James River (JRVR)


Market Price (10/10/2026): $3.64 | Market Cap: $168.6 MilSector: Financials | Industry: Life & Health Insurance

James River (JRVR)


Market Price (10/10/2026): $3.64
Market Cap: $168.6 Mil
Sector: Financials
Industry: Life & Health Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 19%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -301%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41%

Low stock price volatility
Vol 12M is 48%

Megatrend and thematic drivers
Megatrends include AI in Financial Services, Cybersecurity, and Renewable Energy Transition. Themes include AI-Powered Specialty Underwriting, Show more.

Weak multi-year price returns
2Y Excs Rtn is -80%, 3Y Excs Rtn is -158%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 96x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.8%, Rev Chg QQuarterly Revenue Change % is -7.7%

Key risks
JRVR key risks include [1] legacy liabilities and adverse reserve development from past high-risk underwriting, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 19%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -301%
2 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41%
3 Low stock price volatility
Vol 12M is 48%
4 Megatrend and thematic drivers
Megatrends include AI in Financial Services, Cybersecurity, and Renewable Energy Transition. Themes include AI-Powered Specialty Underwriting, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -80%, 3Y Excs Rtn is -158%
6 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 96x
7 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.8%, Rev Chg QQuarterly Revenue Change % is -7.7%
8 Key risks
JRVR key risks include [1] legacy liabilities and adverse reserve development from past high-risk underwriting, Show more.

JRVR in ETFs

Weight = JRVR's share of each fund

VTI0.00%
IWM0.01%
VTWO0.00%
SCHA0.00%
AVUV0.00%
DFAS0.00%
IWN0.00%
DFAC0.00%
+1 more covered ETF

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/1/2026

James River (JRVR) stock has lost about 15% since 6/30/2026 because of the following key factors:

1. James River Group Holdings (JRVR) reported an earnings per share (EPS) of $0.20 for fiscal Q2 2026 on August 11, 2026, missing the consensus estimate of $0.24 by $0.04.

2. Concerns over the company's "old casualty book" persist, with retroactive reinsurance covers now exhausted, meaning James River fully retains any further adverse reserve development. This ongoing risk is considered critical, with fiscal Q3 2026 results being pivotal for retained development, contributing to the stock's 12% decline since September 1, 2026.

Show more
Updated on 10/1/2026

James River (JRVR) stock has lost about 15% since 6/30/2026 because of the following key factors:

1. James River Group Holdings (JRVR) reported an earnings per share (EPS) of $0.20 for fiscal Q2 2026 on August 11, 2026, missing the consensus estimate of $0.24 by $0.04.

2. Concerns over the company's "old casualty book" persist, with retroactive reinsurance covers now exhausted, meaning James River fully retains any further adverse reserve development. This ongoing risk is considered critical, with fiscal Q3 2026 results being pivotal for retained development, contributing to the stock's 12% decline since September 1, 2026.

3. Analyst sentiment turned increasingly negative, with the stock receiving a consensus "Reduce" rating from seven firms as of September 18, 2026, including one sell and six hold recommendations. The average 12-month price target among analysts was $5.75, with a more recent probability-weighted price target of $3.75 by September 28, 2026.

4. The company faces constrained dividend capacity due to statutory surplus rules, with significant earnings locked until at least 2028–2029, coinciding with the maturity of its credit facility. James River Group announced a quarterly dividend of $0.01 per share.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -17.3% change in JRVR stock from 6/30/2026 to 10/9/2026 was primarily driven by a -21.4% change in the company's P/E Multiple.
(LTM values as of)630202610092026Change
Stock Price ($)4.393.63-17.3%
Change Contribution By: 
Total Revenues ($ Mil)667653-2.0%
Net Income Margin (%)4.3%4.7%7.9%
P/E Multiple7.05.5-21.4%
Shares Outstanding (Mil)4646-0.5%
Cumulative Contribution-17.3%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/9/2026
ReturnCorrelation
JRVR-17.3% 
Market (SPY)4.3%8.8%
Sector (XLF)2.1%29.7%

