Key Highlights

• James River Group's $0.01 quarterly Dividend trades with a September 15, 2026 record date, payable September 30.

• Second-quarter Net Income available to common shareholders was $4.4 million, up 59% from $2.8 million a year earlier, while operating Earnings declined to $10.0 million, or $0.20 per diluted share, from $11.7 million, or $0.23.

• The Excess & Surplus Lines segment combined ratio improved to 92.8% from 96.5% in the first quarter, while the consolidated combined ratio was 100.2%.

• The company continues to deliberately reduce its Specialty Admitted fronting business, with general and administrative expenses down 9% in the first half.

James River Group's (NASDAQ:JRVR) $0.01 quarterly dividend trades with a September 15 Record Date and September 30 payment date. CEO Frank D'Orazio said the prior quarter had been affected by "unique legacy Reinsurance dynamics," while the Excess & Surplus Lines segment combined ratio improved to 92.8% from 96.5% in the first quarter.

Dividend Program and Shareholder Returns

James River Group declared a $0.01 per share common dividend, payable September 30 to shareholders of record September 15. The annualized common payout is $0.04 per share, a token rate that the company has maintained at this minimal level for an extended period as it prioritizes Capital preservation for insurance-regulatory requirements, reserves and its ongoing shift toward the E&S business, rather than using the dividend as a meaningful capital-return vehicle at this stage of its repositioning.

About the Company

James River Group is a specialty insurance Holding Company operating primarily through subsidiaries focused on Excess & Surplus insurance, specialty casualty and fronting/program business, with a strategy increasingly concentrated in E&S underwriting.

Financial Performance Behind the Payout

James River Group reported second-quarter net income available to common shareholders of $4.4 million, up 59% from $2.8 million a year earlier. Operating earnings were $10.0 million, or $0.20 per diluted share, down from $11.7 million, or $0.23 per share, a year earlier. The consolidated combined ratio was 100.2%, comprising a 66.3% loss ratio and 33.9% expense ratio. The Excess & Surplus Lines segment posted a combined ratio of 92.8%, with a 65.4% loss ratio and 27.4% expense ratio, improving from 96.5% in the first quarter. Net Investment income was $20.3 million, roughly unchanged from a year earlier. Tangible common Book Value per share rose to $9.01, a 1% increase from December 31, 2025.

Reserve Position and Strategic Repositioning

Total net reserves were $1.05 billion, with approximately $950 million allocated to the E&S business, and 15% relating to accident years 2023 and prior. General and administrative expenses declined 9% in the first half of 2026 compared with the first half of 2025, with declines of 42% in Specialty Admitted and 12% in Corporate segments, which the company attributed to its deliberate reduction of Specialty Admitted fronting-business exposure in favor of E&S opportunities.

Outlook

CEO D'Orazio's characterization of the first quarter as reflecting "unique legacy reinsurance dynamics" points to the E&S segment's 92.8% combined ratio, not the consolidated 100.2% figure, as the number to track. With 85% of reserves now tied to 2024-and-later accident years, future development on those years is the more relevant indicator going forward.