0001620459-24-000123 | 10-Q | XBRL Viewer | James River Group Holdings LTD

Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Unrealized gains (losses) arising during the period, before U.S. income taxes	$	39,205	$	(48,328)	$	25,271	$	(32,883)
U.S. income taxes	(8,233)		7,688		(5,307)		6,325
Unrealized gains (losses) arising during the period, net of U.S. income taxes	30,972		(40,640)		19,964		(26,558)
Less reclassification adjustment:
Net realized investment losses	(106)		(478)		(1,215)		(847)
U.S. income taxes	22		64		255		70
Reclassification adjustment for investment losses realized in net income	(84)		(414)		(960)		(777)
Other comprehensive income (loss)	$	31,056	$	(40,226)	$	20,924	$	(25,781)

In addition to the $106,000 and $1.2 million of net realized investment losses on available-for-sale fixed maturities for the three and nine months ended September 30, 2024 ($478,000 and $847,000 of net realized investment losses for the three and nine months ended September 30, 2023, respectively), the Company also recognized net realized and unrealized investment losses in the respective periods of $2.0 million and $3.1 million on its investments in bank loan participations (net realized and unrealized investment gains of $2.6 million and $4.6 million in the respective prior year periods) and net realized and unrealized investment gains of $6.2 million and $10.7 million on its investments in equity securities (net realized and unrealized investment losses of $1.6 million and $1.8 million in the respective prior year periods).

Accounting Policies (Policies)	9 Months Ended
Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include the results of the Company and its subsidiaries from their respective dates of inception or acquisition, as applicable. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for a more complete description of the Company’s business and accounting policies. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2023 was derived from the Company’s audited annual consolidated financial statements. 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 determined that the definitive agreement to sell JRG Re met the criteria for JRG Re 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 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 at December 31, 2023 have been classified as held-for-sale and segregated for all periods presented in this interim report on Form 10-Q.
Estimates and Assumptions	Estimates and Assumptions Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.
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 the 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 condensed 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.
Income Tax Expense	Income Tax Expense Our effective tax rate fluctuates from period to period based on the relative mix of income from continuing operations reported by country and the respective tax rates imposed by each tax jurisdiction. Statutory tax rates are 0% and 21% for Bermuda and the U.S.
Adopted and Prospective Accounting Standards	Adopted Accounting Standards There were no new accounting standards adopted in 2024 that materially impacted the Company's financial statements. Prospective 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. 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 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.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Contingent Liabilities (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended		39 Months Ended
Contingent Liabilities (Details) - USD ($) $ in Thousands	Sep. 27, 2021	Jul. 01, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			$ 56,876	$ 7,809	$ 67,136	$ 6,593
Excess and Surplus Lines
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			57,000	7,800	67,700	7,600
Excess and Surplus Lines \| Commercial Auto Business \| Aleka \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			7,700		7,700		$ 7,700
Excess and Surplus Lines \| Commercial Auto Business \| Raiser \| Indemnity Trust
Contingent Liabilities [Line Items]
Required collateral, percentage	102.00%
Cash equivalent collateral returned to trust	$ 691,300
Cash equivalent collateral trust arrangement			85,300		85,300		85,300
Excess and Surplus Lines \| Commercial Auto Business \| Raiser \| Indemnity Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			102,700		102,700		102,700
Excess and Surplus Lines \| Commercial Auto Business \| Raiser \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			17,400		17,400		17,400
Excess and Surplus Lines \| Commercial Auto Business \| Rasier and Aleka \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			28,400		28,400		28,400
Loss Portfolio Transfer \| Excess and Surplus Lines \| Commercial Auto Business
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			914	$ 7,100	2,800	$ 60,600	113,900
Cumulative amounts ceded under loss portfolio transfer			459,100		459,100		459,100	$ 456,200
Loss Portfolio Transfer \| Excess and Surplus Lines \| Commercial Auto Business \| Aleka
Contingent Liabilities [Line Items]
Reinsurance premium		$ 345,100
Required collateral, percentage	102.00%
Reinsurance recoverables			46,900		46,900		46,900
Loss Portfolio Transfer \| Excess and Surplus Lines \| Commercial Auto Business \| Aleka \| L PT Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			40,100		40,100		40,100
Loss Portfolio Transfer \| Excess and Surplus Lines \| Commercial Auto Business \| Aleka \| LPT Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			$ 47,800		$ 47,800		$ 47,800

Senior Debt (Details) - USD ($)	9 Months Ended
Senior Debt (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Apr. 16, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amount outstanding on line of credit	$ 200,800,000			$ 222,300,000
Repayments of senior debt	21,500,000	$ 0
2013 Facility \| Secured Debt
Debt Instrument [Line Items]
Line of credit maximum capacity			$ 45,000,000
Amount of letters of credit issued	23,900,000
2013 Facility \| Unsecured Debt
Debt Instrument [Line Items]
Line of credit maximum capacity			$ 212,500,000
Amount outstanding on line of credit	185,800,000			$ 185,800,000
2017 Facility \| Secured Debt
Debt Instrument [Line Items]
Amount of letters of credit issued	24,400,000
2017 Facility \| Unsecured Debt
Debt Instrument [Line Items]
Amount outstanding on line of credit	0
Repayments of senior debt	$ 21,500,000

- 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

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares (Par)	Additional Paid-in Capital	Retained Deficit	Accumulated Other Comprehensive Loss
Balance (in shares) at Dec. 31, 2022		37,470,237
Balance at Dec. 31, 2022	$ 553,766	$ 7	$ 868,858	$ (152,055)	$ (163,044)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	42,471			42,471
Other comprehensive income (loss)	(25,781)				(25,781)
Vesting of RSUs (in shares)		149,512
Vesting of RSUs	(1,513)		(1,513)
Compensation expense under share incentive plans	7,232		7,232
Dividends on Series A preferred shares	(7,875)			(7,875)
Dividends on common shares	(5,756)			(5,756)
Balance (in shares) at Sep. 30, 2023		37,619,749
Balance at Sep. 30, 2023	562,544	$ 7	874,577	(123,215)	(188,825)
Balance (in shares) at Jun. 30, 2023		37,619,226
Balance at Jun. 30, 2023	585,542	$ 7	872,359	(138,225)	(148,599)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	19,551			19,551
Other comprehensive income (loss)	(40,226)				(40,226)
Vesting of RSUs (in shares)		523
Vesting of RSUs	(6)		(6)
Compensation expense under share incentive plans	2,224		2,224
Dividends on Series A preferred shares	(2,625)			(2,625)
Dividends on common shares	(1,916)			(1,916)
Balance (in shares) at Sep. 30, 2023		37,619,749
Balance at Sep. 30, 2023	$ 562,544	$ 7	874,577	(123,215)	(188,825)
Balance (in shares) at Dec. 31, 2023	37,641,563	37,641,563
Balance at Dec. 31, 2023	$ 534,621	$ 7	876,240	(277,905)	(63,721)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(16,353)			(16,353)
Other comprehensive income (loss)	20,924				20,924
Vesting of RSUs (in shares)		187,912
Vesting of RSUs	(840)		(840)
Compensation expense under share incentive plans	5,674		5,674
Dividends on Series A preferred shares	(7,875)			(7,875)
Dividends on common shares	$ (5,804)			(5,804)
Balance (in shares) at Sep. 30, 2024	37,829,475	37,829,475
Balance at Sep. 30, 2024	$ 530,347	$ 7	881,074	(307,937)	(42,797)
Balance (in shares) at Jun. 30, 2024		37,825,767
Balance at Jun. 30, 2024	541,791	$ 7	879,631	(263,994)	(73,853)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(39,381)			(39,381)
Other comprehensive income (loss)	31,056				31,056
Vesting of RSUs (in shares)		3,708
Vesting of RSUs	(3)		(3)
Compensation expense under share incentive plans	1,446		1,446
Dividends on Series A preferred shares	(2,625)			(2,625)
Dividends on common shares	$ (1,937)			(1,937)
Balance (in shares) at Sep. 30, 2024	37,829,475	37,829,475
Balance at Sep. 30, 2024	$ 530,347	$ 7	$ 881,074	$ (307,937)	$ (42,797)

Series A Preferred Shares	9 Months Ended
Series A Preferred Shares	Sep. 30, 2024
Temporary Equity [Abstract]
Series A Preferred Shares	Series A Preferred Shares 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 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 the Company’s 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 and are payable quarterly. 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. In the nine months ended September 30, 2023, cash dividends of $7.9 million were paid including cash dividends paid in January, March, and June for the three month periods ended December 31, 2022, March 31, 2023, and June 30, 2023, respectively. Dividends of $2.6 million for the three months ended September 30, 2023 were paid on October 2, 2023. 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 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. As of September 30, 2024, net adverse reserve development exceeded the threshold. If net adverse reserve development exceeds the threshold at the conclusion of the measurement period (or upon a mandatory or optional conversion, if earlier), the conversion price will be adjusted pursuant to the Certificate of Designations, subject to a floor conversion price of $21.902, and the adjusted conversion price will 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 have been met at September 30, 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 and direct Bermuda-based insurance subsidiary satisfy certain capital requirements. Share dividends payable on the common shares to the Company's 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 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 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. The Certificate of Designations was amended by the Company and GPC Partners on November 11, 2024. See Note 15 – Subsequent Events below. Under the terms of the Investment Agreement, GPC Partners has the right to designate one member of the Board (the “Series A Designee”) for appointment to the Board, or election at the Company’s annual general meeting. 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.