Fundamental Drivers

The -42.1% change in JRVR stock from 3/31/2026 to 10/9/2026 was primarily driven by a -32.1% change in the company's Net Income Margin (%).
(LTM values as of)331202610092026Change
Stock Price ($)6.273.63-42.1%
Change Contribution By: 
Total Revenues ($ Mil)688653-5.0%
Net Income Margin (%)6.9%4.7%-32.1%
P/E Multiple6.15.5-9.5%
Shares Outstanding (Mil)4646-0.7%
Cumulative Contribution-42.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/9/2026
ReturnCorrelation
JRVR-42.1% 
Market (SPY)20.0%-4.8%
Sector (XLF)11.2%27.8%

Fundamental Drivers

The -34.1% change in JRVR stock from 9/30/2025 to 10/9/2026 was primarily driven by a -32.4% change in the company's P/S Multiple.
(LTM values as of)930202510092026Change
Stock Price ($)5.513.63-34.1%
Change Contribution By: 
Total Revenues ($ Mil)665653-1.8%
P/S Multiple0.40.3-32.4%
Shares Outstanding (Mil)4646-0.6%
Cumulative Contribution-34.1%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/9/2026
ReturnCorrelation
JRVR-34.1% 
Market (SPY)17.8%-1.8%
Sector (XLF)2.8%29.1%

Fundamental Drivers

The -75.4% change in JRVR stock from 9/30/2023 to 10/9/2026 was primarily driven by a -61.7% change in the company's P/E Multiple.
(LTM values as of)930202310092026Change
Stock Price ($)14.733.63-75.4%
Change Contribution By: 
Total Revenues ($ Mil)661653-1.2%
Net Income Margin (%)5.8%4.7%-19.9%
P/E Multiple14.45.5-61.7%
Shares Outstanding (Mil)3846-18.7%
Cumulative Contribution-75.4%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/9/2026
ReturnCorrelation
JRVR-75.4% 
Market (SPY)88.4%16.8%
Sector (XLF)72.2%28.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
JRVR Return-39%-27%-55%-46%32%-43%-92%
Peers Return18%16%9%36%7%-8%98%
S&P 500 Return27%-19%24%23%16%13%107%

Monthly Win Rates [3]
JRVR Win Rate58%17%42%33%50%50% 
Peers Win Rate53%55%50%63%58%48% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
JRVR Max Drawdown-54%-30%-66%-58%-30%-52% 
Peers Max Drawdown-17%-20%-21%-15%-22%-22% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MKL, KNSL, WRB, RLI, AXS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/9/2026 (YTD)

How Low Can It Go

EventJRVRS&P 500
2025 US Tariff Shock
  % Loss-27.6%-18.8%
  % Gain to Breakeven38.2%23.1%
  Time to Breakeven62 days79 days
2020 COVID-19 Crash
  % Loss-35.7%-33.7%
  % Gain to Breakeven55.6%50.9%
  Time to Breakeven92 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-17.0%-19.2%
  % Gain to Breakeven20.4%23.8%
  Time to Breakeven58 days105 days

Compare to MKL, KNSL, WRB, RLI, AXS

In The Past

James River's stock fell -27.6% during the 2025 US Tariff Shock. Such a loss loss requires a 38.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventJRVRS&P 500
2025 US Tariff Shock
  % Loss-27.6%-18.8%
  % Gain to Breakeven38.2%23.1%
  Time to Breakeven62 days79 days
2020 COVID-19 Crash
  % Loss-35.7%-33.7%
  % Gain to Breakeven55.6%50.9%
  Time to Breakeven92 days140 days

Compare to MKL, KNSL, WRB, RLI, AXS

In The Past

James River's stock fell -27.6% during the 2025 US Tariff Shock. Such a loss loss requires a 38.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About James River (JRVR)

James River Group Holdings, Ltd. (JRVR) is a specialty insurance and reinsurance company primarily operating within the United States. The company differentiates itself by focusing on insurance solutions for risks that often fall outside the typical offerings of standard insurance providers. Its business is structured into three main segments: Excess and Surplus Lines, Specialty Admitted Insurance, and Casualty Reinsurance.

The Excess and Surplus Lines segment underwrites liability and property insurance for commercial clients, addressing unique or higher-risk exposures that traditional insurers might avoid. This coverage is predominantly distributed through wholesale insurance brokers. In its Specialty Admitted Insurance segment, James River provides workers' compensation coverage tailored for specific industries, including building trades, healthcare, manufacturing, transportation, and agriculture, while also offering fronting and program business services.

