet. While the Commercial Auto LPT brings economic finality to substantially all of the Rasier Commercial Auto Policies, the Company has credit exposure to Rasier and Aleka under the Indemnity Agreements and the Commercial Auto LPT if the estimated losses and expenses of the Rasier Commercial Auto Policies grow at a faster pace than the growth in our collateral balances. In addition, the Company has credit exposure if its estimates of future losses and loss adjustment expenses and other amounts recoverable under the Indemnity Agreements and the Commercial Auto LPT, which are the basis for establishing the collateral balances, are lower than actual amounts paid or payable. The amount of credit exposure in any of these instances could be material. To mitigate these risks, the Company closely and frequently monitors exposure compared to collateral held, and requests additional collateral in accordance with the terms of the Commercial Auto LPT and Indemnity Agreements when its analysis indicates that the Company has uncollateralized exposure.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net of accumulated depreciation, is included in "other assets" on the consolidated balance sheets and consists of the following:


	December 31,
	2024		2023
	(in thousands)
Electronic data processing hardware and software	$	24,902	$	19,693
Furniture and equipment	1,763		2,136
Property and equipment, cost basis	26,665		21,829
Accumulated depreciation	(6,892)		(4,834)
Property and equipment, net	$	19,773	$	16,995

Reserve for Losses and Loss Adjustment Expenses - Retroactive Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended			42 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Retroactive Reinsurance [Line Items]
Deferred retroactive reinsurance gain at beginning of period	$ 20,733
Adverse prior year development ceded on subject business	76,079	$ 31,636	$ (4,360)
Deferred retroactive reinsurance gain at end of period	57,970	20,733		$ 57,970
Excess and Surplus Lines
Retroactive Reinsurance [Line Items]
Adverse prior year development ceded on subject business	76,700	32,600	(210)
Commercial Auto LPT And E&S ADC \| Excess and Surplus Lines
Retroactive Reinsurance [Line Items]
Deferred retroactive reinsurance gain at beginning of period	20,733	15,742	0
Adverse prior year development ceded on subject business	51,799	64,403	46,697
Retroactive reinsurance benefits under the recovery method	(14,562)	(59,412)	(30,955)
Deferred retroactive reinsurance gain at end of period	57,970	20,733	15,742	57,970
Commercial Auto LPT \| Excess and Surplus Lines \| Commercial Auto LPT
Retroactive Reinsurance [Line Items]
Deferred retroactive reinsurance gain at beginning of period	20,733	15,742	0
Adverse prior year development ceded on subject business	3,051	64,403	46,697	114,200
Retroactive reinsurance benefits under the recovery method	(14,562)	(59,412)	(30,955)
Deferred retroactive reinsurance gain at end of period	9,222	20,733	15,742	9,222
E&S ADC \| Excess and Surplus Lines
Retroactive Reinsurance [Line Items]
Deferred retroactive reinsurance gain at beginning of period	0	0	0
Adverse prior year development ceded on subject business	48,748	0	0
Retroactive reinsurance benefits under the recovery method	0	0	0
Deferred retroactive reinsurance gain at end of period	$ 48,748	$ 0	$ 0	$ 48,748

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	$ 26,665	$ 21,829
Accumulated depreciation	(6,892)	(4,834)
Property and equipment, net	19,773	16,995
Electronic data processing hardware and software
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	24,902	19,693
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	$ 1,763	$ 2,136

Discontinued Operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On November 8, 2023, the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Fleming Intermediate Holdings LLC, a Cayman Islands limited liability company (the “Buyer”). Pursuant to the Stock Purchase Agreement, and on the terms and subject to the conditions therein, the Buyer agreed to purchase from the Company all of the common shares of JRG Re. JRG Re comprised the remaining operations of the former Casualty Reinsurance segment, and the sale of JRG Re, which closed on April 16, 2024, resulted in the Company’s disposition of its casualty reinsurance business and related assets.

Pursuant to the terms of the Stock Purchase Agreement, the aggregate purchase price received by the Company, after giving effect to estimated adjustments based on changes in JRG Re’s adjusted net worth between March 31, 2023 and the closing, totaled approximately $291.4 million (the “Closing Date Purchase Price”). The aggregate Closing Date Purchase Price was comprised of (i) $152.4 million paid in cash by the Buyer and (ii) an aggregate $139.0 million dividend and distribution from contributed surplus by JRG Re to the Company. In accordance with the Stock Purchase Agreement, the cash portion of the purchase price was calculated based on an estimated balance sheet of JRG Re as of the date of closing. The estimated balance sheet is subject to final post-closing adjustments, which resulted in the downward adjustment to the purchase price discussed below.

The Buyer delivered a closing statement to the Company, and pursuant to the procedures in the Stock Purchase Agreement, the Company has given its notice of disagreement with the Buyer’s closing statement. In its notice of disagreement, the Company (i) agreed with an $11.4 million downward adjustment to the Closing Date Purchase Price due to losses from JRG Re’s operations between the date of the balance sheet used to produce the estimated closing statement and the Closing Date, which downward adjustment was paid to the Buyer on October 18, 2024, and (ii) disputed $54.1 million in aggregate downward adjustments to the Closing Date Purchase Price claimed by the Buyer, which the Company believes are unsupported by the facts known to the Company and the terms of the Stock Purchase Agreement. The Stock Purchase Agreement provides procedures for resolving disputes between the parties regarding the closing statement and it is possible that the resolution of these disputes could result in a significant reduction to the amount of the purchase price.

The Company determined that the sale of JRG Re met the criteria to be classified as held for sale at December 31, 2023 and that the sale represented a strategic shift that will have a major effect on its operations. Accordingly, the results of JRG Re's operations have been presented as discontinued operations, and the assets and liabilities of JRG Re at December 31, 2023 have been classified as held for sale and segregated for all periods presented in this Annual Report on Form 10-K.

The $139.0 million pre-closing dividend includes the forgiveness of $133.2 million owed from JRGH to JRG Re and $5.8 million which was paid in cash to JRGH. In the fourth quarter of 2023, after giving effect to the pre-closing dividend, the Company recorded an estimated loss on sale of $80.4 million to write down the carrying value of JRG Re to its estimated fair value based upon the estimated sales price of the transaction less costs to sell and other adjustments in accordance with the Stock Purchase Agreement. At December 31, 2024, the estimated loss on the sale was revised to $78.3 million. The loss on disposal for the year ended December 31, 2024 of $4.1 million includes the $2.1 million gain for the change in the estimated loss on sale and selling costs incurred of $6.2 million. The $5.8 million cash portion of the pre-closing dividend is included in other liabilities at December 31, 2023. The Company also recognized losses of $53.2 million for the year ended December 31, 2023 associated with JRG Re's fixed maturity securities as the Company no longer had the intent or ability to hold securities in an unrealized loss position until a recovery of their fair value could occur. The losses are included in net realized and unrealized (losses) gains on investments in the operating results presented below.