Segment Information - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment Information - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			3
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Gross fee income \| $	$ 1.1	$ 1.2	$ 3.7	$ 3.6

Capital Stock and Equity Awards (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Dividends

The Company declared the following dividends on common shares during the first nine months of 2024 and 2023:


Date of Declaration	Dividend per Common Share		Payable to Shareholders of Record on	Payment Date	Total Amount

2024
February 15, 2024	$	0.05	March 11, 2024	March 29, 2024	$	1,940,410
April 25, 2024	$	0.05	June 10, 2024	June 28, 2024	1,938,439
July 25, 2024	$	0.05	September 16, 2024	September 30, 2024	1,937,934
	$	0.15			$	5,816,783

2023
February 16, 2023	$	0.05	March 13, 2023	March 31, 2023	$	1,921,802
April 27, 2023	$	0.05	June 12, 2023	June 30, 2023	$	1,921,040
July 27, 2023	$	0.05	September 11, 2023	September 29, 2023	$	1,921,550
	$	0.15			$	5,764,392

Schedule of Option Activity

The following table summarizes option activity:


	Nine Months Ended September 30,
	2024			2023
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding:
Beginning of period	74,390	$	42.17	287,974	$	35.26
Granted	—	$	—	—	$	—
Exercised	—	$	—	—	$	—
Forfeited	—	$	—	(47,033)	$	35.22
Lapsed	(74,390)	$	42.17	(164,548)	$	32.07
End of period	—	$	—	76,393	$	42.17
Exercisable, end of period	—	$	—	76,393	$	42.17

Schedule of RSU Activity

The following table summarizes RSU activity:


	Nine Months Ended September 30,
	2024			2023
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value

Unvested, beginning of period	751,254	$	23.48	665,458	$	25.98
Granted	541,520	$	9.75	376,016	$	24.63
Vested	(273,035)	$	25.00	(212,968)	$	28.91
Forfeited	(90,546)	$	17.01	(30,719)	$	23.28
Unvested, end of period	929,193	$	15.66	797,787	$	24.66

Schedule of Share Based Compensation 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Share based compensation expense	$	1,446	$	2,224	$	5,674	$	7,232
U.S. tax benefit on share based compensation expense	256		412		1,047		1,355

Capital Stock and Equity Awards - Equity Incentive Plans (Details) - shares	Sep. 30, 2024	Jul. 26, 2022
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%
Payout for achievement, maximum		200.00%
2014 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)	4,982,650
Number of shares available for grant (in shares)	1,180,368
2014 Director Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)	150,000
Number of shares available for grant (in shares)	31,927

Fair Value Measurements - Schedule of the Carrying Value and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Assets
Fixed maturity securities, available-for-sale	$ 1,215,244	$ 1,324,476
Equity securities	131,187	119,945
Bank loan participations	149,113	156,169
Cash and cash equivalents	359,773	274,298
Restricted cash equivalents	28,364	72,449	$ 106,858	$ 103,215
Short-term investments	43,588	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	1,215,244	1,324,476
Equity securities	131,187	119,945
Bank loan participations	149,113	156,169
Cash and cash equivalents	359,773	274,298
Restricted cash equivalents	28,364	72,449
Short-term investments	43,588	72,137
Other invested assets – notes receivable	14,043	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	1,215,244	1,324,476
Equity securities	131,187	119,945
Bank loan participations	149,113	156,169
Cash and cash equivalents	359,773	274,298
Restricted cash equivalents	28,364	72,449
Short-term investments	43,588	72,137
Other invested assets – notes receivable	13,550	11,702
Liabilities
Senior debt	205,874	233,408
Junior subordinated debt	$ 130,460	$ 138,264

Other Operating Expenses and Other Expenses

9 Months Ended

Sep. 30, 2024

Other Operating Expenses and Other Expenses [Abstract]

Other Operating Expenses and Other Expenses

Other operating expenses consist of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Amortization of policy acquisition costs	$	18,412	$	19,314	$	50,217	$	56,073
Other underwriting expenses of the operating segments	24,391		21,897		67,731		65,537
Other operating expenses of the Corporate and Other segment	8,421		8,482		28,182		26,312
Total	$	51,224	$	49,693	$	146,130	$	147,922

Other expenses of $1.8 million and $4.6 million for the three and nine months ended September 30, 2024, respectively ($641,000 and $1.5 million in the respective prior year periods), primarily consist of certain nonoperating expenses including legal and other professional fees and other expenses related to various strategic initiatives.

Investments - Schedule of Contract Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cost or Amortized Cost
One year or less	$ 19,640
After one year through five years	329,396
After five years through ten years	239,132
After ten years	135,170
Residential mortgage-backed	350,155
Commercial mortgage and asset-backed	195,925
Total fixed maturity securities, Cost or Amortized Cost	1,269,418
Fair Value
One year or less	19,456
After one year through five years	327,214
After five years through ten years	222,779
After ten years	118,459
Residential mortgage-backed	338,110
Commercial mortgage and asset-backed	189,226
Total investments available-for-sale, Fair Value	$ 1,215,244	$ 1,324,476

Series A Preferred Shares (Details) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	Feb. 24, 2022 USD ($) d $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 $ / shares
Temporary Equity [Line Items]
Series A convertible preferred shares, par value (in dollars per share)			$ 0.00125		$ 0.00125
Dividends on Series A preferred shares \| $			$ 10,500	$ 7,875
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, par value (in dollars per share)	$ 0.00125
Sale of stock, consideration received on transaction \| $	$ 150,000
Per share price (in dollars per share)	$ 1,000
Liquidation preference (in dollars per share)	$ 1,000
Preferred stock, dividend term	5 years
Preferred stock, dividend payment rate, variable spread	5.20%
Dividends on Series A preferred shares \| $		$ 2,600	$ 10,500	$ 7,900
Preferred stock, convertible, conversion price (in dollars per share)	$ 26.5950
Convertible preferred stock, shares issued upon conversion (in shares) \| shares	5,640,158
Preferred stock, convertible, floor conversion price (in dollars per share)	$ 21.902
Preferred stock, convertible, term	2 years
Preferred stock convertible mandatory percentage	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
Proceeds from issuance of Series A preferred shares \| $	$ 144,900
Series A Preferred Stock \| Private Placement \| Common Shares (Par)
Temporary Equity [Line Items]
Common stock, covenant, threshold (in dollars per share)	$ 0.05
Common stock, covenant, threshold, cash paid (in dollars per share)	$ 0.10

Reserve for Losses and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

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 $776,000 at September 30, 2024, $744,000 at June 30, 2024, $660,000 at December 31, 2023, $662,000 at September 30, 2023, $637,000 at June 30, 2023, and $580,000 at December 31, 2022.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$	1,301,662	$	1,154,958	$	1,246,973	$	1,080,766
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	109,464		115,552		332,410		354,141
Prior years - retroactive reinsurance	17,954		(3,187)		10,268		6,261
Prior years - excluding retroactive reinsurance	56,876		7,809		67,136		6,593
Total incurred losses and loss and adjustment expenses	184,294		120,174		409,814		366,995
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	10,472		10,513		18,755		18,594
Prior years	82,539		75,966		252,773		231,066
Total loss and loss adjustment expense payments	93,011		86,479		271,528		249,660
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	17,954		(3,187)		10,268		6,261
Deduct: Loss reserves ceded in E&S ADC	313,242		—		313,242		—

Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,061,749		1,191,840		1,061,749		1,191,840
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,940,164		1,284,775		1,940,164		1,284,775
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	3,001,913	$	2,476,615	$	3,001,913	$	2,476,615

The Company experienced $56.9 million of net adverse reserve development in the three months ended September 30, 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 below). This reserve development included $57.0 million of net adverse development in the Excess and Surplus Lines segment, including the $52.2 million reserve charge upon execution of the E&S ADC (consideration paid in excess of initial reserves), and $165,000 of net favorable development in the Specialty Admitted Insurance segment.

The Company experienced $7.8 million of net adverse reserve development in the three months ended September 30, 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 below). This reserve development included $7.8 million of net adverse development in the Excess and Surplus Lines segment and no development in the Specialty Admitted Insurance segment.

The Company experienced $67.1 million of net adverse reserve development in the nine months ended September 30, 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 below). This reserve development included $67.7 million of net adverse development in the Excess and Surplus Lines segment, including the $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 Company experienced $6.6 million of net adverse reserve development in the nine months ended September 30, 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 below). This reserve development included $7.6 million of net adverse development in the Excess and Surplus Lines segment and $1.0 million of net favorable development in the Specialty Admitted Insurance segment.

Loss Portfolio Transfers

Loss portfolio transfers are a form 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. Loss portfolio transfers can bring economic finality (up to the limit of such loss portfolio transfer, 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. There is no economic impact to the Company over the life of a loss portfolio transfer so long as any additional losses subject to the contract are within the limit of the contract and the counterparty performs under the contract.

Combined Loss Portfolio Transfer and Adverse Development Cover

On July 2, 2024, James River Insurance Company (“JRIC”) and James River Casualty Company (together with JRIC, the “Ceding Companies”), two of the Company’s principal operating subsidiaries, 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 the Ceding Companies’ Excess & Surplus Lines segment 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 the Ceding Companies equal to $313.2 million, (b) the Ceding Companies continue 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) the Ceding Companies are 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.

Commercial Auto Loss Portfolio Transfer

On September 27, 2021, James River Insurance Company 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.