The third segment, Casualty Reinsurance, focuses on supporting other insurance companies by providing proportional and working layer casualty reinsurance. This allows other insurers to transfer portions of their risk portfolios to James River. In essence, James River serves a diverse market, from commercial businesses seeking specialized direct insurance coverage to other insurance carriers looking for risk management solutions.

AI Analysis | Feedback

JRVR is like the AWS for insurance companies, offering backend risk capacity and specialized solutions.

JRVR is like the Porsche of commercial insurance, specializing in high-value, complex, or unusual risks that standard insurers avoid.

AI Analysis | Feedback

  • Excess and Surplus Lines Insurance: Provides liability and property insurance for hard-to-place or unique commercial risks.
  • Specialty Admitted Insurance (Workers' Compensation): Offers workers' compensation coverage for various industries.
  • Fronting and Program Business: Facilitates other insurance entities by providing access to its admitted licenses and infrastructure for specific programs.
  • Casualty Reinsurance: Provides insurance to other insurance companies, covering a portion of their casualty risks.

AI Analysis | Feedback

James River Group Holdings, Ltd. (JRVR) primarily sells its specialty insurance and reinsurance services to other companies, rather than individuals. Due to the nature of its business as an insurer and reinsurer, specific names of major insured commercial clients or reinsured companies are generally not publicly disclosed.

However, based on its operating segments, JRVR's major customer categories can be identified as:

  • Other Insurance Companies: JRVR's Casualty Reinsurance segment offers proportional and working layer casualty reinsurance to third parties and other insurance companies. Additionally, its Specialty Admitted Insurance segment provides fronting and program business, which typically involves working with other insurance entities.
  • Commercial Businesses Across Various Industries: Through its Excess and Surplus Lines and Specialty Admitted Insurance segments, JRVR provides liability, property, and workers' compensation coverage to a diverse range of commercial clients. These include businesses in sectors such as building trades, healthcare, goods and services, light manufacturing, specialty transportation, and agriculture.
  • Wholesale Insurance Brokers: While not the ultimate end-users of the insurance policies, wholesale insurance brokers serve as the primary distribution channel for JRVR's Excess and Surplus Lines segment. These brokers are key partners through which JRVR reaches its commercial insureds, effectively acting as direct clients for policy placement.

AI Analysis | Feedback

null

AI Analysis | Feedback

Frank N. D'Orazio, Chief Executive Officer

Mr. D'Orazio has served as the Chief Executive Officer of James River Group Holdings, Ltd. since November 2020. Before joining James River, he held various executive positions at Allied World Assurance Company Holdings, AG from 2003 to 2020, including Chief Operating Officer and Chief of Staff, President, Underwriting and Global Risk, and President, International Insurance. His career also includes roles at Munich Reinsurance America, Inc. and he began at The Chubb Group as a casualty underwriter.

Sarah C. Doran, Group Chief Financial Officer

Ms. Doran has been the Group Chief Financial Officer of James River Group Holdings, Ltd. since January 2017. Prior to James River, she served as Senior Vice President, Strategy, Treasurer, and Investor Relations at Allied World Assurance Company Holdings, AG. Her background also includes working as an investment banker in the Financial Institutions Group of Barclays and Lehman Brothers, and in real estate private equity at LaSalle Investment Management.

Richard Schmitzer, President and Chief Executive Officer, Excess and Surplus Lines Segment

Mr. Schmitzer has served as the President and Chief Executive Officer of James River's Excess and Surplus Lines segment and a director of its subsidiaries in this segment since March 2010. He joined the James River Insurance Group in July 2009 as Senior Vice President and Chief Underwriting Officer. Previously, he spent nineteen years at Scottsdale Insurance Company, a subsidiary of Nationwide Mutual, where he held various underwriting and underwriting management roles, including Vice President of Brokerage, Professional Liability, and Programs.

Daniel Heinlein, President and Chief Executive Officer, Casualty Reinsurance Segment

Mr. Heinlein has served as the President and Chief Executive Officer of the Casualty Reinsurance segment since April 2018. He previously served as Vice President of Underwriting for the segment and held increasingly responsible positions at JRG Re since joining the company in 2012. Before his tenure at James River, he was an Assistant Vice President at Willis Re Inc.