JRG Re's assets and liabilities held for sale at December 31, 2023 were comprised of the following:


	December 31,
	2023
	(in thousands)
Assets
Invested assets:
Fixed maturity securities, at fair value	$	532,242
Equity securities, at fair value	2,779


Total invested assets	535,021
Cash and cash equivalents	13,202
Accrued investment income	3,589
Premiums receivable and agents’ balances, net	68,441
Reinsurance recoverable on unpaid and paid losses, net	234,615

Deferred policy acquisition costs	4,986
Write down of JRG Re to fair value less cost to sell	(80,400)
Other assets	3,939
Assets held for sale	$	783,393

Liabilities
Reserve for losses and loss adjustment expenses	$	441,666
Unearned premiums	17,223
Funds held	137,796
Deferred reinsurance gain	33,167
Accrued expenses	1,955
Other liabilities	9,690
Liabilities held for sale	$	641,497

The operating results of JRG Re reported in discontinued operations were as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Revenues:
Gross written premiums	$	1,137	$	17,357	$	85,208
Ceded written premiums	877		2,178		(2,175)
Net written premiums	2,014		19,535		83,033
Change in net unearned premiums	8,371		75,874		53,394
Net earned premiums	10,385		95,409		136,427
Net investment income	4,432		23,038		27,923
Net realized and unrealized (losses) gains on investments	(9,472)		(53,693)		(12,598)
Other income	—		—		430
Total revenues	5,345		64,754		152,182
Expenses:
Losses and loss adjustment expenses	13,157		120,294		104,172
Other operating expenses	5,039		27,983		42,987
Other expenses	—		1,402		5,202
Interest expense	732		3,568		3,706
Total expenses	18,928		153,247		156,067
Loss from discontinued operations	(13,583)		(88,493)		(3,885)
Loss on disposal of discontinued operations	(4,051)		(80,400)		—
Total loss from discontinued operations	(17,634)		(168,893)		(3,885)

Cash flows from discontinued operations included in the consolidated statements of cash flows were as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)

Net cash used in operating activities of discontinued operations	$	(25,115)	$	(115,907)	$	(25,122)
Net cash provided by investing activities of discontinued operations	63,104		115,145		8,497
Net cash provided by (used in) discontinued operations	$	37,989	$	(762)	$	(16,625)
Interest paid by discontinued operations	$	1,388	$	3,951	$	2,578

Other Comprehensive (Loss) Income - Summary of Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized (losses) gains arising during the period, before U.S. income taxes	$ (9,222)	$ 105,368	$ (219,788)
U.S. income taxes	1,937	(6,313)	26,780
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(7,285)	99,055	(193,008)
Less reclassification adjustment:
Net realized investment (losses) gains	(1,278)	(339)	275
U.S. income taxes	269	71	(261)
Reclassification adjustment for investment (losses) gains realized in net income	(1,009)	(268)	14
Other comprehensive (loss) income	$ (6,276)	$ 99,323	$ (193,022)

Shareholders' Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Shareholders' Equity

The Company has 200,000,000 common shares authorized with $0.0002 par value per share. The following table presents a rollforward of changes in common shares issued and outstanding.


	Year Ended December 31,
	2024	2023

Issued and outstanding common shares, beginning of year	37,641,563	37,470,237
Conversion of Series A Preferred Shares to common shares	5,859,375	—
Enstar common share investment	1,953,125	—
Vesting of RSU awards	190,255	171,326
Issued and outstanding common shares, end of year	45,644,318	37,641,563

On November 11, 2024, the Company amended the Certificate of Designations to, among other things, convert 37,500 outstanding Series A Preferred Shares with a liquidation value of $37.5 million to common shares at a per share price of $6.40, resulting in the issuance of 5,859,375 common shares. The difference between the $6.40 share price per the amended Certificate of Designations and the $6.62 closing price of the Company's shares on November 11, 2024 is considered a deemed dividend for accounting purposes, resulting in a $1.3 million charge to retained deficit.

On November 11, 2024, Enstar Group Limited ("Enstar"), through its subsidiary Cavello Bay Reinsurance Limited, entered into a subscription agreement to purchase $12.5 million of the Company’s common shares at a share price of $6.40. The Enstar investment closed on December 23, 2024, resulting in the issuance of 1,953,125 common shares. The difference between the $6.40 share price per the subscription agreement and the $4.66 closing price of the Company's shares on December 23, 2024 is considered a deemed contribution for accounting purposes, resulting in a $3.4 million increase in additional paid-in-capital.

The Company has 5,757,650 common shares reserved for future issuance upon exercise or vesting of equity awards, as applicable, and 13,521,635 common shares reserved for issuance upon conversion of the Series A Preferred Shares.

The Board of Directors declared the following cash dividends on common shares in 2024, 2023, and 2022:


Date of Declaration	Dividend per Common Share	Payable to Shareholders of Record on	Payment Date	Total Amount (thousands)
2024
February 15, 2024	$0.05	March 11, 2024	March 29, 2024	$	1,940
April 25, 2024	$0.05	June 10, 2024	June 28, 2024	$	1,939
July 25, 2024	$0.05	September 16, 2024	September 30, 2024	$	1,938
November 9, 2024	$0.01	December 16, 2024	December 31, 2024	$	446
Total	$0.16			$	6,263
2023
February 16, 2023	$0.05	March 13, 2023	March 31, 2023	$	1,922
April 27, 2023	$0.05	June 12, 2023	June 30, 2023	$	1,921
July 27, 2023	$0.05	September 11, 2023	September 29, 2023	$	1,922
October 26, 2023	$0.05	December 11, 2023	December 29, 2023	$	1,919
Total	$0.20			$	7,684
2022
February 16, 2022	$0.05	March 14, 2022	March 31, 2022	$	1,908
April 28, 2022	$0.05	June 13, 2022	June 30, 2022	$	1,908
July 26, 2022	$0.05	September 12, 2022	September 30, 2022	$	1,908
October 25, 2022	$0.05	December 12, 2022	December 30, 2022	$	1,908
Total	$0.20			$	7,632

Included in the dividends are $152,000, $159,000 and $141,000 of dividend equivalents on RSUs, of which $252,000, $255,000 and $335,000 were payable as of December 31, 2024, 2023, and 2022, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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+ Details

Other Related Party Transactions	12 Months Ended
Other Related Party Transactions	Dec. 31, 2024
Related Party Transactions [Abstract]
Other Related Party Transactions	Other Related Party Transactions The Company leases a commercial office building which houses the Company’s Richmond, Virginia operations under the terms of a non-cancelable lease from an entity with which it is affiliated. The term of the lease, which has been amended from time to time, runs through 2026. Operating costs under the lease were $2.1 million for each of the years ended December 31, 2024, 2023, and 2022, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Junior Subordinated Debt - Narrative (Details) - Junior Subordinated Debt	12 Months Ended
	Dec. 31, 2024
Debt Instrument [Line Items]
Debt redemption percentage	100.00%
Deferred interest payment period (in years)	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Other Comprehensive (Loss) Income (Tables)

12 Months Ended

Dec. 31, 2024

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Components of Comprehensive Income (Loss)

The following table summarizes the components of other comprehensive income (loss):


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Unrealized (losses) gains arising during the period, before U.S. income taxes	$	(9,222)	$	105,368	$	(219,788)
U.S. income taxes	1,937		(6,313)		26,780
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(7,285)		99,055		(193,008)
Less reclassification adjustment:
Net realized investment (losses) gains	(1,278)		(339)		275
U.S. income taxes	269		71		(261)
Reclassification adjustment for investment (losses) gains realized in net income	(1,009)		(268)		14
Other comprehensive (loss) income	$	(6,276)	$	99,323	$	(193,022)