Retroactive Reinsurance Accounting

The Company periodically reevaluates the remaining reserves subject to the Commercial Auto LPT and the E&S ADC, and when recognized adverse prior year development on the subject business causes the cumulative amounts ceded under the loss portfolio transfers to exceed the consideration paid, the loss portfolio transfers 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 loss portfolio transfers 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.

For the three and nine months ended September 30, 2024, due to adverse paid and reported loss trends on the legacy Rasier business, the Company recognized adverse prior year development of $914,000 and $2.8 million, respectively ($7.1 million and $60.6 million in the respective prior year periods), on the net reserves subject to the Commercial Auto LPT, resulting in corresponding additional amounts ceded under the Commercial Auto LPT. As a result, the cumulative amounts ceded under the Commercial Auto LPT exceed the consideration paid, putting the Commercial Auto LPT into a gain position. The Company has applied retroactive reinsurance accounting to the loss portfolio transfer. Retroactive reinsurance benefits of $2.2 million and $11.8 million for the three and nine months ended September 30, 2024, respectively ($10.2 million and $54.4 million in the

respective prior year periods), were recorded in losses and loss adjustment expenses on the Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income using the recovery method. The cumulative amounts ceded under the loss portfolio transfer were $459.1 million and $456.2 million as of September 30, 2024 and December 31, 2023, respectively. The deferred retroactive reinsurance gain related to the Commercial Auto LPT was $11.8 million and $20.7 million at September 30, 2024 and December 31, 2023, respectively.

In the three months ended September 30, 2024, the Company recognized $19.2 million of net adverse development on E&S business subject to the E&S ADC and retroactive reinsurance accounting which put the E&S ADC into a gain position. Retroactive reinsurance accounting was applied, resulting in a deferred retroactive reinsurance gain related to the E&S ADC of $19.2 million at September 30, 2024. The Company also recognized a reserve charge upon execution of the contract (consideration paid in excess of initial reserves) of $52.2 million, which was recorded as adverse development within losses and loss adjustment expenses in the three and nine months ended September 30, 2024. The Company has $75.9 million of aggregate limit remaining on the E&S ADC at September 30, 2024.

Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net realized investment losses on available-for-sale fixed maturities	$ 106	$ 478	$ 1,215	$ 847
Net realized and unrealized (losses) gains in bank loan participations	(1,973)	2,570	(3,097)	4,636
Net realized and unrealized gains (losses) on investments in equity securities	$ 6,230	$ (1,550)	$ 10,741	$ (1,798)

Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 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):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Unrealized gains (losses) arising during the period, before U.S. income taxes	$	39,205	$	(48,328)	$	25,271	$	(32,883)
U.S. income taxes	(8,233)		7,688		(5,307)		6,325
Unrealized gains (losses) arising during the period, net of U.S. income taxes	30,972		(40,640)		19,964		(26,558)
Less reclassification adjustment:
Net realized investment losses	(106)		(478)		(1,215)		(847)
U.S. income taxes	22		64		255		70
Reclassification adjustment for investment losses realized in net income	(84)		(414)		(960)		(777)
Other comprehensive income (loss)	$	31,056	$	(40,226)	$	20,924	$	(25,781)

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 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:


		September 30, 2024				December 31, 2023
	Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		($ in thousands)
Intangible Assets
Trademarks	Indefinite	$	19,700	$	—	$	19,700	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangible assets not subject to amortization		28,664		—		28,664		—
Broker relationships	24.6	11,611		7,734		11,611		7,462
Identifiable intangible assets subject to amortization		11,611		7,734		11,611		7,462
		$	40,275	$	7,734	$	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:


		September 30, 2024				December 31, 2023
	Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		($ in thousands)
Intangible Assets
Trademarks	Indefinite	$	19,700	$	—	$	19,700	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangible assets not subject to amortization		28,664		—		28,664		—
Broker relationships	24.6	11,611		7,734		11,611		7,462
Identifiable intangible assets subject to amortization		11,611		7,734		11,611		7,462
		$	40,275	$	7,734	$	40,275	$	7,462

Accounting Policies	9 Months Ended
Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Accounting Policies	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.”). JRG Holdings 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 is an Ohio domiciled excess and surplus lines insurance company that, with its wholly-owned insurance subsidiary, James River Casualty Company, an Ohio domiciled 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, an Ohio domiciled company, and Falls Lake Fire and Casualty Company, a California domiciled company. Falls Lake National and its subsidiaries primarily write specialty admitted fronting and program business. 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 The accompanying condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include the results of the Company and its subsidiaries from their respective dates of inception or acquisition, as applicable. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for a more complete description of the Company’s business and accounting policies. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2023 was derived from the Company’s audited annual consolidated financial statements. 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 determined that the definitive agreement to sell JRG Re met the criteria for JRG Re 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 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 at December 31, 2023 have been classified as held-for-sale and segregated for all periods presented in this interim report on Form 10-Q. See Note 2 for additional disclosure. Estimates and Assumptions Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates. 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 the 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 condensed 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 $7.5 million at September 30, 2024 and $8.4 million at December 31, 2023, representing the Company’s maximum exposure to loss. Income Tax Expense Our effective tax rate fluctuates from period to period based on the relative mix of income from continuing operations reported by country and the respective tax rates imposed by each tax jurisdiction. Statutory tax rates are 0% and 21% for Bermuda and the U.S. For the three months ended September 30, 2024, our effective tax rate on income from continuing operations was 26.8% and our effective tax rate for the nine months ended September 30, 2024 was not meaningful due to minimal pre-tax income in the period (22.8% and 27.4% in the respective prior year periods). The Company does not receive a U.S. tax deduction for losses in our Bermuda entities. Bermuda had losses in both periods primarily due to Bermuda holding company expenses and interest expense. For U.S.-sourced income, the Company’s U.S. federal income tax expense differs from the amounts computed by applying the federal statutory income tax rate to income before taxes due primarily to interest income on tax-advantaged state and municipal securities, dividends received income, and excess tax benefits and expenses on share based compensation. Adopted Accounting Standards There were no new accounting standards adopted in 2024 that materially impacted the Company's financial statements. Prospective 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. 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 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.

Investments - Schedule of Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments [Abstract]
Fixed maturity securities, gross realized gains	$ 46	$ 0	$ 1,589	$ 0
Fixed maturity securities, gross realized losses	(152)	(307)	(2,804)	(334)
Fixed maturity securities	(106)	(307)	(1,215)	(334)
Bank loan participations, gross realized gains	135	140	666	182
Bank loan participations, gross realized losses	(1,186)	(577)	(2,447)	(3,286)
Changes in fair values of bank loan participations	(922)	3,007	(1,316)	7,740
Bank loan participations	(1,973)	2,570	(3,097)	4,636
Equity securities, gross realized gains	1,087	349	2,634	1,280
Equity securities, gross realized losses	(2)	(2)	(179)	(269)
Changes in fair values of equity securities	5,145	(1,897)	8,286	(2,809)
Equity securities	6,230	(1,550)	10,741	(1,798)
Short-term investments and other, gross realized gains	0	0	0	2
Short-term investments and other, gross realized losses	0	(1)	0	(19)
Changes in fair values of short-term investments and other	(1)	0	(1)	0
Short-term investments and other	(1)	(1)	(1)	(17)
Total	$ 4,150	$ 712	$ 6,428	$ 2,487

Fair Value Measurements - Schedule of Assets Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,215,244	$ 1,324,476
Equity securities:
Bank loan participations	149,113	156,169
Short-term investments	43,588	72,137
Fixed Maturity Securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,215,244	1,324,476
State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	203,058	248,837
Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	338,110	317,928
Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	463,706	505,728
U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	21,144	29,130
Recurring basis
Equity securities:
Bank loan participations	149,113	156,169
Short-term investments	43,588	72,137
Recurring basis \| Fixed Maturity Securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,215,244	1,324,476
Recurring basis \| State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	203,058	248,837
Recurring basis \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	338,110	317,928
Recurring basis \| Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	463,706	505,728
Recurring basis \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	189,226	222,853
Recurring basis \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	21,144	29,130
Recurring basis \| Equity securities
Equity securities:
Total equity securities	131,187	119,945
Recurring basis \| Preferred stock
Equity securities:
Total equity securities	73,793	69,310
Recurring basis \| Common stock
Equity securities:
Total equity securities	57,394	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:
Total fixed maturity securities, available-for-sale	21,144	29,130
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| State and municipal
Fixed maturity securities, available-for-sale:
Total 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:
Total 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:
Total 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:
Total 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:
Total fixed maturity securities, available-for-sale	21,144	29,130
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Equity securities
Equity securities:
Total equity securities	54,919	48,370
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Preferred stock
Equity securities:
Total equity securities	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Common stock
Equity securities:
Total equity securities	54,919	48,370
Recurring basis \| Significant Other Observable Inputs Level 2
Equity securities:
Bank loan participations	149,113	156,169
Short-term investments	43,588	72,137
Recurring basis \| Significant Other Observable Inputs Level 2 \| Fixed Maturity Securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,194,100	1,295,346
Recurring basis \| Significant Other Observable Inputs Level 2 \| State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	203,058	248,837
Recurring basis \| Significant Other Observable Inputs Level 2 \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	338,110	317,928
Recurring basis \| Significant Other Observable Inputs Level 2 \| Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	463,706	505,728
Recurring basis \| Significant Other Observable Inputs Level 2 \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	189,226	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:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Other Observable Inputs Level 2 \| Equity securities
Equity securities:
Total equity securities	76,257	71,564
Recurring basis \| Significant Other Observable Inputs Level 2 \| Preferred stock
Equity securities:
Total equity securities	73,793	69,310
Recurring basis \| Significant Other Observable Inputs Level 2 \| Common stock
Equity securities:
Total equity securities	2,464	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:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Corporate
Fixed maturity securities, available-for-sale:
Total 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:
Total 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:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Equity securities
Equity securities:
Total equity securities	11	11
Recurring basis \| Significant Unobservable Inputs Level 3 \| Preferred stock
Equity securities:
Total equity securities	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Common stock
Equity securities:
Total equity securities	$ 11	$ 11

