0001620459-22-000091 | 10-Q | XBRL Viewer | James River Group Holdings LTD

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Notes Details Other Operating Expenses and Other Expenses (Details) Uncategorized Uncategorized Items - jrvr-20220630_htm.xml All Reports

Label

Element

Value

Bank Loan Participations, Increase (Decrease) in Fair Value, Credit-Related Impairment

jrvr_BankLoanParticipationsIncreaseDecreaseinFairValueCreditRelatedImpairment

$ 0

Bank Loan Participations, Increase (Decrease) in Fair Value, Credit-Related Impairment

jrvr_BankLoanParticipationsIncreaseDecreaseinFairValueCreditRelatedImpairment

0

Bank Loan Participations, Increase (Decrease) in Fair Value, Credit-Related Impairment

jrvr_BankLoanParticipationsIncreaseDecreaseinFairValueCreditRelatedImpairment

0

Bank Loan Participations, Increase (Decrease) in Fair Value, Credit-Related Impairment

jrvr_BankLoanParticipationsIncreaseDecreaseinFairValueCreditRelatedImpairment

$ 0

Preferred Stock, Dividend Term

jrvr_PreferredStockDividendTerm

5 years

Short Term Investments And Other, Changes in Fair Value

jrvr_ShortTermInvestmentsAndOtherChangesInFairValue

$ 0

Short Term Investments And Other, Changes in Fair Value

jrvr_ShortTermInvestmentsAndOtherChangesInFairValue

10,000

Short Term Investments And Other, Changes in Fair Value

jrvr_ShortTermInvestmentsAndOtherChangesInFairValue

0

Short Term Investments And Other, Changes in Fair Value

jrvr_ShortTermInvestmentsAndOtherChangesInFairValue

$ 21,000

Preferred Stock, Dividend Payment Rate, Variable Spread

jrvr_PreferredStockDividendPaymentRateVariableSpread

5.20%

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

$ 22,334,000

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

1,252,000

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

2,059,000

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

0

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

25,645,000

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

26,917,000

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

2,138,000

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

(3,321,000)

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

0

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

25,734,000

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

43,791,000

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

1,461,000

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

(6,778,000)

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

0

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

38,474,000

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

(124,029,000)

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

3,404,000

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

(4,946,000)

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

0

Underwriting Profit Loss Of Operating Segments

jrvr_UnderwritingProfitLossOfOperatingSegments

(125,571,000)