Statutory Matters - Schedule of Statutory Accounting (Details) - United States - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	$ 40,731	$ 90,469	$ 42,565
Statutory capital and surplus	642,978	615,427	493,303
Minimum required statutory capital and surplus	$ 286,392	$ 220,449	$ 165,809

Segment Information - Gross Written Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total gross written premiums	$ 1,431,772	$ 1,508,660	$ 1,411,372
Excess and Surplus Lines \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	1,017,029	1,007,351	921,164
Excess and Surplus Lines \| Excess Casualty \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	325,017	339,870	310,383
Excess and Surplus Lines \| General Casualty \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	237,632	202,861	173,574
Excess and Surplus Lines \| Manufacturers and Contractors \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	176,494	180,074	156,645
Excess and Surplus Lines \| Excess Property \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	53,254	64,574	52,104
Excess and Surplus Lines \| Energy \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	46,405	51,593	42,290
Excess and Surplus Lines \| Small Business \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	39,946	38,561	36,930
Excess and Surplus Lines \| Allied Health \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	31,791	30,904	34,156
Excess and Surplus Lines \| Commercial Auto \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	27,819	29,379	37,974
Excess and Surplus Lines \| Life Sciences \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	25,642	27,595	32,277
Excess and Surplus Lines \| Sports and Entertainment \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	22,192	17,826	13,934
Excess and Surplus Lines \| Environmental \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	20,096	13,832	20,676
Excess and Surplus Lines \| Professional Liability \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	9,367	9,264	8,936
Excess and Surplus Lines \| Medical Professionals \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	870	955	1,285
Excess and Surplus Lines \| Management Liability \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	504	63	0
Specialty Admitted Insurance \| Operating Segments
Segment Reporting Information [Line Items]
Total gross written premiums	$ 414,743	$ 501,309	$ 490,208

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net of accumulated depreciation, is included in "other assets" on the consolidated balance sheets and consists of the following:


	December 31,
	2024		2023
	(in thousands)
Electronic data processing hardware and software	$	24,902	$	19,693
Furniture and equipment	1,763		2,136
Property and equipment, cost basis	26,665		21,829
Accumulated depreciation	(6,892)		(4,834)
Property and equipment, net	$	19,773	$	16,995

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended												12 Months Ended
	Feb. 20, 2025	Jan. 27, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Line of credit facility, outstanding drawn balance			$ 200,800				$ 222,300								$ 200,800	$ 222,300
Dividend declared per common share (in dollars per share)			$ 0.01	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.16	$ 0.20	$ 0.20
Dividends on Series A preferred shares															$ 10,143	$ 10,500	$ 8,750
Subsequent Event
Subsequent Event [Line Items]
Dividend declared per common share (in dollars per share)	$ 0.01
Value of awards granted	$ 9,100
Subsequent Event \| Convertible Preferred Stock
Subsequent Event [Line Items]
Dividends on Series A preferred shares	$ 2,000
Subsequent Event \| O 2024 Q4 Dividends
Subsequent Event [Line Items]
Dividends payable, date to be paid	Mar. 31, 2025
Dividend payable, record date	Mar. 10, 2025
Subsequent Event \| O 2024 Q4 Dividends \| Convertible Preferred Stock
Subsequent Event [Line Items]
Dividends payable, date to be paid	Mar. 31, 2025
Dividend payable, record date	Mar. 15, 2025
2013 Facility \| Unsecured
Subsequent Event [Line Items]
Line of credit facility, outstanding drawn balance			$ 185,800				$ 185,800								$ 185,800	$ 185,800
2013 Facility \| Unsecured \| Subsequent Event
Subsequent Event [Line Items]
Proceeds from unsecured revolver		$ 25,000
Line of credit facility, outstanding drawn balance		$ 210,800

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Percentage of dividend withholding tax	5.00%	5.00%	5.00%
Dividend distributions to intermediate holding company	$ 0	$ 0	$ 0
Increase to deferred tax asset for additional discount						$ 8,800,000
Deferred tax liability						$ 8,800,000
Transition provision expense					$ 1,100,000
Income tax expense recognized over next six years				$ 5,700,000
Income tax expense recognized per year				$ 950,000
U.S. income (loss) before Federal income taxes	(40,000,000.0)	119,900,000	85,900,000
Net operating loss carryforwards	984,000
Reserve for future tax contingencies	$ 0	0
Percentage of excise tax on reinsurance premiums paid	1.00%
Excise taxes paid	$ 204,000	$ 194,000	$ 842,000

SCHEDULE II - Condensed Financial Information of Registrant - Statements of (Loss) Income and Comprehensive Loss (Parent Company) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Net investment income	$ 93,089	$ 84,046	$ 43,188
Other income	10,716	9,517	4,312
Total revenues	707,626	812,009	661,514
Expenses:
Other operating expenses	193,198	193,656	152,570
Other expenses	6,145	3,792	795
Interest expense	24,666	24,627	13,872
Total expenses	778,746	725,095	608,242
Equity in net (loss) income of subsidiaries	4,133	4,881	2,458
Net (loss) income	(81,120)	(107,684)	30,973
Other comprehensive (loss) income:
Total comprehensive loss	(87,396)	(8,361)	(162,049)
Parent Company
Revenues:
Net investment income	1,860	0	0
Other income	90	88	55
Total revenues	1,950	88	55
Expenses:
Other operating expenses	14,142	14,689	12,890
Other expenses	9,619	4,049	747
Interest expense	15,484	15,685	8,579
Total expenses	39,245	34,423	22,216
Loss before equity in net (loss) income of subsidiaries	(37,295)	(34,335)	(22,161)
Equity in net (loss) income of subsidiaries	(43,825)	(73,349)	53,134
Net (loss) income	(81,120)	(107,684)	30,973
Other comprehensive (loss) income:
Equity in other comprehensive (losses) earnings of subsidiaries	(6,276)	99,323	(193,022)
Total comprehensive loss	$ (87,396)	$ (8,361)	$ (162,049)

Equity Awards - Schedule of Option Activity (Details) - Options - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares
Beginning of period (in shares)	74,390	287,974	287,974
Granted (in shares)	0	0	0
Exercised (in shares)	0	0	0
Lapsed (in shares)	(74,390)	(164,548)	0
Forfeited (in shares)	0	(49,036)	0
End of period (in shares)	0	74,390	287,974
Exercisable, end of period (in shares)	0	74,390	287,974
Weighted- Average Exercise Price
Beginning of period (in dollars per share)	$ 42.17	$ 35.26	$ 35.26
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	0	0	0
Lapsed (in dollars per share)	42.17	32.07	0
Forfeited (in dollars per share)	0	35.50	0
End of period (in dollars per share)	0	42.17	35.26
Exercisable, end of period (in dollars per share)	$ 0	$ 42.17	$ 35.26

Employee Benefits (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Maximum matching employer contribution	6.00%
Expense associated with Savings Plans	$ 4.2	$ 4.1	$ 3.5

Statutory Matters

12 Months Ended

Dec. 31, 2024

Statutory Matters [Abstract]

Statutory Matters

U.S. state insurance laws and regulations prescribe accounting practices for determining statutory net income and capital and surplus for insurance companies. In addition, state regulators may permit statutory accounting practices that differ from prescribed practices. Statutory accounting practices prescribed or permitted by regulatory authorities for the Company’s insurance subsidiaries differ from U.S. GAAP. The principal differences between SAP and GAAP as they relate to the financial statements of the Company’s insurance subsidiaries are (a) policy acquisition costs are expensed as incurred under SAP, whereas they are deferred and amortized under GAAP, (b) certain assets are not admitted for purposes of determining surplus under SAP, (c) the classification and carrying amounts of investments in certain securities are different under SAP and GAAP, and (d) the criteria for providing asset valuation allowances and the methodologies used to determine the amount thereof are different under SAP and GAAP.