Accounting Policies (Details) $ in Millions	3 Months Ended		9 Months Ended
Accounting Policies (Details) $ in Millions	Sep. 30, 2024 USD ($) insurance_company	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2023 USD ($)
Accounting Policies [Line Items]
Investment in variable interest entities \| $	$ 7.5			$ 8.4
Effective tax	26.80%	22.80%	27.40%
United States
Accounting Policies [Line Items]
Number of insurance companies \| insurance_company	5

Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Total fixed maturity securities, available-for-sale
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	$ 139,578	$ 186,672
Fixed maturity securities, less than 12 months, gross unrealized losses	(574)	(2,297)
Fixed maturity securities, 12 months or more, fair value	665,038	806,963
Fixed maturity securities, 12 months or more, gross unrealized losses	(61,691)	(85,693)
Fixed maturity securities, fair value	804,616	993,635
Fixed maturity securities, gross unrealized losses	(62,265)	(87,990)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	7,903	30,196
Fixed maturity securities, less than 12 months, gross unrealized losses	(113)	(287)
Fixed maturity securities, 12 months or more, fair value	153,391	168,517
Fixed maturity securities, 12 months or more, gross unrealized losses	(20,433)	(26,172)
Fixed maturity securities, fair value	161,294	198,713
Fixed maturity securities, gross unrealized losses	(20,546)	(26,459)
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	76,799	68,497
Fixed maturity securities, less than 12 months, gross unrealized losses	(211)	(1,256)
Fixed maturity securities, 12 months or more, fair value	150,760	145,954
Fixed maturity securities, 12 months or more, gross unrealized losses	(14,064)	(18,123)
Fixed maturity securities, fair value	227,559	214,451
Fixed maturity securities, gross unrealized losses	(14,275)	(19,379)
Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	50,176	55,970
Fixed maturity securities, less than 12 months, gross unrealized losses	(244)	(532)
Fixed maturity securities, 12 months or more, fair value	232,435	290,308
Fixed maturity securities, 12 months or more, gross unrealized losses	(19,891)	(28,315)
Fixed maturity securities, fair value	282,611	346,278
Fixed maturity securities, gross unrealized losses	(20,135)	(28,847)
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	4,700	24,048
Fixed maturity securities, less than 12 months, gross unrealized losses	(6)	(151)
Fixed maturity securities, 12 months or more, fair value	116,043	182,295
Fixed maturity securities, 12 months or more, gross unrealized losses	(6,999)	(12,376)
Fixed maturity securities, fair value	120,743	206,343
Fixed maturity securities, gross unrealized losses	(7,005)	(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	0	7,961
Fixed maturity securities, less than 12 months, gross unrealized losses	0	(71)
Fixed maturity securities, 12 months or more, fair value	12,409	19,889
Fixed maturity securities, 12 months or more, gross unrealized losses	(304)	(707)
Fixed maturity securities, fair value	12,409	27,850
Fixed maturity securities, gross unrealized losses	$ (304)	$ (778)

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share

The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per common share computations contained in the condensed consolidated financial statements:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands, except share and per share amounts)
Net (loss) income from continuing operations	$	(38,077)	$	23,722	$	(91)	$	41,153
Less: Dividends on Series A preferred shares	(2,625)		(2,625)		(7,875)		(7,875)
(Loss) income from continuing operations available to common shareholders	$	(40,702)	$	21,097	$	(7,966)	$	33,278
(Loss) income from discontinued operations	(1,304)		(4,171)		(16,262)		1,318
Net (loss) income available to common shareholders	$	(42,006)	$	16,926	$	(24,228)	$	34,596

Weighted average common shares outstanding:
Basic	37,880,297		37,642,632		37,827,968		37,605,986
Dilutive potential common shares	—		5,820,432		—		216,788
Diluted	37,880,297		43,463,064		37,827,968		37,822,774

Net (loss) income per common share:
Basic
Continuing operations	$	(1.07)	$	0.56	$	(0.21)	$	0.88
Discontinued operations	$	(0.03)	$	(0.11)	$	(0.43)	$	0.04
	$	(1.10)	$	0.45	$	(0.64)	$	0.92
Diluted
Continuing operations	$	(1.07)	$	0.55	$	(0.21)	$	0.88
Discontinued operations	$	(0.03)	$	(0.10)	$	(0.43)	$	0.03
	$	(1.10)	$	0.45	$	(0.64)	$	0.91

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 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. Goodwill resulting from the Merger was $181.8 million at September 30, 2024 and December 31, 2023.

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


		September 30, 2024				December 31, 2023
	Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		($ in thousands)
Intangible Assets
Trademarks	Indefinite	$	19,700	$	—	$	19,700	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangible assets not subject to amortization		28,664		—		28,664		—
Broker relationships	24.6	11,611		7,734		11,611		7,462
Identifiable intangible assets subject to amortization		11,611		7,734		11,611		7,462
		$	40,275	$	7,734	$	40,275	$	7,462

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Company's Segment Results

The following table summarizes the Company’s segment results:


	Excess and Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)
Three Months Ended September 30, 2024
Gross written premiums	$	230,215	$	100,208	$	—	$	330,423
Net earned premiums	138,892		20,834		—		159,726
Underwriting (loss) profit of operating segments	(50,155)		1,810		—		(48,345)
Net investment income	17,970		4,370		1,224		23,564
Interest expense	—		—		6,128		6,128
Segment revenues	163,488		26,421		1,588		191,497
Segment goodwill	181,831		—		—		181,831
Segment assets	3,423,073		1,417,883		117,775		4,958,731

Three Months Ended September 30, 2023
Gross written premiums	$	217,151	$	125,700	$	—	$	342,851
Net earned premiums	157,600		26,073		—		183,673
Underwriting profit of operating segments	18,342		1,967		—		20,309
Net investment income	18,204		3,420		175		21,799
Interest expense	—		—		6,486		6,486
Segment revenues	177,026		32,938		355		210,319
Segment goodwill	181,831		—		—		181,831
Segment assets	2,864,996		1,379,044		72,625		4,316,665

Nine Months Ended September 30, 2024
Gross written premiums	$	736,742	$	336,738	$	—	$	1,073,480
Net earned premiums	424,962		69,648		—		494,610
Underwriting (loss) profit of operating segments	(25,237)		6,012		—		(19,225)
Net investment income	56,651		12,453		2,023		71,127
Interest expense	—		—		18,957		18,957
Segment revenues	491,981		86,012		2,920		580,913
Segment goodwill	181,831		—		—		181,831
Segment assets	3,423,073		1,417,883		117,775		4,958,731

Nine Months Ended September 30, 2023
Gross written premiums	$	732,180	$	387,175	$	—	$	1,119,355
Net earned premiums	455,640		70,412		—		526,052
Underwriting profit of operating segments	45,449		1,882		—		47,331
Net investment income	48,160		9,578		720		58,458
Interest expense	—		—		18,066		18,066
Segment revenues	506,876		85,778		1,251		593,905
Segment goodwill	181,831		—		—		181,831
Segment assets	2,864,996		1,379,044		72,625		4,316,665

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines	$	(50,155)	$	18,342	$	(25,237)	$	45,449
Specialty Admitted Insurance	1,810		1,967		6,012		1,882

Total underwriting profit of operating segments	(48,345)		20,309		(19,225)		47,331
Other operating expenses of the Corporate and Other segment	(8,421)		(8,482)		(28,182)		(26,312)
Underwriting (loss) profit	(56,766)		11,827		(47,407)		21,019
Losses and loss adjustment expenses – retroactive reinsurance	(17,954)		3,187		(10,268)		(6,261)
Net investment income	23,564		21,799		71,127		58,458
Net realized and unrealized gains on investments	4,150		712		6,428		2,487
Other income and expenses	1,233		2,286		507		1,818
Interest expense	(6,128)		(6,486)		(18,957)		(18,066)
Amortization of intangible assets	(90)		(90)		(272)		(272)
Impairment of intangible assets	—		(2,500)		—		(2,500)
(Loss) income from continuing operations before income taxes	$	(51,991)	$	30,735	$	1,158	$	56,683

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net (loss) income from continuing operations	$ (38,077)	$ 23,722	$ (91)	$ 41,153
Less: Dividends on Series A preferred shares	(2,625)	(2,625)	(7,875)	(7,875)
(Loss) income from continuing operations available to common shareholders	(40,702)	21,097	(7,966)	33,278
(Loss) income from discontinued operations	(1,304)	(4,171)	(16,262)	1,318
Net (loss) income available to common shareholders	$ (42,006)	$ 16,926	$ (24,228)	$ 34,596
Weighted average common shares outstanding:
Basic (in shares)	37,880,297	37,642,632	37,827,968	37,605,986
Dilutive potential common shares (in shares)	0	5,820,432	0	216,788
Diluted (in shares)	37,880,297	43,463,064	37,827,968	37,822,774
Net (loss) income per common share, Basic
Continuing operations (in dollars per share)	$ (1.07)	$ 0.56	$ (0.21)	$ 0.88
Discontinued operations (in dollars per share)	(0.03)	(0.11)	(0.43)	0.04
Basic (in dollars per share)	(1.10)	0.45	(0.64)	0.92
Net (loss) income per common share, Diluted
Continuing operations (in dollars per share)	(1.07)	0.55	(0.21)	0.88
Discontinued operations (in dollars per share)	(0.03)	(0.10)	(0.43)	0.03
Diluted (in dollars per share)	$ (1.10)	$ 0.45	$ (0.64)	$ 0.91

Other Operating Expenses and Other Expenses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Operating Expenses and Other Expenses [Abstract]
Other expenses	$ 1,752	$ 641	$ 4,582	$ 1,467

Capital Stock and Equity Awards

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Capital Stock and Equity Awards

Common Shares

Total common shares outstanding increased from 37,641,563 at December 31, 2023 to 37,829,475 at September 30, 2024, reflecting 187,912 common shares issued in the nine months ended September 30, 2024 related to vesting of RSUs.