Fair Value, Option, Loans Held as Assets, Aggregate Fair Value

jrvr_FairValueOptionLoansHeldasAssetsAggregateFairValue

159,885,000

Fair Value, Option, Loans Held as Assets, Aggregate Fair Value

jrvr_FairValueOptionLoansHeldasAssetsAggregateFairValue

156,043,000

Fair Value, Option, Loans Held as Assets, Aggregate Fair Value

jrvr_FairValueOptionLoansHeldasAssetsAggregateFairValue

0

Fair Value, Option, Loans Held as Assets, Aggregate Fair Value

jrvr_FairValueOptionLoansHeldasAssetsAggregateFairValue

159,885,000

Fair Value, Option, Loans Held as Assets, Aggregate Fair Value

jrvr_FairValueOptionLoansHeldasAssetsAggregateFairValue

0

Fair Value, Option, Loans Held as Assets, Aggregate Fair Value

jrvr_FairValueOptionLoansHeldasAssetsAggregateFairValue

159,885,000

Fair Value, Option, Loans Held as Assets, Aggregate Fair Value

jrvr_FairValueOptionLoansHeldasAssetsAggregateFairValue

0

Fair Value, Option, Loans Held as Assets, Aggregate Fair Value

jrvr_FairValueOptionLoansHeldasAssetsAggregateFairValue

156,043,000

Fair Value, Option, Loans Held as Assets, Aggregate Fair Value

jrvr_FairValueOptionLoansHeldasAssetsAggregateFairValue

0

Fair Value, Option, Loans Held as Assets, Aggregate Fair Value

jrvr_FairValueOptionLoansHeldasAssetsAggregateFairValue

156,043,000

Fair Value, Option, Loans Held as Assets, Aggregate Fair Value

jrvr_FairValueOptionLoansHeldasAssetsAggregateFairValue

159,885,000

Fair Value, Option, Loans Held as Assets, Aggregate Fair Value

jrvr_FairValueOptionLoansHeldasAssetsAggregateFairValue

159,885,000

Fair Value, Option, Loans Held as Assets, Aggregate Fair Value

jrvr_FairValueOptionLoansHeldasAssetsAggregateFairValue

156,043,000

Fair Value, Option, Loans Held as Assets, Aggregate Fair Value

jrvr_FairValueOptionLoansHeldasAssetsAggregateFairValue

156,043,000

Bank Loan Participations, Net Gain (Loss)

jrvr_BankLoanParticipationsNetGainLoss

(9,895,000)

Bank Loan Participations, Net Gain (Loss)

jrvr_BankLoanParticipationsNetGainLoss

1,937,000

Bank Loan Participations, Net Gain (Loss)

jrvr_BankLoanParticipationsNetGainLoss

(11,993,000)

Bank Loan Participations, Net Gain (Loss)

jrvr_BankLoanParticipationsNetGainLoss

5,785,000

Short Term Investments And Other Gross Realized Gains

jrvr_ShortTermInvestmentsAndOtherGrossRealizedGains

0

Short Term Investments And Other Gross Realized Gains

jrvr_ShortTermInvestmentsAndOtherGrossRealizedGains

0

Short Term Investments And Other Gross Realized Gains

jrvr_ShortTermInvestmentsAndOtherGrossRealizedGains

0

Short Term Investments And Other Gross Realized Gains

jrvr_ShortTermInvestmentsAndOtherGrossRealizedGains

5,000

Notes Receivable

jrvr_NotesReceivable

4,500,000

Notes Receivable

jrvr_NotesReceivable

9,740,000

Notes Receivable

jrvr_NotesReceivable

11,536,000

Notes Receivable

jrvr_NotesReceivable

9,740,000

Notes Receivable

jrvr_NotesReceivable

$ 11,921,000

Earnings Per Share, Dilutive Potential Common Shares

jrvr_EarningsPerShareDilutivePotentialCommonShares

$ 0

Earnings Per Share, Dilutive Potential Common Shares

jrvr_EarningsPerShareDilutivePotentialCommonShares

(0.01)

Earnings Per Share, Dilutive Potential Common Shares

jrvr_EarningsPerShareDilutivePotentialCommonShares

0

Earnings Per Share, Dilutive Potential Common Shares

jrvr_EarningsPerShareDilutivePotentialCommonShares

$ 0

Number Of Equity Securities Held

jrvr_NumberOfEquitySecuritiesHeld

1

Number Of Equity Securities Held

jrvr_NumberOfEquitySecuritiesHeld

1

Number Of Equity Securities Held

jrvr_NumberOfEquitySecuritiesHeld

2

Number Of Insurance Companies

jrvr_NumberOfInsuranceCompanies

5

Number Of Insurance Companies

jrvr_NumberOfInsuranceCompanies

2

Assets Deposited For Securing Letters Of Credit

jrvr_AssetsDepositedForSecuringLettersOfCredit

$ 9,100,000

Assets Deposited For Securing Letters Of Credit

jrvr_AssetsDepositedForSecuringLettersOfCredit

46,600,000

Assets Deposited For Securing Letters Of Credit

jrvr_AssetsDepositedForSecuringLettersOfCredit

30,000,000

Bank Loan Participations, Changes in Fair Value

jrvr_BankLoanParticipationsChangesinFairValue

(9,791,000)

Bank Loan Participations, Changes in Fair Value

jrvr_BankLoanParticipationsChangesinFairValue

2,340,000

Bank Loan Participations, Changes in Fair Value

jrvr_BankLoanParticipationsChangesinFairValue

(11,800,000)