	2024		2023		2022
	(in thousands)
Statutory net income (loss)	$	40,731	$	90,469	$	42,565
Statutory capital and surplus	642,978		615,427		493,303
Minimum required statutory capital and surplus	286,392		220,449		165,809

Risk-Based Capital (“RBC”) requirements promulgated by the National Association of Insurance Commissioners require property-casualty insurers to maintain minimum capitalization levels determined based on formulas incorporating various business risks of the insurance subsidiaries. As of December 31, 2024, the insurance subsidiaries’ adjusted capital and surplus exceeds their authorized control level RBC.

Investments - Summary of Private Debt and Equity Investments (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) project	Dec. 31, 2024 USD ($) note	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 12, 2023 USD ($)
Net Investment Income [Line Items]
Carrying Value		$ 36,700	$ 33,134
Investment Income		4,133	4,881	$ 2,458
Investment Income		4,855	5,049	3,408
Cash distributions from LLCs		405	43	4,364
Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value		7,690	8,382
Investment Income		1,740	2,899	3,801
Number of underlying projects sold \| project	2
Proceeds from sale of equity method investments	$ 20,200
Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value		0	1,369
Investment Income		138	244	607
Limited partnerships
Net Investment Income [Line Items]
Carrying Value		15,108	12,578
Investment Income		2,393	1,566	(1,343)
Private Debt
Net Investment Income [Line Items]
Carrying Value		13,902	10,805
Investment Income		584	340	343
Excess and Surplus Lines
Net Investment Income [Line Items]
Carrying Value		36,236	31,709
Investment Income		4,485	4,389	3,174
Excess and Surplus Lines \| Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value		7,690	8,382
Investment Income		1,447	2,375	3,366
Proceeds from sale of equity method investments	17,200	1,700	3,100
Excess and Surplus Lines \| Renewable energy LLCs \| Investment in LLC
Net Investment Income [Line Items]
Cash distributions from LLCs		$ 439	3,700
Excess and Surplus Lines \| Renewable energy LLCs \| Minimum \| Investment in LLC \| Various LLCs
Net Investment Income [Line Items]
Ownership percentage		3.60%
Excess and Surplus Lines \| Renewable energy LLCs \| Maximum \| Investment in LLC \| Various LLCs
Net Investment Income [Line Items]
Ownership percentage		5.00%
Excess and Surplus Lines \| Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value		$ 0	608
Investment Income		$ 61	108	270
Number of notes issued \| note		2
Rate of interest		12.00%
Total principal balance received		$ 608	593
Excess and Surplus Lines \| Limited partnerships
Net Investment Income [Line Items]
Carrying Value		14,644	11,914
Investment Income		2,393	1,566	(805)
Outstanding commitments to invest		4,700
Outstanding commitments to invest in new limited partnership		20,000
Excess and Surplus Lines \| Private Debt
Net Investment Income [Line Items]
Carrying Value		13,902	10,805
Investment Income		$ 584	340	343
Excess and Surplus Lines \| Private Speciality Credit
Net Investment Income [Line Items]
Number of notes issued \| note		2
Excess and Surplus Lines \| Private Speciality Credit \| Notes Receivable One
Net Investment Income [Line Items]
Rate of interest		4.25%
Excess and Surplus Lines \| Private Speciality Credit \| Notes Receivable Two
Net Investment Income [Line Items]
Rate of interest		5.25%
Excess and Surplus Lines \| Bank Holding Companies
Net Investment Income [Line Items]
Rate of interest					7.60%
Investment in private subordinated notes					$ 4,500
Excess and Surplus Lines \| Private Specialty Credit
Net Investment Income [Line Items]
Commitment to invest in notes receivable		$ 2,300
Corporate and Other
Net Investment Income [Line Items]
Carrying Value		464	1,425
Investment Income		370	660	234
Corporate and Other \| Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value		0	0
Investment Income		293	524	435
Proceeds from sale of equity method investments	$ 3,000	293	524
Corporate and Other \| Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value		0	761
Investment Income		$ 77	136	337
Number of notes issued \| note		2
Rate of interest		12.00%
Total principal balance received		$ 761	742
Corporate and Other \| Limited partnerships
Net Investment Income [Line Items]
Carrying Value		464	664
Investment Income		0	0	(538)
Impairment loss				538
Corporate and Other \| Private Debt
Net Investment Income [Line Items]
Carrying Value		0	0
Investment Income		$ 0	$ 0	$ 0

Senior Debt (Details) - USD ($)	Dec. 31, 2024	Apr. 16, 2024	Apr. 15, 2024	Dec. 31, 2023	Aug. 02, 2017	May 26, 2004
Line of Credit Facility [Line Items]
Amount outstanding on line of credit	$ 200,800,000			$ 222,300,000
2013 Facility
Line of Credit Facility [Line Items]
Line of credit current capacity	257,500,000
2013 Facility \| Bank Holding Company
Line of Credit Facility [Line Items]
Commitment to lend	40,900,000
2013 Facility \| Unsecured
Line of Credit Facility [Line Items]
Total capacity	212,500,000
Amount outstanding on line of credit	$ 185,800,000			$ 185,800,000
Line of credit maximum capacity, accordion feature		$ 100,000,000
2013 Facility \| Unsecured \| Secured Overnight Financing Rate (SOFR), Index Adjustment
Line of Credit Facility [Line Items]
Margin above SOFR, percentage rate	0.10%
2013 Facility \| Unsecured \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Margin above SOFR, percentage rate	1.75%
2013 Facility \| Secured
Line of Credit Facility [Line Items]
Total capacity	$ 45,000,000.0	$ 45,000,000	$ 102,500,000
Amount of letters of credit issued	$ 7,500,000
2017 Facility
Line of Credit Facility [Line Items]
Total capacity					$ 100,000,000.0
James River Group Senior Debt
Line of Credit Facility [Line Items]
Principal amount of Junior Subordinated Debt						$ 15,000,000.0
James River Group Senior Debt \| Secured Overnight Financing Rate (SOFR), Index Adjustment
Line of Credit Facility [Line Items]
Margin above SOFR, percentage rate						0.26%
James River Group Senior Debt \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Margin above SOFR, percentage rate						3.85%

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash provided by (used in) operating activities excluding reduction in collateral funds	$ (203.3)	$ 118.7	$ 221.5
Cavello Bay ADC \| Excess and Surplus Lines
Payments for reinsurance	52.8
E&S ADC \| Excess and Surplus Lines
Payments for reinsurance	$ 313.2