Dividends

The Company declared the following dividends on common shares during the first nine months of 2024 and 2023:


Date of Declaration	Dividend per Common Share		Payable to Shareholders of Record on	Payment Date	Total Amount

2024
February 15, 2024	$	0.05	March 11, 2024	March 29, 2024	$	1,940,410
April 25, 2024	$	0.05	June 10, 2024	June 28, 2024	1,938,439
July 25, 2024	$	0.05	September 16, 2024	September 30, 2024	1,937,934
	$	0.15			$	5,816,783

2023
February 16, 2023	$	0.05	March 13, 2023	March 31, 2023	$	1,921,802
April 27, 2023	$	0.05	June 12, 2023	June 30, 2023	$	1,921,040
July 27, 2023	$	0.05	September 11, 2023	September 29, 2023	$	1,921,550
	$	0.15			$	5,764,392

Included in the total dividends for the nine months ended September 30, 2024 and 2023 are $143,000 and $121,000, respectively, of dividend equivalents on unvested RSUs. The balance of dividends payable on unvested RSUs was $260,000 at September 30, 2024 and $255,000 at December 31, 2023.

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. At September 30, 2024, the maximum number of shares available for issuance under the 2014 LTIP was 4,982,650 and 1,180,368 shares were 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 to be 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. At September 30, 2024, the maximum number of shares available for issuance under the 2014 Director Plan was 150,000 and 31,927 shares were 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 in the applicable plans), and in the case of the 2014 LTIP for Good Reason (as defined in the applicable plans), at any time following a Change in Control (as defined in the applicable plans).

Options

The following table summarizes option activity:


	Nine Months Ended September 30,
	2024			2023
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding:
Beginning of period	74,390	$	42.17	287,974	$	35.26
Granted	—	$	—	—	$	—
Exercised	—	$	—	—	$	—
Forfeited	—	$	—	(47,033)	$	35.22
Lapsed	(74,390)	$	42.17	(164,548)	$	32.07
End of period	—	$	—	76,393	$	42.17
Exercisable, end of period	—	$	—	76,393	$	42.17

The options outstanding at December 31, 2023 lapsed in the nine months ended September 30, 2024. At September 30, 2024, no options remain outstanding.

The following table summarizes RSU activity:


	Nine Months Ended September 30,
	2024			2023
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value

Unvested, beginning of period	751,254	$	23.48	665,458	$	25.98
Granted	541,520	$	9.75	376,016	$	24.63
Vested	(273,035)	$	25.00	(212,968)	$	28.91
Forfeited	(90,546)	$	17.01	(30,719)	$	23.28
Unvested, end of period	929,193	$	15.66	797,787	$	24.66

Outstanding RSUs granted to employees generally vest ratably over a three year vesting period in the case of time-vest RSUs and cliff vest at the end of a three-year performance period in the case of PRSUs. RSUs granted to non-employee directors generally have a one year vesting period. 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 generally 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. The number of PRSUs is based upon the probable outcome of performance conditions.

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Share based compensation expense	$	1,446	$	2,224	$	5,674	$	7,232
U.S. tax benefit on share based compensation expense	256		412		1,047		1,355

At September 30, 2024, the Company had $8.2 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 1.7 years.

- 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
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,269,418
Equity securities, at cost	$ 118,226	$ 114,107
Series A redeemable preferred shares, par value (in dollars per share)	$ 0.00125	$ 0.00125
Series A redeemable preferred shares, authorized (in shares)	20,000,000	20,000,000
Series A redeemable preferred shares, issued (in shares)	150,000	150,000
Series A redeemable preferred shares, outstanding (in shares)	150,000	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)	37,829,475	37,641,563
Common stock, shares outstanding (in shares)	37,829,475	37,641,563
Fixed Maturity Securities
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,269,418	$ 1,405,136

Reserve for Losses and Loss Adjustment Expenses - Reserve for Losses and Loss Adjustment Expenses, Net of Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		39 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
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	$ 1,301,662	$ 1,154,958	$ 1,246,973	$ 1,080,766
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	109,464	115,552	332,410	354,141
Prior years - excluding retroactive reinsurance	56,876	7,809	67,136	6,593
Total incurred losses and loss and adjustment expenses	184,294	120,174	409,814	366,995
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	10,472	10,513	18,755	18,594
Prior years	82,539	75,966	252,773	231,066
Total loss and loss adjustment expense payments	93,011	86,479	271,528	249,660
Deduct: Loss reserves ceded in E&S ADC	1,939,388		1,939,388		$ 1,939,388	$ 1,358,474
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,061,749	1,191,840	1,061,749	1,191,840	1,061,749
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,940,164	1,284,775	1,940,164	1,284,775	1,940,164
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	3,001,913	2,476,615	3,001,913	2,476,615	3,001,913	$ 2,606,107
Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	57,000	7,800	67,700	7,600
Loss Portfolio Transfer \| Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Losses and loss adjustment expenses – retroactive reinsurance	(17,954)	3,187	(10,268)	(6,261)
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	17,954	(3,187)	10,268	6,261
Loss Portfolio Transfer \| Excess and Surplus Lines \| Commercial Auto Business
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	914	7,100	2,800	60,600	113,900
E&S ADC Agreement \| Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	19,200
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Loss reserves ceded in E&S ADC	$ 313,242	$ 0	$ 313,242	$ 0	$ 313,242

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Gross written premiums	$ 330,423	$ 342,851	$ 1,073,480	$ 1,119,355
Ceded written premiums	(183,085)	(196,869)	(606,617)	(597,655)
Net written premiums	147,338	145,982	466,863	521,700
Change in net unearned premiums	12,388	37,691	27,747	4,352
Net earned premiums	159,726	183,673	494,610	526,052
Net investment income	23,564	21,799	71,127	58,458
Net realized and unrealized gains on investments	4,150	712	6,428	2,487
Other income	4,057	4,135	8,748	6,908
Total revenues	191,497	210,319	580,913	593,905
Expenses
Losses and loss adjustment expenses	184,294	120,174	409,814	366,995
Other operating expenses	51,224	49,693	146,130	147,922
Other expenses	1,752	641	4,582	1,467
Interest expense	6,128	6,486	18,957	18,066
Amortization of intangible assets	90	90	272	272
Impairment of intangible assets	0	2,500	0	2,500
Total expenses	243,488	179,584	579,755	537,222
(Loss) income from continuing operations before income taxes	(51,991)	30,735	1,158	56,683
Income tax (benefit) expense on continuing operations	(13,914)	7,013	1,249	15,530
Net (loss) income from continuing operations	(38,077)	23,722	(91)	41,153
Discontinued operations (Note 2):
(Loss) income from discontinued operations	0	(4,171)	(13,583)	1,318
Loss on disposal of discontinued operations	(1,304)	0	(2,679)	0
Total (loss) income from discontinued operations	(1,304)	(4,171)	(16,262)	1,318
Net (loss) income	(39,381)	19,551	(16,353)	42,471
Dividends on Series A preferred shares	(2,625)	(2,625)	(7,875)	(7,875)
Net (loss) income available to common shareholders	(42,006)	16,926	(24,228)	34,596
Other comprehensive income (loss):
Net unrealized gains (losses), net of taxes of $8,255 and $5,562 in 2024 and $(7,624) and $(6,255) in 2023	31,056	(40,226)	20,924	(25,781)
Total comprehensive (loss) income	$ (8,325)	$ (20,675)	$ 4,571	$ 16,690
Basic
Continuing operations (in dollars per share)	$ (1.07)	$ 0.56	$ (0.21)	$ 0.88
Discontinued operations (in dollars per share)	(0.03)	(0.11)	(0.43)	0.04
Basic (in dollars per share)	(1.10)	0.45	(0.64)	0.92
Diluted
Continuing operations (in dollars per share)	(1.07)	0.55	(0.21)	0.88
Discontinued operations (in dollars per share)	(0.03)	(0.10)	(0.43)	0.03
Diluted (in dollars per share)	(1.10)	0.45	(0.64)	0.91
Dividend declared per common share (in dollars per share)	$ 0.05	$ 0.05	$ 0.15	$ 0.15
Weighted-average common shares outstanding:
Basic (in shares)	37,880,297	37,642,632	37,827,968	37,605,986
Diluted (in shares)	37,880,297	43,463,064	37,827,968	37,822,774