Bank Loan Participations, Changes in Fair Value

jrvr_BankLoanParticipationsChangesinFairValue

$ 6,250,000

Number Of Bank Loan Participations Held

jrvr_NumberOfBankLoanParticipationsHeld

1

Number Of Bank Loan Participations Held

jrvr_NumberOfBankLoanParticipationsHeld

1

Residential Mortgage Backed Fair Value

jrvr_ResidentialMortgageBackedFairValue

$ 290,555,000

Residential Mortgage Backed Amortized Cost

jrvr_ResidentialMortgageBackedAmortizedCost

312,407,000

Commercial Mortgage And Asset Backed Amortized Cost

jrvr_CommercialMortgageAndAssetBackedAmortizedCost

340,434,000

Commercial Mortgage And Asset Backed Fair Value

jrvr_CommercialMortgageAndAssetBackedFairValue

322,204,000

Short Term Investments And Other Gross Realized Losses

jrvr_ShortTermInvestmentsAndOtherGrossRealizedLosses

24,000

Short Term Investments And Other Gross Realized Losses

jrvr_ShortTermInvestmentsAndOtherGrossRealizedLosses

0

Short Term Investments And Other Gross Realized Losses

jrvr_ShortTermInvestmentsAndOtherGrossRealizedLosses

39,000

Short Term Investments And Other Gross Realized Losses

jrvr_ShortTermInvestmentsAndOtherGrossRealizedLosses

$ 0

Preferred Stock, Convertible, Term

jrvr_PreferredStockConvertibleTerm

2 years

Preferred Stock, Convertible, Mandatory Conversion, Percentage

jrvr_PreferredStockConvertibleMandatoryConversionPercentage

130.00%

Preferred Stock, Convertible, Number Of Trading Days

jrvr_PreferredStockConvertibleNumberOfTradingDays

20

Number Of Notes Issued

jrvr_NumberOfNotesIssued

2

Number Of Notes Issued

jrvr_NumberOfNotesIssued

2

Commitment to Investment In Limited Partnership

jrvr_CommitmentToInvestmentInLimitedPartnership

$ 5,300,000

Bank Loan Participations, Gross Realized Loss

jrvr_BankLoanParticipationsGrossRealizedLoss

122,000

Bank Loan Participations, Gross Realized Loss

jrvr_BankLoanParticipationsGrossRealizedLoss

523,000

Bank Loan Participations, Gross Realized Loss

jrvr_BankLoanParticipationsGrossRealizedLoss

306,000

Bank Loan Participations, Gross Realized Loss

jrvr_BankLoanParticipationsGrossRealizedLoss

783,000

Restricted Stock Unit Dividend Equivalents

jrvr_RestrictedStockUnitDividendEquivalents

72,000

Restricted Stock Unit Dividend Equivalents

jrvr_RestrictedStockUnitDividendEquivalents

$ 221,000

Liability For Claims And Claims Adjustment Expense [Text Block]

jrvr_LiabilityForClaimsAndClaimsAdjustmentExpenseTextBlock

Reserve for Losses and Loss Adjustment Expenses

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 condensed 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 $601,000 at June 30, 2022, $604,000 at March 31, 2022, $631,000 at December 31, 2021, and $335,000 at June 30, 2021, March 31, 2021, and December 31, 2020.