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended			42 Months Ended
	Nov. 11, 2024	Jul. 02, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Insurance [Abstract]
Allowance for credit losses on reinsurance recoverables			$ 1,200	$ 660	$ 580	$ 1,200
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss adverse (favorable) reserves			76,079	31,636	(4,360)
Reduction in pre-tax income			71,120	(86,914)	(53,272)
Excess and Surplus Lines
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss adverse (favorable) reserves			76,700	32,600	(210)
Excess and Surplus Lines \| E&S ADC
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss adverse (favorable) reserves			48,748	0	0
Initial loss on contract			52,200
Reinsure excess amount		$ 716,600
Reinsurance, aggregate coverage limit	$ 1,183,700	467,100
Payments for reinsurance		$ 313,200	313,200
Profit commission percentage		50.00%
Carried reserve percentage		104.50%
Profit commission amount		$ 87,000
Reinsurance, amount remaining			41,200			41,200
Excess and Surplus Lines \| E&S ADC \| State National
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Reinsure percentage		85.00%
Reinsurance, aggregate coverage limit		$ 397,000
Excess and Surplus Lines \| Commercial Auto LPT \| Commercial Auto LPT
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss adverse (favorable) reserves			3,051	64,403	46,697	114,200
Cumulative amounts ceded under loss portfolio transfer			459,300	456,200	391,800	459,300
Excess and Surplus Lines \| E&S Top Up ADC
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Reinsure percentage	100.00%
Reinsurance, aggregate coverage limit	$ 75,000		75,000			$ 75,000
Payments for reinsurance	52,800
Reduction in pre-tax income	$ 52,800
Excess and Surplus Lines \| Hurricane
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Liability for catastrophe claims, losses					5,000
Specialty Admitted Insurance
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss adverse (favorable) reserves			$ (607)	$ (972)	$ (4,200)

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,278,337
Equity securities, at cost	$ 82,678	$ 114,107
Series A redeemable preferred shares, authorized (in shares)	165,000	165,000
Series A redeemable preferred shares, issued (in shares)	112,500	150,000
Series A redeemable preferred shares, outstanding (in shares)	112,500	150,000
Common stock, par value (in dollars per share)	$ 0.0002	$ 0.0002
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	45,644,318	37,641,563
Common stock, shares outstanding (in shares)	45,644,318	37,641,563
Preferred stock, par value (in dollars per share)	$ 0.00125	$ 0.00125
Preferred stock, shares authorized (in shares)	19,835,000	19,835,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Fixed maturity securities
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,278,337	$ 1,405,136

SCHEDULE V - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts


	Balance at Beginning of Period		Additions Amounts Charged to Expense		Deductions Amounts Written Off or Disposals		Balance at End of Period
	(in thousands)
Year Ended December 31, 2024
Allowance for Credit Losses on Premiums Receivable and Agents' Balances	$	17,916	$	6,905	$	(2,494)	$	22,327
Allowance for Credit Losses on Reinsurance Balances	660		555		—		1,215

Total	$	18,576	$	7,460	$	(2,494)	$	23,542
Year Ended December 31, 2023
Allowance for Credit Losses on Premiums Receivable and Agents' Balances	$	16,248	$	2,826	$	(1,158)	$	17,916
Allowance for Credit Losses on Reinsurance Balances	580		80		—		660

Total	$	16,828	$	2,906	$	(1,158)	$	18,576
Year Ended December 31, 2022
Allowance for Credit Losses on Premiums Receivable and Agents' Balances	$	16,680	$	1,051	$	(1,483)	$	16,248
Allowance for Credit Losses on Reinsurance Balances	607		(27)		—		580

Total	$	17,287	$	1,024	$	(1,483)	$	16,828

SCHEDULE III - Supplementary Insurance Information

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

Supplementary Insurance Information

(in thousands)


	Deferred Policy Acquisition Costs		Reserve for Losses and Loss Adjustment Expenses		Unearned Premiums		Net Earned Premiums		Net Investment Income		Losses and Loss Adjustment Expenses		Amortization of Policy Acquisition Costs		Other Operating Expenses		Net Written Premiums
December 31, 2024
Excess and Surplus Lines	$	31,085	$	2,226,038	$	447,711	$	512,237	$	73,341	$	485,951	$	69,704	$	140,978	$	508,445
Specialty Admitted	(910)		858,368		124,323		87,959		16,937		68,423		(3,744)		17,248		72,409

Corporate and Other	—		—		—		—		2,811		—		—		34,972		—
Total	$	30,175	$	3,084,406	$	572,034	$	600,196	$	93,089	$	554,374	$	65,960	$	193,198	$	580,854
December 31, 2023
Excess and Surplus Lines	$	30,625	$	1,769,788	$	428,570	$	609,566	$	69,325	$	425,035	$	75,890	$	135,175	$	589,551
Specialty Admitted	872		836,319		159,329		98,439		13,568		75,122		(3,257)		24,541		104,350

Corporate and Other	—		—		—		—		1,153		—		—		33,940		—
Total	$	31,497	$	2,606,107	$	587,899	$	708,005	$	84,046	$	500,157	$	72,633	$	193,656	$	693,901
December 31, 2022
Excess and Surplus Lines	$	36,917	$	1,585,861	$	405,139	$	555,597	$	28,664	$	382,094	$	59,457	$	106,194	$	589,056
Specialty Admitted	(4,080)		755,102		173,057		74,137		5,068		58,548		(9,648)		15,116		76,390

Corporate and Other	—		—		—		—		9,456		—		—		31,260		—
Total	$	32,837	$	2,340,963	$	578,196	$	629,734	$	43,188	$	440,642	$	49,809	$	152,570	$	665,446

SCHEDULE II - Condensed Financial Information of Registrant - Balance Sheets (Parent Company) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 362,345	$ 274,298
Other assets	86,513	115,418
Total assets	5,007,076	5,317,250
Liabilities:
Accrued expenses	53,178	56,722
Senior debt	200,800	222,300
Junior subordinated debt	104,055	104,055
Other liabilities	182,524	174,513
Total liabilities	4,413,046	4,637,731
Commitments and contingent liabilities
Series A redeemable preferred shares	133,115	144,898
Shareholders’ equity:
Additional paid-in capital	933,311	876,240
Retained deficit	(402,408)	(277,905)
Accumulated other comprehensive (loss) income	(69,997)	(63,721)
Total shareholders’ equity	460,915	534,621	$ 553,766	$ 725,362
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	5,007,076	5,317,250
Parent Company
Assets
Cash and cash equivalents	64,525	1,961	$ 277	$ 157
Investment in subsidiaries	732,285	894,848
Due from subsidiaries	0	166
Other assets	31,775	52,013
Total assets	828,585	948,988
Liabilities:
Accrued expenses	1,716	3,971
Senior debt	185,800	207,300
Junior subordinated debt	15,928	15,928
Due to subsidiaries	863	0
Other liabilities	30,248	42,270
Total liabilities	234,555	269,469
Commitments and contingent liabilities
Series A redeemable preferred shares	133,115	144,898
Shareholders’ equity:
Class A common shares	9	7
Additional paid-in capital	933,311	876,240
Retained deficit	(402,408)	(277,905)
Accumulated other comprehensive (loss) income	(69,997)	(63,721)
Total shareholders’ equity	460,915	534,621
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 828,585	$ 948,988