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Acquired Intangible Assets [Line Items]
Identifiable intangible assets not subject to amortization	$ 28,664	$ 28,664
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	7,734	7,462
Total Intangible Assets, Gross	40,275	40,275
Broker relationships
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	$ 7,734	7,462
Life (Years)	24 years 7 months 6 days
Trademarks
Acquired Intangible Assets [Line Items]
Identifiable intangible assets not subject to amortization	$ 19,700	19,700
Insurance licenses and authorities
Acquired Intangible Assets [Line Items]
Identifiable intangible assets not subject to amortization	$ 8,964	$ 8,964

Other Operating Expenses and Other Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Other Operating Expenses and Other Expenses [Abstract]

Schedule of Other Operating Expenses

Other operating expenses consist of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Amortization of policy acquisition costs	$	18,412	$	19,314	$	50,217	$	56,073
Other underwriting expenses of the operating segments	24,391		21,897		67,731		65,537
Other operating expenses of the Corporate and Other segment	8,421		8,482		28,182		26,312
Total	$	51,224	$	49,693	$	146,130	$	147,922

Fair Value Measurements - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($) security	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) security	Sep. 30, 2023 USD ($) security	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) security
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of equity securities held \| security	1		1	1		1
Recurring basis \| Available-for-sale fixed maturity securities and equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset value \| $	$ 11	$ 5	$ 11	$ 24	$ 16	$ 7

Discontinued Operations - JRG Re's Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 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

Capital Stock and Equity Awards - Schedule of RSU Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
RSUs
Shares
Unvested, beginning of period (in shares)	751,254	665,458
Granted (in shares)	541,520	376,016
Vested (in shares)	(273,035)	(212,968)
Forfeited (in shares)	(90,546)	(30,719)
Unvested, end of period (in shares)	929,193	797,787
Weighted- Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share)	$ 23.48	$ 25.98
Granted (in dollars per share)	9.75	24.63
Vested (in dollars per share)	25.00	28.91
Forfeited (in dollars per share)	17.01	23.28
Unvested, end of period (in dollars per share)	$ 15.66	$ 24.66
Vesting period (in years)	3 years
RSUs \| Non-employee directors
Weighted- Average Grant Date Fair Value
Vesting period (in years)	1 year
PRSU
Shares
Granted (in shares)	231,492	91,818
Weighted- Average Grant Date Fair Value
Vesting period (in years)	3 years

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended		39 Months Ended
	Jul. 02, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Insurance [Abstract]
Allowance for credit losses on reinsurance recoverables		$ 776,000	$ 662,000	$ 776,000	$ 662,000	$ 776,000	$ 744,000	$ 660,000	$ 637,000	$ 580,000
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss reserves		56,876,000	7,809,000	67,136,000	6,593,000
Deferred reinsurance gain		31,001,000		31,001,000		31,001,000		20,733,000
Excess and Surplus Lines
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss reserves		57,000,000.0	7,800,000	67,700,000	7,600,000
Excess and Surplus Lines \| E&S ADC Agreement
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss reserves		19,200,000
Initial loss on contract		52,200,000		52,200,000
Reinsure excess amount	$ 716,600,000
Reinsurance, aggregate coverage limit	467,100,000
Ceded premiums payable	$ 313,200,000
Profit commission percentage	50.00%
Carried reserve percentage	104.50%
Profit commission amount	$ 87,000,000
Deferred reinsurance gain		19,200,000		19,200,000		19,200,000
Reinsurance, amount remaining		75,900,000		75,900,000		75,900,000
Excess and Surplus Lines \| E&S ADC Agreement \| State National
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Reinsure percentage	85.00%
Reinsurance, aggregate coverage limit	$ 397,000,000
Excess and Surplus Lines \| Loss Portfolio Transfer \| Commercial Auto Business
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss reserves		914,000	7,100,000	2,800,000	60,600,000	113,900,000
Retroactive reinsurance benefit recognized		2,200,000	10,200,000	11,800,000	54,400,000
Cumulative amounts ceded under loss portfolio transfer		459,100,000		459,100,000		459,100,000		456,200,000
Deferred reinsurance gain		11,800,000		11,800,000		$ 11,800,000		$ 20,700,000
Specialty Admitted Insurance
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss reserves		$ (165,000)	$ 0	$ (607,000)	$ (1,000,000.0)

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,829,475
Entity Central Index Key	0001620459
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024

Fair Value Measurements

9 Months Ended

Sep. 30, 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 our investment manager that obtains fair values from independent pricing services.

Assets measured at fair value on a recurring basis as of September 30, 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	$	—	$	203,058	$	—	$	203,058
Residential mortgage-backed	—		338,110		—		338,110
Corporate	—		463,706		—		463,706
Commercial mortgage and asset-backed	—		189,226		—		189,226

U.S. Treasury securities and obligations guaranteed by the U.S. government	21,144		—		—		21,144

Total fixed maturity securities, available-for-sale	$	21,144	$	1,194,100	$	—	$	1,215,244
Equity securities:
Preferred stock	—		73,793		—		73,793
Common stock	54,919		2,464		11		57,394
Total equity securities	$	54,919	$	76,257	$	11	$	131,187

Bank loan participations	$	—	$	149,113	$	—	$	149,113
Short-term investments	$	—	$	43,588	$	—	$	43,588

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)				(in thousands)
Beginning balance	$	5	$	16	$	11	$	7
Transfers out of Level 3	—		—		—		—
Transfers in to Level 3	—		—		—		—
Purchases	—		—		—		—
Sales	—		—		—		—
Maturities, calls and paydowns	—		—		—		—
Amortization of discount	—		—		—		—
Total gains or losses (realized/unrealized):
Included in earnings	6		8		—		17
Included in other comprehensive income	—		—		—		—
Ending balance	$	11	$	24	$	11	$	24

The Company held one equity security at December 31, 2023 and September 30, 2024 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $11,000 at September 30, 2024 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 and September 30, 2023 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $24,000 at September 30, 2023 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 securities 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 to value the securities.

There were no transfers between Level 1 and Level 2 during the nine months ended September 30, 2024 or 2023. 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. At September 30, 2024 and December 31, 2023, there were no investments for which external sources were unavailable to determine fair value.

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


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,215,244	$	1,215,244	$	1,324,476	$	1,324,476
Equity securities	131,187		131,187		119,945		119,945

Bank loan participations	149,113		149,113		156,169		156,169
Cash and cash equivalents	359,773		359,773		274,298		274,298
Restricted cash equivalents	28,364		28,364		72,449		72,449
Short-term investments	43,588		43,588		72,137		72,137
Other invested assets – notes receivable	14,043		13,550		12,174		11,702
Liabilities
Senior debt	200,800		205,874		222,300		233,408
Junior subordinated debt	104,055		130,460		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 September 30, 2024 and December 31, 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 September 30, 2024 and December 31, 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 September 30, 2024 and December 31, 2023.

The fair values of senior debt, junior subordinated debt, and investments in notes receivable, classified in other invested assets, at September 30, 2024 and December 31, 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
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-Paragraph 107
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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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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-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
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

+ Details

Capital Stock and Equity Awards - Schedule of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Share based compensation expense	$ 1,446	$ 2,224	$ 5,674	$ 7,232
U.S. tax benefit on share based compensation expense	$ 256	$ 412	$ 1,047	$ 1,355