Valdean Langenburg, Group Chief Information Officer

Mr. Langenburg has served as Group Chief Information Officer since June 2025. Prior to joining James River, he led information technology strategy for the Excess and Surplus Lines segment at W.R. Berkley Corporation. He also spent 11 years at Markel Corporation, where he most recently served as a Managing Director.

AI Analysis | Feedback

Here are the key risks to James River Group Holdings, Ltd. (JRVR):

  1. Adverse Reserve Development and Social Inflation in Casualty Lines: James River operates significantly in casualty reinsurance and excess and surplus (E&S) lines, which are highly susceptible to adverse reserve development driven by "social inflation." Social inflation refers to rising claims costs due to increased litigation, larger jury awards, and expanded policy interpretations. This trend has led to situations where premium rate increases are not keeping pace with escalating loss costs, putting substantial pressure on reinsurers and insurers to reassess pricing models and reserve adequacy. Despite James River's efforts to mitigate legacy casualty volatility through retroactive reinsurance deals, the company still carries substantial long-tail reserves, making it vulnerable to these evolving loss trends.
  2. Investor Skepticism and Credibility Issues from Past Underwriting Failures: James River has a documented history of underwriting large and complex risks, such as the commercial auto arrangements for Uber (Rasier LLC), which reportedly "went horribly wrong" and led to significant financial charges. These past underwriting issues have tarnished investor confidence and raised concerns about the company's operational soundness and management's credibility. Although James River has undertaken strategic de-risking efforts, including offloading legacy liabilities and simplifying its business model, persistent investor skepticism continues to impact its valuation and market perception, potentially leading to a "buyers' strike."
  3. Challenges in Underwriting Complex and Evolving Specialty Risks: As a specialty insurer, James River focuses on atypical and difficult-to-insure risks. This business model inherently carries the risk of inaccurately assessing and pricing novel and complex exposures. The rapid pace of technological innovation creates new and challenging risk dimensions, such as autonomous vehicles or commercial space travel, which are difficult to model and underwrite with traditional tools and practices. Furthermore, inefficient or manual underwriting processes in the specialty insurance sector can lead to quote delays and operational friction, impacting competitiveness and profitability.

AI Analysis | Feedback

The primary clear emerging threat to James River (JRVR) is the proliferation of **insurtech companies leveraging advanced artificial intelligence (AI) and machine learning (ML) for superior data analytics in underwriting, risk assessment, and claims processing.** This technological shift enables new competitors to operate with greater efficiency, more precise pricing, and potentially lower cost structures compared to traditional insurance and reinsurance models. These data-driven capabilities can lead to a competitive advantage in identifying, assessing, and pricing complex risks in JRVR's Excess and Surplus Lines segment, optimize workers' compensation in the Specialty Admitted Insurance segment, and enhance risk selection and capital deployment in the Casualty Reinsurance segment, thereby potentially eroding JRVR's market position and profitability.

AI Analysis | Feedback

James River Group Holdings, Ltd. (JRVR) operates in several specialty insurance and reinsurance markets within the United States. The addressable market sizes for its main products and services are detailed below:

  • Excess and Surplus Lines: The U.S. excess and surplus (E&S) lines insurance market surpassed $81 billion in premiums in 2024. The market is projected to reach $125.9 billion by 2027.
  • Specialty Admitted Insurance (Workers' Compensation): The market size of the Workers' Compensation Insurance industry in the United States was $51.9 billion in 2024 and is projected to be $51.2 billion in 2025.
  • Casualty Reinsurance: James River's Casualty Reinsurance segment operates within the broader U.S. reinsurance market. The United States reinsurance market size reached $149.3 billion in 2025. Property and casualty reinsurance constitutes a significant portion of the global reinsurance market.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for James River Group Holdings, Ltd. (JRVR) over the next 2-3 years:

  1. Continued Rate Increases in the Excess and Surplus Lines (E&S) Segment: James River has consistently achieved significant rate increases in its E&S segment. The company reported 32 consecutive quarters of rate increases, compounding to 97% for the quarter ending December 31, 2024. The E&S segment also saw a renewal rate change of 10.7% in Q1 2024, with most underwriting divisions reporting positive pricing increases. This sustained pricing power is expected to continue contributing to revenue growth.
  2. Strategic Focus on Smaller, More Profitable E&S Accounts: The company is undergoing a strategic repositioning to concentrate on small and medium-sized commercial casualty business within the E&S market. This refined risk appetite and enhanced performance monitoring have led to a focus on smaller and more profitable accounts, which tend to have higher renewal retention ratios. While this approach may temper overall top-line growth in some areas, it aims to drive more consistent and profitable underwriting revenue. Submission flow in the casualty-focused business grew 4% in 2025, indicating healthy demand for these targeted accounts.
  3. Growth in Specialty Admitted Fronting and Program Business: James River's Specialty Admitted segment has demonstrated growth in its fronting and program business. Excluding the non-renewed workers' compensation program, this business line increased by 10% in 2023 and saw a gross written premium growth of 23.0% in Q1 2024. This indicates an expanding revenue stream within this segment.
  4. Leveraging Technology for Underwriting Efficiency and Scale: The company is investing in technology upgrades, including a multi-year upgrade of its core operating systems to Guidewire, expected to be completed in 2026. Additionally, a partnership with Kalepa is planned to roll out AI-enabled underwriting workbench capabilities across the E&S segment. These technological advancements are anticipated to drive operational efficiencies and support profitable scaling of the E&S business, allowing for better risk selection and processing of increased volumes of targeted business.

AI Analysis | Feedback

Share Repurchases

  • James River Group Holdings Inc spent $1.5 million on share buybacks in Q1 2023.

Share Issuance

  • On February 24, 2022, James River Group Holdings, Ltd. issued and sold 150,000 Series A Perpetual Cumulative Convertible Preferred Shares for $150 million in a private placement to GPC Partners Investments (Thames) LP.
  • In May 2021, the company commenced an underwritten public offering of approximately $175 million of its common shares.
  • In December 2024, the Certificate of Designations for Series A Preferred Shares was amended to convert $37.5 million of these shares into common shares.

Inbound Investments

  • GPC Partners Investments (Thames) LP, an affiliate of Gallatin Point Capital LLC, made a $150 million investment in James River Group Holdings, Ltd. on February 24, 2022, through the purchase of Series A Perpetual Cumulative Convertible Preferred Shares.

Outbound Investments

  • On November 8, 2023, James River Group Holdings, Ltd. entered into an agreement to sell its Casualty Reinsurance business (JRG Reinsurance Company Ltd.) to Fleming Holdings, with the sale expected to close in Q1 2024.
  • Strategic moves in March 2025 included the sale of JRG Reinsurance Company Ltd. and a $160 million loss portfolio transfer for the Excess and Surplus (E&S) business.
  • On February 23, 2022, JRG Reinsurance Company Ltd. entered into a Loss Portfolio Transfer Retrocession Agreement with Fortitude Reinsurance Company Ltd.

Capital Expenditures

  • James River Group Holdings Inc invested $2.5 million in capital expenditures in Q4 2025, primarily funding long-term assets and infrastructure.
  • In the last 12 months as of Q4 2025, capital expenditures amounted to $4.8 million.