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Dec. 23, 2024	Nov. 11, 2024	Feb. 24, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)				200,000,000	200,000,000
Common stock, par value (in dollars per share)				$ 0.0002	$ 0.0002
Conversion of shares				$ 37,500
Share price (in dollars per share)	$ 4.66	$ 6.62
Adjustments to additional paid in capital, deemed contribution	$ 3,400
Common shares reserved for future issuance (in shares)				5,757,650
Convertible preferred stock, shares reserved for future issuance (in shares)				13,521,635
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit dividend equivalents				$ 152	$ 159	$ 141
Dividends payable				252	$ 255	335
Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, consideration received on transaction		$ 12,500
Shares issued at a public offering price (in dollars per share)		$ 6.40
Number of common shares issued during period (in shares)	1,953,125
Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of shares				$ 1
Conversion of Series A Preferred Shares to common shares (in shares)				5,859,375	0
Retained Earnings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of shares				$ (1,289)
Deemed dividend		$ 1,300
Convertible Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of Series A Preferred Shares to common shares (in shares)		37,500
Conversion of shares		$ 37,500
Preferred stock, convertible, conversion price (in dollars per share)		$ 6.40
Convertible Preferred Stock \| Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, convertible, conversion price (in dollars per share)			$ 26.5950
Sale of stock, consideration received on transaction			$ 150,000
Shares issued at a public offering price (in dollars per share)			$ 1,000
Number of common shares issued during period (in shares)			150,000
Dividends payable					$ 2,600	$ 2,600

Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments [Abstract]

Schedule of Summary of Available-for-Sale Investments

The Company’s available-for-sale fixed maturity securities are summarized as follows:


	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
December 31, 2024
Fixed maturity securities:
State and municipal	$	223,009	$	598	$	(27,043)	$	196,564
Residential mortgage-backed	352,064		32		(25,869)		326,227
Corporate	503,610		1,358		(29,483)		475,485
Commercial mortgage and asset-backed	178,238		112		(7,892)		170,458

U.S. Treasury securities and obligations guaranteed by the U.S. government	21,416		2		(419)		20,999

Total fixed maturity securities, available-for-sale	$	1,278,337	$	2,102	$	(90,706)	$	1,189,733
December 31, 2023
Fixed maturity securities:
State and municipal	$	273,462	$	1,834	$	(26,459)	$	248,837
Residential mortgage-backed	336,064		1,243		(19,379)		317,928
Corporate	530,408		4,167		(28,847)		505,728
Commercial mortgage and asset-backed	235,302		78		(12,527)		222,853

U.S. Treasury securities and obligations guaranteed by the U.S. government	29,900		8		(778)		29,130
Total fixed maturity securities, available-for-sale	$	1,405,136	$	7,330	$	(87,990)	$	1,324,476

Schedule of Summary of Available-for-Sale Investments by Contractual Maturity

The amortized cost and fair value of available-for-sale investments in fixed maturity securities at December 31, 2024 are summarized, by contractual maturity, as follows:


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	23,591	$	23,350
After one year through five years	325,901		318,588
After five years through ten years	252,201		227,714
After ten years	146,342		123,396
Residential mortgage-backed	352,064		326,227
Commercial mortgage and asset-backed	178,238		170,458
Total	$	1,278,337	$	1,189,733

Schedule of Gross Unrealized Losses and Fair Value for Available-for-Sale Securities


	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
December 31, 2024
Fixed maturity securities:
State and municipal	$	35,979	$	(1,087)	$	146,547	$	(25,956)	$	182,526	$	(27,043)
Residential mortgage-backed	179,807		(5,285)		140,559		(20,584)		320,366		(25,869)
Corporate	149,149		(4,281)		220,743		(25,202)		369,892		(29,483)
Commercial mortgage and asset-backed	17,991		(65)		101,525		(7,827)		119,516		(7,892)

U.S. Treasury securities and obligations guaranteed by the U.S. government	7,653		(115)		12,412		(304)		20,065		(419)

Total fixed maturity securities, available-for-sale	$	390,579	$	(10,833)	$	621,786	$	(79,873)	$	1,012,365	$	(90,706)
December 31, 2023
Fixed maturity securities:
State and municipal	$	30,196	$	(287)	$	168,517	$	(26,172)	$	198,713	$	(26,459)
Residential mortgage-backed	68,497		(1,256)		145,954		(18,123)		214,451		(19,379)
Corporate	55,970		(532)		290,308		(28,315)		346,278		(28,847)
Commercial mortgage and asset-backed	24,048		(151)		182,295		(12,376)		206,343		(12,527)

U.S. Treasury securities and obligations guaranteed by the U.S. government	7,961		(71)		19,889		(707)		27,850		(778)

Total fixed maturity securities, available-for-sale	$	186,672	$	(2,297)	$	806,963	$	(85,693)	$	993,635	$	(87,990)

Schedule of Major Categories of the Company' s Net Investment Income

Major categories of the Company’s net investment income are summarized as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Fixed maturity securities	$	48,262	$	49,793	$	28,131
Bank loan participations	16,992		11,984		4,256
Equity securities	7,424		6,548		5,479
Other invested assets	4,855		5,049		3,408
Cash, cash equivalents, restricted cash equivalents, and short-term investments	19,249		13,703		4,170

Gross investment income	96,782		87,077		45,444
Investment expense	(3,693)		(3,031)		(2,256)
Net investment income	$	93,089	$	84,046	$	43,188

Schedule of Summary of Realized Gains and Losses

The Company’s net realized and unrealized gains and losses on investments are summarized as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	1,613	$	—	$	1,534
Gross realized losses	(2,891)		(339)		(291)
	(1,278)		(339)		1,243
Equity securities:
Gross realized gains	11,061		1,845		1,248
Gross realized losses	(1,439)		(320)		(685)
Changes in fair values of equity securities	(873)		3,722		(11,685)
	8,749		5,247		(11,122)
Bank loan participations:
Gross realized gains	845		306		63
Gross realized losses	(4,069)		(3,806)		(428)
Changes in fair values of bank loan participations	(620)		9,049		(5,381)
	(3,844)		5,549		(5,746)
Short-term investments and other:
Gross realized gains	1		2		1
Gross realized losses	(2)		(18)		(96)
Changes in fair values of short-term investments and other	(1)		—		—
	(2)		(16)		(95)
Total	$	3,625	$	10,441	$	(15,720)

Schedule of Available-for-Sale Gross Unrealized Gains or Losses

The Company’s net realized and unrealized gains and losses on investments are summarized as follows:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	1,613	$	—	$	1,534
Gross realized losses	(2,891)		(339)		(291)
	(1,278)		(339)		1,243
Equity securities:
Gross realized gains	11,061		1,845		1,248
Gross realized losses	(1,439)		(320)		(685)
Changes in fair values of equity securities	(873)		3,722		(11,685)
	8,749		5,247		(11,122)
Bank loan participations:
Gross realized gains	845		306		63
Gross realized losses	(4,069)		(3,806)		(428)
Changes in fair values of bank loan participations	(620)		9,049		(5,381)
	(3,844)		5,549		(5,746)
Short-term investments and other:
Gross realized gains	1		2		1
Gross realized losses	(2)		(18)		(96)
Changes in fair values of short-term investments and other	(1)		—		—
	(2)		(16)		(95)
Total	$	3,625	$	10,441	$	(15,720)