Contingent Liabilities	9 Months Ended
Contingent Liabilities	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	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, as well as the matters specifically discussed below. 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. The Company believes that the claims are without merit and intends to vigorously defend this lawsuit. 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 arguments 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 an amended complaint. The Company’s motion to dismiss the amended complaint is due November 15, 2024, Fleming’s opposition to the motion to dismiss is due December 23, 2024 and the Company’s reply to the opposition is due January 17, 2025. The Company believes Fleming’s claims are without merit 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 $113.9 million on the reserves subject to the Commercial Auto LPT, bringing the cumulative amount ceded under the Commercial Auto LPT to $459.1 million at September 30, 2024. Each of Rasier and Aleka are required to post collateral under the Indemnity Agreements and the Commercial Auto LPT, respectively: •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 September 30, 2024, the balance in the Indemnity Trust was $85.3 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 $102.7 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 September 30, 2024, the balance in the LPT Trust was $40.1 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 $47.8 million. At September 30, 2024, the total reinsurance recoverables under the Commercial Auto LPT was $46.9 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 September 30, 2024, the balance in the Loss Fund Trust was $28.4 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 sheets. 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 the 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 our credit exposure in any of these instances could be material. To mitigate these risks, the Company closely and frequently monitors its exposure compared to the collateral held, and requests additional collateral in accordance with the terms of the Commercial Auto LPT and Indemnity Agreements when its analysis indicates that it has uncollateralized exposure.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 18, 2024, the Company disbursed $11.9 million to Fleming Intermediate Holdings LLC. The disbursement included $11.4 million for the 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 (see Note 2 - Discontinued Operations), and $471,000 of interest pursuant to the terms in the Stock Purchase Agreement. On November 9, 2024, the Board of Directors declared a cash dividend of $0.01 per common share. The dividend is payable on December 31, 2024 to shareholders of record on December 16, 2024. On October 24, 2024, the Board of Directors declared a dividend of up to $2.6 million on the Series A Preferred Shares. The dividend will be payable in cash on December 31, 2024 to shareholders of record on December 15, 2024. At the 2024 annual general meeting of shareholders (the “Annual Meeting”) of James River Group Holdings, Ltd. (the “Company”) held on October 24, 2024, the Company’s shareholders approved an amendment (the “Third Amendment”) to the James River Group Holdings, Ltd. 2014 Long-Term Incentive Plan (the “2014 LTIP”). The Third Amendment increases the number of the Company’s common shares authorized for issuance under the 2014 LTIP by 525,000 common shares. At the Annual Meeting, the Company’s shareholders also approved an amendment (the “Second Amendment”) to the James River Group Holdings, Ltd. 2014 Non-Employee Director Incentive Plan (the “Non-Employee Director Plan”). The Second Amendment increases the number of the Company’s common shares authorized for issuance under the Non-Employee Director Plan by 100,000 common shares and extends the duration of the Non-Employee Director Plan from 2024 to 2034. On November 6, 2024, the Company received notification from the lender under the 2017 Facility of their intent to terminate the agreement. As provided for in the credit agreement, the maturity date will occur 30 days after the notification of termination. The Company is commencing a multi-pronged strategic partnership with Enstar Group Limited ("Enstar"). As part of this, on November 11, 2024, Enstar, through its subsidiary Cavello Bay Reinsurance Limited, entered into (i) a subscription agreement to purchase $12.5 million of the Company’s common shares at a share price of $6.40, in addition to 637,640 shares Enstar previously purchased in the open market, and (ii) an adverse development cover agreement with James River Insurance Company and James River Casualty Company, 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) to be paid by the ceding companies, Cavello Bay will reinsure, effective January 1, 2024, 100% of the losses associated with the ceding companies’ Excess & Surplus Lines segment 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, subject to a retention by the ceding companies 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 (such transactions together, the “Enstar Transactions”). The Company expects to recognize a reduction in pre-tax income of $52.8 million in connection with the adverse development cover upon closing. The Enstar Transactions are subject to satisfaction or waiver of customary closing conditions, including approval of the adverse development cover by the Bermuda Monetary Authority. On November 11, 2024, the Company amended the Certificate of Designations setting forth the terms of the Series A Preferred Shares (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. With these announcements, the Board of Directors has concluded the strategic review process announced in November of 2023. While the strategic review process has been completed, in the ordinary course of business the Company expects to consider beneficial opportunities.

Segment Information - Schedule of Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Gross written premiums	$ 330,423	$ 342,851	$ 1,073,480	$ 1,119,355
Net earned premiums	159,726	183,673	494,610	526,052
Underwriting (loss) profit of operating segments	(48,345)	20,309	(19,225)	47,331
Net investment income	23,564	21,799	71,127	58,458
Interest expense	6,128	6,486	18,957	18,066
Segment revenues	191,497	210,319	580,913	593,905
Segment goodwill	181,831	181,831	181,831	181,831	$ 181,831
Segment assets	4,958,731	4,316,665	4,958,731	4,316,665
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Underwriting (loss) profit of operating segments	(50,155)	18,342	(25,237)	45,449
Excess and Surplus Lines \| Operating Segments
Segment Reporting Information [Line Items]
Gross written premiums	230,215	217,151	736,742	732,180
Net earned premiums	138,892	157,600	424,962	455,640
Underwriting (loss) profit of operating segments	(50,155)	18,342	(25,237)	45,449
Net investment income	17,970	18,204	56,651	48,160
Interest expense	0	0	0	0
Segment revenues	163,488	177,026	491,981	506,876
Segment goodwill	181,831	181,831	181,831	181,831
Segment assets	3,423,073	2,864,996	3,423,073	2,864,996
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Underwriting (loss) profit of operating segments	1,810	1,967	6,012	1,882
Specialty Admitted Insurance \| Operating Segments
Segment Reporting Information [Line Items]
Gross written premiums	100,208	125,700	336,738	387,175
Net earned premiums	20,834	26,073	69,648	70,412
Underwriting (loss) profit of operating segments	1,810	1,967	6,012	1,882
Net investment income	4,370	3,420	12,453	9,578
Interest expense	0	0	0	0
Segment revenues	26,421	32,938	86,012	85,778
Segment goodwill	0	0	0	0
Segment assets	1,417,883	1,379,044	1,417,883	1,379,044
Corporate and Other \| Corporate and Other
Segment Reporting Information [Line Items]
Gross written premiums	0	0	0	0
Net earned premiums	0	0	0	0
Underwriting (loss) profit of operating segments	0	0	0	0
Net investment income	1,224	175	2,023	720
Interest expense	6,128	6,486	18,957	18,066
Segment revenues	1,588	355	2,920	1,251
Segment goodwill	0	0	0	0
Segment assets	$ 117,775	$ 72,625	$ 117,775	$ 72,625

Capital Stock and Equity Awards - Common Shares (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	37,829,475		37,829,475			37,641,563
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit dividend equivalents			$ 143	$ 121
Dividends payable	$ 260		$ 260			$ 255
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	37,829,475	37,619,749	37,829,475	37,619,749	37,825,767	37,641,563	37,619,226	37,470,237
Vesting of RSUs (in shares)	3,708	523	187,912	149,512

- 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
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: 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 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Operating activities

Net cash (used in) provided by operating activities

^[1]

$ (254,550)

$ 97,751

Investing activities

Sale of JRG Re

96,412

Securities available-for-sale:

Purchases – fixed maturity securities

(123,004)

(194,222)

Sales – fixed maturity securities

198,046

11,181

Maturities and calls – fixed maturity securities

117,537

96,917

Purchases – equity securities

(11,319)

(9,310)

Sales – equity securities

14,098

10,033

Bank loan participations:

Purchases

(91,922)

(47,805)

Sales

69,457

39,513

Maturities

27,384

18,369

Other invested assets:

Purchases

(4,725)

(11,525)

Return of capital

558

1,508

Proceeds from sales

3,919

7,570

Short-term investments, net

28,549

53,683

Securities receivable or payable, net

(1,461)

9,379

Purchases of property and equipment

(2,157)

(3,307)

Net cash provided by (used in) investing activities

321,372

(18,016)

Financing activities

Senior debt repayments

(21,500)

Payroll taxes withheld and remitted on net settlement of RSUs

(840)

(1,513)

Dividends on Series A preferred shares

(10,500)

(7,875)

Dividends on common shares

(5,794)

(5,810)

Payment of debt issuance costs

(1,135)

Net cash used in financing activities

(38,634)

(16,333)

Change in cash, cash equivalents, and restricted cash equivalents

28,188

63,402

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

359,949

276,379

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

388,137

339,781

Supplemental information

Interest paid

22,433

22,744

Restricted cash equivalents at beginning of period

72,449

103,215

Restricted cash equivalents at end of period

28,364

106,858

Change in restricted cash equivalents

$ (44,085)

$ 3,643

[1]

Cash provided by operating activities for the nine months ended September 30, 2024 and 2023 includes the restricted cash activity above related to a former insured, per the terms of a collateral trust. See “Item 2. 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, cash (used in) provided by operating activities was $(210.5) million and $94.1 million for the nine months ended September 30, 2024 and 2023, respectively.

Earnings Per Share - Narrative (Details) - shares	3 Months Ended	9 Months Ended
Earnings Per Share - Narrative (Details) - shares	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Stock options, restricted share units ("RSU's") and convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of securities excluded from the calculations of diluted earnings per share (in shares)	6,949,943	6,957,275	5,640,158

Segment Information - Reconciliation of Operating Segments by Individual Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total underwriting profit of operating segments	$ (48,345)	$ 20,309	$ (19,225)	$ 47,331
Other operating expenses of the Corporate and Other segment	(8,421)	(8,482)	(28,182)	(26,312)
Underwriting (loss) profit	(56,766)	11,827	(47,407)	21,019
Net investment income	23,564	21,799	71,127	58,458
Net realized and unrealized gains on investments	4,150	712	6,428	2,487
Other income and expenses	1,233	2,286	507	1,818
Interest expense	(6,128)	(6,486)	(18,957)	(18,066)
Amortization of intangible assets	(90)	(90)	(272)	(272)
Impairment of intangible assets	0	(2,500)	0	(2,500)
(Loss) income from continuing operations before income taxes	(51,991)	30,735	1,158	56,683
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Total underwriting profit of operating segments	(50,155)	18,342	(25,237)	45,449
Excess and Surplus Lines \| Loss Portfolio Transfer
Segment Reporting Information [Line Items]
Losses and loss adjustment expenses – retroactive reinsurance	(17,954)	3,187	(10,268)	(6,261)
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total underwriting profit of operating segments	$ 1,810	$ 1,967	$ 6,012	$ 1,882