Peer Outperformance in Life & Health Insurance

JRVR has trailed 100% of its 19 Life & Health Insurance peers over 5Y. Among the peers that beat it are UNM, AFL and PFG. Life & Health Insurance ranks 4th of 18 industries in Financials by median 5Y return.
Share of Life & Health Insurance constituents that JRVR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
26%
of 19 industry peers · -31.3% return
3Y
0%
of 19 industry peers · -74.3% return
5Y
0%
of 19 industry peers · -89.8% return
Life & Health Insurance peers with revenue growth within 4pp of JRVR's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
JRVR James River 1.1% 5.5x -31.3%-74.3%-89.8% —
UNM Unum 3.2% 20.8x 22.3%97.7%276.4% +366pp
AFL Aflac 0.1% 11.9x 5.2%54.9%135.2% +225pp
PFG Principal Financial 3.7% 14.9x 34.2%69.4%85.7% +175pp
MET MetLife 3.3% 17.4x 23.4%72.8%75.9% +166pp
PRU Prudential Financial 0.5% 10.0x 16.1%39.3%31.5% +121pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Life & Health Insurance is JRVR's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 17.9%66.4%114.2% SPNT 165% · RGA 137% · RNR 133%
Investment Banking & Brokerage 13 -5.5%94.1%96.0% IBKR 404% · SNEX 198% · HOOD 161%
Diversified Banks 12 29.4%125.8%94.2% CM 135% · RY 123% · JPM 121%
Life & Health Insurance ← 20 10.6%52.1%83.5% JXN 493% · UNM 276% · MFC 172%
Multi-Sector Holdings 4 4.4%50.4%71.2% JONE 361% · BRK-B 81% · VOYA 61%
Property & Casualty Insurance 42 6.1%71.8%59.1% ASIC 2592900% · HRTG 397% · UVE 312%
Multi-line Insurance 9 4.6%69.4%51.0% GNW 129% · L 89% · AIZ 79%
Regional Banks 263 24.9%86.1%46.9% GCBC 326% · ESQ 299% · NBN 246%
Financial Exchanges & Data 15 2.7%21.5%30.2% VIRT 168% · CBOE 157% · CME 72%
Consumer Finance 30 4.2%82.8%22.9% ENVA 394% · EZPW 288% · FCFS 163%
Asset Management & Custody Banks 82 -8.7%18.2%13.7% WT 337% · SII 264% · VCTR 257%
Diversified Financial Services 4 -7.8%17.5%13.5% FRHC 165% · EQH 90% · TMS -63%
Insurance Brokers 16 -22.1%-6.6%8.5% LIFE 316% · ARX 89% · CRD-A 63%
Commercial & Residential Mortgage Finance 14 -51.8%19.8%-2.4% FNMA 443% · FMCC 411% · ACT 176%
Specialized Finance 3 11.1%34.0%-11.0% EFC 16% · CACC -11% · HASI -14%
Mortgage REITs 33 -15.6%-0.8%-30.7% NREF 45% · RITM 29% · DX 19%
Transaction & Payment Processing Services 17 -4.5%-4.7%-39.6% V 74% · MA 71% · CPAY 52%
Diversified Capital Markets 20 -50.6%23.6%-61.5% OPY 152% · LPLA 102% · GOLD 41%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Can James River Stock Recover If Markets Fall?10/17/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

JRVRMKLKNSLWRBRLIAXSMedian
NameJames Ri.Markel Kinsale .WR Berkl.RLI Axis Cap. 
Mkt Price3.641,762.45336.9772.2455.7096.7484.49
Mkt Cap0.222.17.728.15.17.17.4
Rev LTM65316,6691,99614,9181,9746,8514,424
Op Inc LTM-------
FCF LTM-22,1181,0013,4705172,4551,560
FCF 3Y Avg-802,2829523,4005221,1911,072
CFO LTM22,3251,0363,6035242,4551,681
CFO 3Y Avg-752,5269823,5015281,1911,087

Growth & Margins

JRVRMKLKNSLWRBRLIAXSMedian
NameJames Ri.Markel Kinsale .WR Berkl.RLI Axis Cap. 
Rev Chg LTM-1.8%2.5%15.8%4.8%8.7%12.1%6.7%
Rev Chg 3Y Avg1.1%3.6%25.1%8.7%1.0%8.1%5.8%
Rev Chg Q-7.7%17.8%16.8%2.7%15.2%13.8%14.5%
QoQ Delta Rev Chg LTM-2.0%4.9%4.1%0.7%4.0%3.2%3.6%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM0.3%14.0%51.9%24.2%26.5%35.8%25.3%
CFO/Rev 3Y Avg-11.9%15.4%58.0%25.1%29.2%18.5%21.8%
FCF/Rev LTM-0.4%12.7%50.1%23.3%26.2%35.8%24.7%
FCF/Rev 3Y Avg-12.6%13.9%56.4%24.4%28.9%18.5%21.4%