Schedule of Other Invested Assets



	Carrying Value				Investment Income
	December 31,				Year Ended December 31,
	2024		2023		2024		2023		2022
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	7,690	$	8,382	$	1,447	$	2,375	$	3,366
Corporate & Other	—		—		293		524		435
	7,690		8,382		1,740		2,899		3,801
Renewable energy notes receivable (b)
Excess and Surplus Lines	—		608		61		108		270
Corporate & Other	—		761		77		136		337
	—		1,369		138		244		607
Limited partnerships (c)
Excess and Surplus Lines	14,644		11,914		2,393		1,566		(805)
Corporate & Other	464		664		—		—		(538)
	15,108		12,578		2,393		1,566		(1,343)
Private Debt (d)
Excess and Surplus Lines	13,902		10,805		584		340		343
Corporate & Other	—		—		—		—		—
	13,902		10,805		584		340		343
Total other invested assets
Excess and Surplus Lines	36,236		31,709		4,485		4,389		3,174
Corporate & Other	464		1,425		370		660		234
	$	36,700	$	33,134	$	4,855	$	5,049	$	3,408

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Reserve for Losses and Loss Adjustment Expenses - Incurred Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Excluding Commercial Auto \| Excess and Surplus Lines
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	$ 2,419,426
All outstanding losses and loss adjustment expenses, net of reinsurance	14,834
Excluding Commercial Auto \| Excess and Surplus Lines \| 2015
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	122,048	$ 118,599	$ 116,085	$ 114,398	$ 110,466	$ 103,688	$ 102,434	$ 104,847	$ 113,417	$ 126,443
Excluding Commercial Auto \| Excess and Surplus Lines \| 2016
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	148,400	141,242	135,491	132,235	125,097	126,971	126,050	125,093	138,507
Excluding Commercial Auto \| Excess and Surplus Lines \| 2017
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	155,593	147,196	134,272	128,674	124,265	132,136	131,897	144,349
Excluding Commercial Auto \| Excess and Surplus Lines \| 2018
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	173,186	167,237	151,563	150,687	146,633	158,458	167,004
Excluding Commercial Auto \| Excess and Surplus Lines \| 2019
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	228,076	204,844	188,061	189,671	194,759	214,653
Excluding Commercial Auto \| Excess and Surplus Lines \| 2020
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	273,883	231,658	207,210	211,732	239,897
Excluding Commercial Auto \| Excess and Surplus Lines \| 2021
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	307,338	274,120	286,343	304,435
Excluding Commercial Auto \| Excess and Surplus Lines \| 2022
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	320,146	293,402	340,436
Excluding Commercial Auto \| Excess and Surplus Lines \| 2023
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	330,330	369,255
Excluding Commercial Auto \| Excess and Surplus Lines \| 2024
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	360,426
Commercial Auto \| Excess and Surplus Lines
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	1,474,601
All outstanding losses and loss adjustment expenses, net of reinsurance	25
Commercial Auto \| Excess and Surplus Lines \| Commercial Auto LPT
Claims Development [Line Items]
All outstanding losses and loss adjustment expenses, net of reinsurance	85,047
Commercial Auto \| Excess and Surplus Lines \| 2015
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	37,778	37,950	37,915	38,046	37,839	36,636	36,139	35,149	33,113	30,109
Commercial Auto \| Excess and Surplus Lines \| 2016
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	165,121	165,744	164,046	164,399	157,712	147,122	126,791	109,286	74,340
Commercial Auto \| Excess and Surplus Lines \| 2017
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	376,306	376,251	366,636	355,713	319,472	272,421	208,743	207,355
Commercial Auto \| Excess and Surplus Lines \| 2018
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	389,261	389,244	371,637	349,067	283,408	230,220	255,881
Commercial Auto \| Excess and Surplus Lines \| 2019
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	416,654	408,340	365,279	339,771	240,773	262,306
Commercial Auto \| Excess and Surplus Lines \| 2020
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	22,062	19,009	12,324	10,899	19,133
Commercial Auto \| Excess and Surplus Lines \| 2021
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	19,998	17,319	16,565	21,154
Commercial Auto \| Excess and Surplus Lines \| 2022
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	19,730	19,921	26,126
Commercial Auto \| Excess and Surplus Lines \| 2023
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	16,089	18,181
Commercial Auto \| Excess and Surplus Lines \| 2024
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	11,602
Individual Risk Workers' Compensation \| Specialty Admitted Insurance
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	147,462
All outstanding losses and loss adjustment expenses, net of reinsurance	151
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2015
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	16,093	16,096	16,409	16,468	16,492	17,626	18,376	19,741	21,274	20,938
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2016
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	12,502	12,510	12,790	13,069	14,050	15,800	18,050	20,299	21,678
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2017
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	15,318	15,360	15,487	16,606	18,810	19,779	22,071	24,869
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2018
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	11,793	11,829	12,139	14,200	16,038	16,288	16,432
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2019
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	17,408	17,624	18,129	20,631	21,056	20,253
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2020
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	18,617	18,934	19,389	22,240	20,137
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2021
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	12,702	12,668	14,713	14,519
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2022
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	11,096	11,828	14,507
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2023
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	19,218	21,095
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| 2024
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	12,715
Fronting and Programs \| Specialty Admitted Insurance
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	327,929
All outstanding losses and loss adjustment expenses, net of reinsurance	0
Fronting and Programs \| Specialty Admitted Insurance \| 2015
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	8,176	8,195	8,279	8,436	8,444	8,384	8,974	9,358	9,632	$ 7,136
Fronting and Programs \| Specialty Admitted Insurance \| 2016
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	13,133	13,289	14,304	15,090	14,468	15,522	14,682	15,670	$ 11,542
Fronting and Programs \| Specialty Admitted Insurance \| 2017
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	23,576	23,128	24,893	25,097	24,728	25,201	24,271	$ 21,229
Fronting and Programs \| Specialty Admitted Insurance \| 2018
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	19,129	19,193	19,268	20,158	19,822	20,677	$ 21,758
Fronting and Programs \| Specialty Admitted Insurance \| 2019
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	18,210	18,777	18,956	19,991	19,020	$ 18,832
Fronting and Programs \| Specialty Admitted Insurance \| 2020
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	34,650	34,705	31,555	28,131	$ 25,433
Fronting and Programs \| Specialty Admitted Insurance \| 2021
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	46,526	47,505	44,857	$ 39,999
Fronting and Programs \| Specialty Admitted Insurance \| 2022
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	50,544	51,101	$ 47,262
Fronting and Programs \| Specialty Admitted Insurance \| 2023
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	58,449	$ 53,635
Fronting and Programs \| Specialty Admitted Insurance \| 2024
Claims Development [Line Items]
Incurred losses and loss adjustment expenses, net of reinsurance	$ 55,536

SCHEDULE I - Summary of Investments - Other than Investments in Related Parties

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

Summary of Investments - Other than Investments in Related Parties

Summary of Investments—Other than Investments in Related Parties


Type of Investment	Cost or Amortized Cost		Fair Value		Amount at which shown on Balance Sheet(1)
	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	223,009	$	196,564	$	196,564
Residential mortgage-backed	352,064		326,227		326,227
Corporate	503,610		475,485		475,485
Commercial mortgage and asset-backed	178,238		170,458		170,458

U.S. Treasury securities and obligations guaranteed by the U.S. government	21,416		20,999		20,999

Total fixed maturity securities, available-for-sale	1,278,337		1,189,733		1,189,733

Equity securities:
Preferred Stock	67,044		71,245		71,245
Common Stock	15,634		15,234		15,234
Total equity securities	82,678		86,479		86,479
Bank loan participations	147,321		142,410		142,410
Short-term investments	97,074		97,074		97,074
Other invested assets					29,010
Total invested assets					$	1,544,706

(1) Differences between the amounts in this column and the amounts in the consolidated balance sheet are due to this schedule excluding investments in related parties.