			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
			(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period			$	1,131,700					$	1,534,779					$	1,399,214					$	1,386,061
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year			122,945						113,450						251,749						216,816
Prior years			(1,576)						(3,450)						5,228						166,684
Total incurred losses and loss and adjustment expenses			121,369						110,000						256,977						383,500
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year			6,832						7,263						9,606						10,456
Prior years			92,765						126,410						193,620						247,999
Total loss and loss adjustment expense payments			99,597						133,673						203,226						258,455
Deduct: Loss reserves ceded in Retrocession Agreement			—						—						299,493						—
Add: Changes in reinsurance recoverable of Retrocession Agreement unrelated to net reserve activity			5,673						—						5,673						—
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period			1,159,145						1,511,106						1,159,145						1,511,106
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period			1,571,486						935,896						1,571,486						935,896
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period			$	2,730,631					$	2,447,002					$	2,730,631					$	2,447,002

The Company experienced $1.6 million of net favorable reserve development in the three months ended June 30, 2022 on the reserve for losses and loss adjustment expenses held at December 31, 2021. This reserve development included $32,000 of net favorable development in the Excess and Surplus Lines segment, $1.5 million of net favorable development in the Specialty Admitted Insurance segment, and no development in the Casualty Reinsurance segment.

The Company experienced $3.5 million of net favorable reserve development in the three months ended June 30, 2021 on the reserve for losses and loss adjustment expenses held at December 31, 2020. This reserve development included $7.5 million of net favorable development in the Excess and Surplus Lines segment, $1.0 million of net favorable development in the Specialty Admitted Insurance segment, and $5.0 million of net adverse development in the Casualty Reinsurance segment.

The Company experienced $5.2 million of net adverse reserve development in the six months ended June 30, 2022 on the reserve for losses and loss adjustment expenses held at December 31, 2021. This reserve development included $91,000 of net favorable development in the Excess and Surplus Lines segment, $1.5 million of net favorable development in the Specialty Admitted Insurance segment, and $6.8 million of net adverse development in the Casualty Reinsurance segment that was associated with the Retrocession Agreement (as defined below).

On February 23, 2022, JRG Re entered into a loss portfolio transfer retrocession agreement (the “Retrocession Agreement”) with Fortitude Reinsurance Company Ltd. (“FRL”) under which FRL reinsures the majority of the reserves in the Company’s Casualty Reinsurance segment. Under the terms of the transaction, which closed on March 31, 2022 (the “Retrocession Closing Date”), JRG Re (a) ceded to FRL all existing and future claims for losses arising under certain casualty reinsurance agreements with underlying insurance companies with treaty inception dates ranging from 2011 to 2020 (the “Subject Business”), in each case net of third-party reinsurance and other recoveries, up to an aggregate limit of $400.0 million;

(b) continues to manage and retain the benefit of other third-party reinsurance on the Subject Business; (c) paid FRL a reinsurance premium of $335.0 million, $310.0 million of which JRG Re credited to a notional funds withheld account (the “Funds Withheld Account”) and $25.0 million of which was paid in cash to FRL; and (d) pays FRL a 2% per annum crediting rate on the Funds Withheld Account balance on a quarterly basis. The total premium, initial Funds Withheld Account credit, and aggregate limit was adjusted for claims paid from October 1, 2021 to the Retrocession Closing Date. The Casualty Reinsurance segment incurred losses of $11.5 million (including $6.8 million of net adverse reserve development and $4.7 million of current accident year losses) in the three months ended March 31, 2022 associated with the Retrocession Agreement.

The Company experienced $166.7 million of net adverse reserve development in the six months ended June 30, 2021 on the reserve for losses and loss adjustment expenses held at December 31, 2020. This reserve development included $161.2 million of net adverse development in the Excess and Surplus Lines segment, including $170.0 million on commercial auto business, almost entirely related to a previously canceled account that has been in runoff since 2019. The reported losses on this terminated commercial auto account meaningfully exceeded our expectations for the three months ended March 31, 2021. We had expected that reported losses would decline as the account moved further into runoff, but the continued heavy reported loss emergence in the first quarter of 2021 indicated more inherent severity than anticipated. In response, we meaningfully adjusted our actuarial methodology, resulting in a significant strengthening of reserves for this account at March 31, 2021. In prior quarters, our actuarial work for this terminated commercial auto account had been based on industry data, pricing data, experience data, average claims severity data, and blended methodologies. However, the continuation of the highly elevated reported losses in the first quarter of 2021 led us to conclude that using only our own loss experience in our paid and incurred reserve projections rather than the array of inputs that we had used in prior quarters, and giving greater weight to incurred methods, would give us a better estimate of ultimate losses on this account. Loss emergence on the terminated commercial auto account in the three months ended June 30, 2021 was in line with our expectations, and accordingly, no additional reserve development was taken in the second quarter of 2021. The Company also experienced $2.0 million of net favorable development in the Specialty Admitted Insurance segment due to favorable development in the workers' compensation business for prior accident years, and $7.5 million of net adverse development in the Casualty Reinsurance segment.