Valuation

JRVRMKLKNSLWRBRLIAXSMedian
NameJames Ri.Markel Kinsale .WR Berkl.RLI Axis Cap. 
Mkt Cap0.222.17.728.15.17.17.4
P/S0.31.33.81.92.61.01.6
P/Op Inc-------
P/EBIT3.57.010.611.19.25.18.1
P/E5.59.713.514.611.76.410.7
P/CFO96.39.57.47.89.82.98.7
Total Yield19.3%10.3%7.7%8.6%16.9%17.4%13.6%
Dividend Yield1.1%0.0%0.3%1.7%8.4%1.9%1.4%
FCF Yield 3Y Avg-30.4%9.9%10.7%13.4%8.5%17.6%10.3%
D/E2.00.20.00.10.10.20.1
Net D/E-3.0-0.3-0.3-0.9-0.3-0.6-0.5

Returns

JRVRMKLKNSLWRBRLIAXSMedian
NameJames Ri.Markel Kinsale .WR Berkl.RLI Axis Cap. 
1M Rtn-7.6%-1.3%-6.3%3.5%-9.0%-1.2%-3.8%
3M Rtn-20.0%-9.6%-1.0%0.2%-7.9%-14.0%-8.8%
6M Rtn-41.0%-8.4%-3.1%11.1%0.6%-0.6%-1.8%
12M Rtn-31.2%-9.4%-29.1%-4.2%-4.9%1.7%-7.2%
3Y Rtn-74.2%20.4%-22.1%85.3%-6.6%84.8%6.9%
1M Excs Rtn-8.1%-4.0%-10.0%0.4%-10.7%-4.6%-6.4%
3M Excs Rtn-24.3%-14.1%-6.2%-6.0%-13.1%-19.1%-13.6%
6M Excs Rtn-55.6%-23.0%-17.7%-3.6%-14.0%-15.2%-16.4%
12M Excs Rtn-48.7%-25.5%-45.1%-20.3%-23.1%-14.2%-24.3%
3Y Excs Rtn-157.9%-62.6%-102.3%0.9%-89.1%1.0%-75.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Excess and Surplus Lines626594690570509
Specialty Admitted Insurance601091208284
Corporate and Other2421016
Total688708812662609


Net Income by Segment
$ Mil201520142013
Casualty Reinsurance232122
Excess and Surplus Lines131415
Corporate and Other665
Specialty Admitted Insurance223
Total454345


Assets by Segment
$ Mil20252024202320222021
Excess and Surplus Lines3,6523,5163,0842,6281,997
Specialty Admitted Insurance1,1351,3911,3871,2781,062
Corporate and Other731006385648
Total4,8605,0074,5343,9913,707


Price Behavior

Price Behavior
Market Price$3.63 
Market Cap ($ Bil)0.2 
First Trading Date12/12/2014 
Distance from 52W High-48.7% 
   50 Days200 Days
DMA Price$3.97$5.17
DMA Trenddowndown
Distance from DMA-8.5%-29.8%
 3M1YR
Volatility35.7%47.9%
Downside Capture170.9827.08
Upside Capture24.46-21.08
Correlation (SPY)10.5%-2.1%
JRVR Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta1.751.390.32-0.19-0.060.62
Up Beta0.000.44-0.93-0.25-0.230.62
Down Beta2.120.660.11-0.42-0.200.27
Up Capture108%82%16%-51%-15%16%
Bmk +ve Days6162766132424
Stock +ve Days8213362127362
Down Capture350%326%162%82%46%105%
Bmk -ve Days16263760120328
Stock -ve Days13203060117364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with JRVR
JRVR-33.3%47.9%-0.69-
Sector ETF (XLF)3.5%14.8%0.0129.5%
Equity (SPY)16.7%13.0%0.91-2.0%
Gold (GLD)3.3%29.5%0.11-1.3%
Commodities (DBC)44.8%20.9%1.67-8.6%
Real Estate (VNQ)4.8%13.8%0.0928.4%
Bitcoin (BTCUSD)-33.8%44.2%-0.81-0.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with JRVR
JRVR-36.9%49.8%-0.74-
Sector ETF (XLF)9.3%18.3%0.3731.4%
Equity (SPY)13.9%17.1%0.6222.6%
Gold (GLD)18.5%18.9%0.79-0.5%
Commodities (DBC)10.0%19.6%0.39-0.9%
Real Estate (VNQ)1.3%18.8%-0.0425.5%
Bitcoin (BTCUSD)11.2%52.0%0.397.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with JRVR
JRVR-18.1%43.9%-0.29-
Sector ETF (XLF)13.2%22.1%0.5435.8%
Equity (SPY)15.5%17.9%0.7329.6%
Gold (GLD)11.8%16.4%0.591.1%
Commodities (DBC)8.2%18.1%0.375.8%
Real Estate (VNQ)4.5%20.7%0.1830.9%
Bitcoin (BTCUSD)63.3%66.2%1.039.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity1.8 Mil
Short Interest: % Change Since 83120263.9%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest7.4 days
Basic Shares Quantity46.3 Mil
Short % of Basic Shares3.9%