Investments - Summary of Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Investment Income [Line Items]
Gross investment income	$ 96,782	$ 87,077	$ 45,444
Investment expense	(3,693)	(3,031)	(2,256)
Net investment income	93,089	84,046	43,188
Fixed maturity securities
Net Investment Income [Line Items]
Gross investment income	48,262	49,793	28,131
Bank loan participations
Net Investment Income [Line Items]
Gross investment income	16,992	11,984	4,256
Equity securities
Net Investment Income [Line Items]
Gross investment income	7,424	6,548	5,479
Other invested assets
Net Investment Income [Line Items]
Gross investment income	4,855	5,049	3,408
Cash, cash equivalents, restricted cash equivalents, and short-term investments
Net Investment Income [Line Items]
Gross investment income	$ 19,249	$ 13,703	$ 4,170

Reserve for Losses and Loss Adjustment Expenses - Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	$ 1,086,278	$ 1,246,973	$ 1,080,766	$ 974,221
Allowance for credit losses on reinsurance recoverables	1,200	660	580
Reinsurance recoverables on unpaid losses (gross of $1.2 million allowance for credit losses on reinsurance recoverables)	1,998,128	1,359,134	1,260,197
Gross reserve for losses and loss adjustment expenses	3,084,406	$ 2,606,107	$ 2,340,963
Excluding Commercial Auto \| Excess and Surplus Lines
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	909,361
Commercial Auto \| Excess and Surplus Lines
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	37,104
Individual Risk Workers' Compensation \| Specialty Admitted Insurance
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	20,372
Fronting and Programs \| Specialty Admitted Insurance
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	$ 119,441

SCHEDULE II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

SCHEDULE II - Condensed Financial Information of Registrant

Condensed Financial Information of Registrant

Balance Sheets (Parent Company)


	December 31,
	2024		2023
	(in thousands)
Assets
Cash and cash equivalents	$	64,525	$	1,961
Investment in subsidiaries (1)	732,285		894,848
Due from subsidiaries	—		166
Other assets	31,775		52,013
Total assets	$	828,585	$	948,988
Liabilities and shareholders’ equity
Liabilities:
Accrued expenses	$	1,716	$	3,971
Senior debt	185,800		207,300
Junior subordinated debt	15,928		15,928

Due to subsidiaries	863		—
Other liabilities	30,248		42,270
Total liabilities	234,555		269,469
Commitments and contingent liabilities
Series A redeemable preferred shares	133,115		144,898
Shareholders’ equity:
Class A common shares	9		7
Additional paid-in capital	933,311		876,240
Retained deficit	(402,408)		(277,905)
Accumulated other comprehensive (loss) income	(69,997)		(63,721)
Total shareholders’ equity	460,915		534,621
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$	828,585	$	948,988

See accompanying notes.

SCHEDULE II

JAMES RIVER GROUP HOLDINGS, LTD. AND SUBSIDIARIES

Condensed Financial Information of Registrant

Statements of (Loss) Income and Comprehensive Loss (Parent Company)


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Revenues:
Net investment income	$	1,860	$	—	$	—
Other income	90		88		55
Total revenues	1,950		88		55
Expenses:
Other operating expenses	14,142		14,689		12,890
Other expenses	9,619		4,049		747
Interest expense	15,484		15,685		8,579
Total expenses	39,245		34,423		22,216
Loss before equity in net (loss) income of subsidiaries	(37,295)		(34,335)		(22,161)
Equity in net (loss) income of subsidiaries (1)	(43,825)		(73,349)		53,134
Net (loss) income	$	(81,120)	$	(107,684)	$	30,973
Other comprehensive (loss) income:
Equity in other comprehensive (losses) earnings of subsidiaries	(6,276)		99,323		(193,022)
Total comprehensive loss	$	(87,396)	$	(8,361)	$	(162,049)

(1) Includes amounts for JRG Re which was classified as held for sale on our Consolidated Balance Sheets as of December 31, 2023. 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 (Loss) Income and Comprehensive Loss. See Note 2 - Discontinued Operations.

See accompanying notes.

SCHEDULE II

JAMES RIVER GROUP HOLDINGS, LTD. AND SUBSIDIARIES

Condensed Financial Information of Registrant

Statements of Cash Flows (Parent Company)


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Operating activities
Net (loss) income	$	(81,120)	$	(107,684)	$	30,973
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Provision for depreciation and amortization	474		345		216
Share based compensation expense	6,631		9,116		8,122
Equity in undistributed earnings of subsidiaries	43,825		73,349		(53,134)
Changes in operating assets and liabilities	2,996		47,673		68,272
Net cash provided by operating activities	(27,194)		22,799		54,449
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 repayments	(21,500)		—		(40,000)


Contribution to subsidiary	(23,364)		—		(144,000)
Payment of debt issuance costs	—		(1,135)		—
Issuance of Series A preferred shares	—		—		144,898
Enstar common share investment	12,500		—		—

Payroll taxes withheld and remitted on net settlement of RSUs	(847)		(1,734)		(1,304)
Dividends on Series A preferred shares	(12,768)		(10,500)		(6,125)
Dividends on common shares	(6,231)		(7,746)		(7,798)
Net cash used in financing activities	(52,210)		(21,115)		(54,329)
Change in cash and cash equivalents	62,564		1,684		120
Cash and cash equivalents at beginning of period	1,961		277		157
Cash and cash equivalents at end of period	$	64,525	$	1,961	$	277
Supplemental information
Interest paid	$	17,137	$	16,949	$	9,342

See accompanying notes.

SCHEDULE II

JAMES RIVER GROUP HOLDINGS, LTD. AND SUBSIDIARIES

Condensed Financial Information of Registrant

Notes to Condensed Financial Statements

1. Accounting Policies

Organization

James River Group Holdings, Ltd. (the “Company”) is an exempted holding company registered in Bermuda, organized for the purpose of acquiring and managing insurance and reinsurance entities.

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, 2024 that had a material impact on our financial statements.

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Summary of Lease Maturities


Years ending December 31,	(in thousands)
2025	$	3,150
2026	1,196
2027	914
2028	538
2029	158
Thereafter	—
Total lease payments	5,956
Less imputed interest	(357)
Total operating lease liabilities	$	5,599