Net Cash Provided by (Used in) Operating Activities Excluding Change in Collateral Funds

jrvr_NetCashProvidedByUsedInOperatingActivitiesExcludingChangeInCollateralFunds

$ 139,200,000

Net Cash Provided by (Used in) Operating Activities Excluding Change in Collateral Funds

jrvr_NetCashProvidedByUsedInOperatingActivitiesExcludingChangeInCollateralFunds

$ 43,400,000

Share Based Arrangement by Share Based Award Option Contractual Life

jrvr_ShareBasedArrangementbyShareBasedAwardOptionContractualLife

7 years

Other Invested Asset [Table Text Block]

jrvr_OtherInvestedAssetTableTextBlock

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
			June 30,						December 31,						Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021						2022						2021
			(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines			$	25,736					$	24,211					$	81					$	—					$	2,361					$	—
Corporate & Other			2,853						2,709						15						129						259						(786)
			28,589						26,920						96						129						2,620						(786)
Renewable energy notes receivable (b)
Excess and Surplus Lines			2,329						2,329						70						120						140						224
Corporate & Other			2,911						2,911						87						150						174						280
			5,240						5,240						157						270						314						504
Limited partnerships (c)
Excess and Surplus Lines			11,318						13,098						(828)						241						(696)						416
Corporate & Other			1,701						2,150						—						108						—						862
			13,019						15,248						(828)						349						(696)						1,278
Bank holding companies (d)
Excess and Surplus Lines			4,500						4,500						86						29						172						29
Corporate & Other			—						—						—						57						—						143
			4,500						4,500						86						86						172						172
Total other invested assets
Excess and Surplus Lines			43,883						44,138						(591)						390						1,977						669
Corporate & Other			7,465						7,770						102						444						433						499
			$	51,348					$	51,908					$	(489)					$	834					$	2,410					$	1,168

(a)The Company's Excess and Surplus Lines and Corporate and Other segments own equity interests ranging from 2.6% to 32.6% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The LLCs are managed by an entity for which two former directors served as officers, and the Company’s Non-Executive Chairman has 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. The Company received cash distributions from these investments totaling $951,000 and $266,000 in the six months ended June 30, 2022 and 2021, respectively.

(b)The Company's Excess and Surplus Lines and Corporate and Other segments have invested in notes receivable for renewable energy projects. At June 30, 2022, the Company held two notes issued by an entity for which two of our former directors serve as officers. Interest on the notes, which mature in 2025, is fixed at 12%.

(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, and tranches of distressed home loans. Income from the partnerships is recognized under the equity method of accounting. At June 30, 2022, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $5.3 million in these limited partnerships.

(d)The Company's Excess and Surplus Lines segment holds $4.5 million of subordinated notes issued by a bank holding company for which the Company’s Non-Executive Chairman was previously the Lead Independent Director and an investor and for which one of the Company’s directors is also an investor (the "Bank Holding Company"). Interest on the notes, which mature on August 12, 2023, is fixed at 7.6% per annum.

jrvr_FeeIncome

$ 900,000

jrvr_FeeIncome

1,700,000

jrvr_FeeIncome

954,000

jrvr_FeeIncome

$ 1,900,000

Percentage Of Available For Sale Debt Securities

jrvr_PercentageOfAvailableForSaleDebtSecurities

99.60%

Increase (Decrease) In Restricted Cash Equivalents

jrvr_IncreaseDecreaseInRestrictedCashEquivalents

$ 94,000

Increase (Decrease) In Restricted Cash Equivalents

jrvr_IncreaseDecreaseInRestrictedCashEquivalents

(136,395,000)