Earnings Returns History

Updated 9/11/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/2026-7.6%-11.5%-13.0%
5/4/2026-23.6%-35.2%-37.5%
3/2/2026-6.5%-10.7%-11.5%
11/3/202515.1%3.9%15.3%
8/4/20251.3%2.4%1.1%
5/5/2025-1.8%-0.6%15.5%
3/3/2025-28.4%-19.6%-14.9%
11/12/2024-25.1%-32.0%-31.1%
...
SUMMARY STATS   
# Positive886
# Negative161618
Median Positive5.0%5.2%8.9%
Median Negative-7.0%-10.7%-11.3%
Max Positive15.1%13.5%15.5%
Max Negative-28.4%-35.3%-37.7%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/2026-7.6%-11.5%-13.0%
5/4/2026-23.6%-35.2%-37.5%
3/2/2026-6.5%-10.7%-11.5%
11/3/202515.1%3.9%15.3%
8/4/20251.3%2.4%1.1%
5/5/2025-1.8%-0.6%15.5%
3/3/2025-28.4%-19.6%-14.9%
11/12/2024-25.1%-32.0%-31.1%
8/5/2024-4.9%-3.7%-8.1%
5/8/2024-6.5%-4.9%-11.2%
2/28/2024-3.7%-6.9%-9.9%
11/8/2023-7.0%-35.3%-37.7%
8/7/2023-8.4%-10.4%-18.1%
5/2/20237.0%12.3%-0.5%
2/27/20237.5%7.6%-8.5%
11/1/2022-7.1%-10.5%-6.3%
8/1/20221.1%5.6%3.9%
5/9/20228.1%13.5%13.8%
2/28/2022-19.5%-18.2%-7.7%
11/2/2021-2.1%-9.1%-20.1%
8/4/20213.0%4.8%-1.9%
5/5/2021-26.4%-30.6%-23.0%
2/25/20211.5%4.1%2.2%
10/28/2020-3.7%-10.7%-9.2%
SUMMARY STATS   
# Positive886
# Negative161618
Median Positive5.0%5.2%8.9%
Median Negative-7.0%-10.7%-11.3%
Max Positive15.1%13.5%15.5%
Max Negative-28.4%-35.3%-37.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/05/202610-Q
12/31/202503/03/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202403/04/202510-K
09/30/202411/12/202410-Q
06/30/202408/06/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/14/202310-Q
06/30/202308/08/202310-Q
03/31/202305/03/202310-Q
12/31/202202/28/202310-K
09/30/202211/02/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/05/202610-Q
12/31/202503/03/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202403/04/202510-K
09/30/202411/12/202410-Q
06/30/202408/06/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/14/202310-Q
06/30/202308/08/202310-Q
03/31/202305/03/202310-Q
12/31/202202/28/202310-K
09/30/202211/02/202210-Q
06/30/202208/02/202210-Q
03/31/202205/10/202210-Q
12/31/202103/01/202210-K
09/30/202111/03/202110-Q
06/30/202108/05/202110-Q
03/31/202105/05/202110-Q
12/31/202002/26/202110-K
09/30/202010/29/202010-Q
06/30/202007/31/202010-Q
03/31/202004/30/202010-Q
12/31/201902/27/202010-K
09/30/201911/07/201910-Q

Investor Activity (13F)

Updated Oct 10, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Continental General Insurance Co$15.9 Mil2.3%11New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Continental General Insurance Co$15.9 Mil2.3%11New13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Continental General Insurance Co$15.9 Mil2.3%11New13F
Core Cache Last Updated: 10/9/2026