Bank Loan Participations, Gross Realized Gain

jrvr_BankLoanParticipationsGrossRealizedGain

18,000

Bank Loan Participations, Gross Realized Gain

jrvr_BankLoanParticipationsGrossRealizedGain

120,000

Bank Loan Participations, Gross Realized Gain

jrvr_BankLoanParticipationsGrossRealizedGain

113,000

Bank Loan Participations, Gross Realized Gain

jrvr_BankLoanParticipationsGrossRealizedGain

318,000

Other Income And Expenses

jrvr_OtherIncomeAndExpenses

49,000

Other Income And Expenses

jrvr_OtherIncomeAndExpenses

(827,000)

Other Income And Expenses

jrvr_OtherIncomeAndExpenses

(252,000)

Other Income And Expenses

jrvr_OtherIncomeAndExpenses

(1,349,000)

Fair Value, Option, Loans Held as Assets, Aggregate Unpaid Principal Balance

jrvr_FairValueOptionLoansHeldasAssetsAggregateUnpaidPrincipalBalance

175,800,000

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Amortization of Discount

jrvr_FairValueMeasurementwithUnobservableInputsReconciliationRecurringBasisAssetAmortizationofDiscount

0

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Amortization of Discount

jrvr_FairValueMeasurementwithUnobservableInputsReconciliationRecurringBasisAssetAmortizationofDiscount

0

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Amortization of Discount

jrvr_FairValueMeasurementwithUnobservableInputsReconciliationRecurringBasisAssetAmortizationofDiscount

0

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Amortization of Discount

jrvr_FairValueMeasurementwithUnobservableInputsReconciliationRecurringBasisAssetAmortizationofDiscount

0

Payment To Acquire Bank Loan Participations

jrvr_PaymentToAcquireBankLoanParticipations

59,450,000

Payment To Acquire Bank Loan Participations

jrvr_PaymentToAcquireBankLoanParticipations

71,011,000

Proceeds From Bank Loan Participations

jrvr_ProceedsFromBankLoanParticipations

32,679,000

Proceeds From Bank Loan Participations

jrvr_ProceedsFromBankLoanParticipations

36,059,000

Short Term Investments And Other Gross Realized Gains (Losses)

jrvr_ShortTermInvestmentsAndOtherGrossRealizedGainsLosses

(24,000)

Short Term Investments And Other Gross Realized Gains (Losses)

jrvr_ShortTermInvestmentsAndOtherGrossRealizedGainsLosses

10,000

Short Term Investments And Other Gross Realized Gains (Losses)

jrvr_ShortTermInvestmentsAndOtherGrossRealizedGainsLosses

(39,000)

Short Term Investments And Other Gross Realized Gains (Losses)

jrvr_ShortTermInvestmentsAndOtherGrossRealizedGainsLosses

26,000

Proceeds From Maturities From Bank Loan Participations

jrvr_ProceedsFromMaturitiesOfBankLoanParticipations

11,360,000

Proceeds From Maturities From Bank Loan Participations

jrvr_ProceedsFromMaturitiesOfBankLoanParticipations

$ 23,713,000

Temporary Equity Disclosure [Text Block]

jrvr_TemporaryEquityDisclosureTextBlock

Series A Preferred Shares

On February 24, 2022, we 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 our 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 our election. On the five-year anniversary of the Series A Closing Date, and each five-year anniversary thereafter, the dividend rate will reset to a rate equal to the five-year U.S. treasury rate plus 5.2%. Dividends accrue quarterly and are payable on March 31, June 30, September 30 and December 31 of each year, and commenced with a cash dividend of $3.5 million paid on June 30, 2022 for the period from the Series A Closing Date through June 30, 2022.

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 adverse reserve developments.

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 us 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. 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 have been classified as mezzanine equity in the Company's condensed consolidated balance sheets and are recognized at 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 has designated Matthew Botein as the Series A Designee and, accordingly, the Board approved the appointment of Mr. Botein to serve as a Class I director with a term expiring at the 2024 annual meeting of the Company’s shareholders, effective following receipt of any necessary regulatory approvals. Until applicable regulatory approvals are obtained, Mr. Botein will have board observer status.

Number of Credit Facilities

jrvr_NumberofCreditFacilities

3

Letter Of Credit Facility Amount

jrvr_LetterOfCreditFacilityAmount

$ 30,000,000

Letter Of Credit Facility Amount

jrvr_LetterOfCreditFacilityAmount

102,500,000

Proceeds From Other Invested Asset Return Of Capital

jrvr_ProceedsFromOtherInvestedAssetReturnOfCapital

998,000

Proceeds From Other Invested Asset Return Of Capital

jrvr_ProceedsFromOtherInvestedAssetReturnOfCapital

$ 336,000

Preferred Stock, Dividend, Trading Days

jrvr_PreferredStockDividendTradingDays

5

Underwriting Profit (Loss)

jrvr_UnderwritingProfitLoss

$ 16,757,000

Underwriting Profit (Loss)

jrvr_UnderwritingProfitLoss

17,819,000

Underwriting Profit (Loss)

jrvr_UnderwritingProfitLoss

21,712,000

Underwriting Profit (Loss)

jrvr_UnderwritingProfitLoss

$ (141,542,000)

Preferred Stock, Discount Rate, Percentage

jrvr_PreferredStockDiscountRatePercentage

3.50%

Payments for (Proceeds from) Unsettled Investments, Net

jrvr_PaymentsforProceedsfromUnsettledInvestmentsNet

$ (22,042,000)

Payments for (Proceeds from) Unsettled Investments, Net

jrvr_PaymentsforProceedsfromUnsettledInvestmentsNet

(16,229,000)

Loss Portfolio Transfer [Member]

Reinsurance, Aggregate Coverage Limit

jrvr_ReinsuranceAggregateCoverageLimit

$ 400,000,000

Required Collateral, Percentage

jrvr_RequiredCollateralPercentage

102.00%

Reinsurance Premium

jrvr_ReinsurancePremium

$ 345,100,000

Crediting Rate On Funds Withheld

jrvr_CreditingRateOnFundsWithheld

2.00%

Loss Fund Trust [Member]

Cash Equivalent Collateral Held In Trust Arrangement

jrvr_CashEquivalentCollateralHeldInTrustArrangement

$ 102,100,000

Cash Equivalent Collateral Held In Trust Arrangement

jrvr_CashEquivalentCollateralHeldInTrustArrangement

69,200,000

Cash Equivalent Collateral Held In Trust Arrangement

jrvr_CashEquivalentCollateralHeldInTrustArrangement

28,200,000

LPT Trust [Member] | Loss Portfolio Transfer [Member]

Cash Equivalent Collateral Held In Trust Arrangement

jrvr_CashEquivalentCollateralHeldInTrustArrangement

165,400,000

Indemnity Trust And Loss Fund Trust [Member]

Cash Equivalent Collateral Held In Trust Arrangement

jrvr_CashEquivalentCollateralHeldInTrustArrangement

443,400,000

LPT Trust And Loss Fund Trust [Member] | Loss Portfolio Transfer [Member]

Cash Equivalent Collateral Held In Trust Arrangement

jrvr_CashEquivalentCollateralHeldInTrustArrangement

193,600,000

Indemnity Trust [Member]

Cash Equivalent Collateral Returned to Trust

jrvr_CashEquivalentCollateralReturnedToTrust

$ 691,300,000

Required Collateral, Percentage

jrvr_RequiredCollateralPercentage

102.00%

Cash Equivalent Collateral Held In Trust Arrangement

jrvr_CashEquivalentCollateralHeldInTrustArrangement

$ 374,300,000