Investments - Schedule of Private Debt and Equity (Details) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024 USD ($) note	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 project	Sep. 30, 2024 USD ($) note	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Aug. 12, 2023 USD ($)
Net Investment Income [Line Items]
Carrying Value	$ 35,932				$ 35,932		$ 33,134
Investment Income	1,756	$ 27			3,520	$ 1,850
Proceeds from sales					3,919	7,570
Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	7,454				7,454		8,382
Investment Income	548	98			1,503	966
Number of underlying projects sold \| project				2
Proceeds from sales			$ 1,200		2,000
Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	0				0		1,369
Investment Income	0	41			138	203
Limited partnerships
Net Investment Income [Line Items]
Carrying Value	14,435				14,435		12,578
Investment Income	1,050	(171)			1,452	450
Private debt
Net Investment Income [Line Items]
Carrying Value	14,043				14,043		10,805
Investment Income	158	59			427	231
Excess and Surplus Lines
Net Investment Income [Line Items]
Carrying Value	35,468				35,468		31,709
Investment Income	1,756	4			3,150	1,567
Excess and Surplus Lines \| Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	7,454				7,454		8,382
Investment Income	$ 548	98			1,210	796
Proceeds from sales			984		1,700
Excess and Surplus Lines \| Renewable energy LLCs \| Investment in LLC
Net Investment Income [Line Items]
Cash distributions from LLCs					$ 439	50
Excess and Surplus Lines \| Renewable energy LLCs \| Minimum \| Investment in LLC \| Various LLCs
Net Investment Income [Line Items]
Ownership percentage	3.70%				3.70%
Excess and Surplus Lines \| Renewable energy LLCs \| Maximum \| Investment in LLC \| Various LLCs
Net Investment Income [Line Items]
Ownership percentage	5.10%				5.10%
Excess and Surplus Lines \| Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	$ 0				$ 0		608
Investment Income	$ 0	18			$ 61	90
Number of notes issued \| note	2				2
Rate of interest	12.00%				12.00%
Total principal balance received					$ 608
Excess and Surplus Lines \| Limited partnerships
Net Investment Income [Line Items]
Carrying Value	$ 13,971				13,971		11,914
Investment Income	1,050	(171)			1,452	450
Outstanding commitments to invest	5,000				5,000
Excess and Surplus Lines \| Private debt
Net Investment Income [Line Items]
Carrying Value	14,043				14,043		10,805
Investment Income	$ 158	59			$ 427	231
Excess and Surplus Lines \| Private speciality credit
Net Investment Income [Line Items]
Number of notes issued \| note	2				2
Commitment to investment in notes	$ 2,300				$ 2,300
Excess and Surplus Lines \| Private speciality credit \| Notes receivable one
Net Investment Income [Line Items]
Rate of interest	4.25%				4.25%
Excess and Surplus Lines \| Private speciality credit \| Notes receivable two
Net Investment Income [Line Items]
Rate of interest	5.25%				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
Corporate and Other
Net Investment Income [Line Items]
Carrying Value	$ 464				$ 464		1,425
Investment Income	0	23			370	283
Corporate and Other \| Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	0				0		0
Investment Income	0	0			293	170
Proceeds from sales			$ 170		293
Corporate and Other \| Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	0				0		761
Investment Income	$ 0	23			$ 77	113
Number of notes issued \| note	2				2
Rate of interest	12.00%				12.00%
Total principal balance received					$ 761
Corporate and Other \| Limited partnerships
Net Investment Income [Line Items]
Carrying Value	$ 464				464		664
Investment Income	0	0			0	0
Corporate and Other \| Private debt
Net Investment Income [Line Items]
Carrying Value	0				0		$ 0
Investment Income	$ 0	$ 0			$ 0	$ 0

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended		12 Months Ended
	Apr. 16, 2024	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash payment						$ 96,412	$ 0
Loss on disposal		$ 1,304			$ 0	2,679	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		$ 139,000
Amount owed by buyer	2,500
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		$ 1,304			$ 0	2,679	$ 0
Gain for change in estimated loss on sale						2,100
Selling costs incurred						$ 4,800

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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	$	—	$	203,058	$	—	$	203,058
Residential mortgage-backed	—		338,110		—		338,110
Corporate	—		463,706		—		463,706
Commercial mortgage and asset-backed	—		189,226		—		189,226

U.S. Treasury securities and obligations guaranteed by the U.S. government	21,144		—		—		21,144

Total fixed maturity securities, available-for-sale	$	21,144	$	1,194,100	$	—	$	1,215,244
Equity securities:
Preferred stock	—		73,793		—		73,793
Common stock	54,919		2,464		11		57,394
Total equity securities	$	54,919	$	76,257	$	11	$	131,187

Bank loan participations	$	—	$	149,113	$	—	$	149,113
Short-term investments	$	—	$	43,588	$	—	$	43,588

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)				(in thousands)
Beginning balance	$	5	$	16	$	11	$	7
Transfers out of Level 3	—		—		—		—
Transfers in to Level 3	—		—		—		—
Purchases	—		—		—		—
Sales	—		—		—		—
Maturities, calls and paydowns	—		—		—		—
Amortization of discount	—		—		—		—
Total gains or losses (realized/unrealized):
Included in earnings	6		8		—		17
Included in other comprehensive income	—		—		—		—
Ending balance	$	11	$	24	$	11	$	24

Schedule of Carrying Value and Fair Value of Financial Instruments

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


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,215,244	$	1,215,244	$	1,324,476	$	1,324,476
Equity securities	131,187		131,187		119,945		119,945

Bank loan participations	149,113		149,113		156,169		156,169
Cash and cash equivalents	359,773		359,773		274,298		274,298
Restricted cash equivalents	28,364		28,364		72,449		72,449
Short-term investments	43,588		43,588		72,137		72,137
Other invested assets – notes receivable	14,043		13,550		12,174		11,702
Liabilities
Senior debt	200,800		205,874		222,300		233,408
Junior subordinated debt	104,055		130,460		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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Invested assets:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2024 – $1,269,418; 2023 – $1,405,136)	$ 1,215,244	$ 1,324,476
Equity securities, at fair value (cost: 2024 – $118,226; 2023 – $114,107)	131,187	119,945
Bank loan participations, at fair value	149,113	156,169
Short-term investments	43,588	72,137
Other invested assets	35,932	33,134
Total invested assets	1,575,064	1,705,861
Cash and cash equivalents	359,773	274,298
Restricted cash equivalents	28,364	72,449
Accrued investment income	10,248	12,106
Premiums receivable and agents’ balances, net	202,575	249,490
Reinsurance recoverable on unpaid losses, net	1,939,388	1,358,474
Reinsurance recoverable on paid losses	133,257	157,991
Prepaid reinsurance premiums	310,367	293,108
Deferred policy acquisition costs	27,279	31,497
Intangible assets, net	32,541	32,813
Goodwill	181,831	181,831
Other assets	158,044	163,939
Assets held-for-sale (Note 2 - discontinued operations)	0	783,393
Total assets	4,958,731	5,317,250
Liabilities:
Reserve for losses and loss adjustment expenses	3,001,913	2,606,107
Unearned premiums	577,074	587,899
Payables to reinsurers	108,465	158,670
Funds held	25,157	65,235
Deferred reinsurance gain	31,001	20,733
Senior debt	200,800	222,300
Junior subordinated debt	104,055	104,055
Accrued expenses	51,991	56,722
Other liabilities	183,030	174,513
Liabilities held-for-sale (Note 2 - discontinued operations)	0	641,497
Total liabilities	4,283,486	4,637,731
Commitments and contingent liabilities (Note 8)
Series A redeemable preferred shares – 2024 and 2023: $0.00125 par value; 20,000,000 shares authorized; 150,000 shares issued and outstanding	144,898	144,898
Shareholders’ equity:
Common shares – 2024 and 2023: $0.0002 par value; 200,000,000 shares authorized; 37,829,475 and 37,641,563 shares issued and outstanding, respectively	7	7
Additional paid-in capital	881,074	876,240
Retained deficit	(307,937)	(277,905)
Accumulated other comprehensive loss	(42,797)	(63,721)
Total shareholders’ equity	530,347	534,621
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 4,958,731	$ 5,317,250

Investments - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
Investments - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($) issuer	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) issuer	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Gain (Loss) on Securities [Line Items]
Fixed maturity securities, available-for-sale	$ 1,215,244		$ 1,215,244		$ 1,324,476
Bank loan participations	149,113		149,113		156,169
Unpaid principal balance	157,300		157,300
Net investment income	4,100	$ 4,300	13,200	$ 7,800
Net gain (loss) in bank loan participations	(1,973)	$ 2,570	(3,097)	4,636
Unrealized losses	$ 654		$ 2,500	$ 153
Fixed Maturity Securities
Gain (Loss) on Securities [Line Items]
Number of issuers \| issuer	397		397
Total fair value	$ 804,616		$ 804,616		993,635
Gross unrealized losses	62,265		62,265		87,990
Fixed maturity securities, available-for-sale	$ 1,215,244		1,215,244		$ 1,324,476
Impairment loss			$ 207,000
Fixed Maturity Securities \| BBB- or better
Gain (Loss) on Securities [Line Items]
Percentage of available for sale securities	99.90%		99.90%
Fixed Maturity Securities \| Below BBB-
Gain (Loss) on Securities [Line Items]
Fixed maturity securities, available-for-sale	$ 151		$ 151

Discontinued Operations - Operating Results of JRG Re Reported in Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Expenses:
(Loss) income from discontinued operations	$ 0	$ (4,171)	$ (13,583)	$ 1,318
Loss on disposal of discontinued operations	(1,304)	0	(2,679)	0
Total (loss) income from discontinued operations	(1,304)	(4,171)	(16,262)	1,318
Discontinued Operations, Disposed of by Sale \| Jrg Re
Revenues:
Gross written premiums	0	(348)	1,137	14,782
Ceded written premiums	0	3,839	877	2,069
Net written premiums	0	3,491	2,014	16,851
Change in net unearned premiums	0	15,461	8,371	65,172
Net earned premiums	0	18,952	10,385	82,023
Net investment income	0	4,506	4,432	18,794
Net realized and unrealized (losses) gains on investments	0	(350)	(9,472)	427
Total revenues	0	23,108	5,345	101,244
Expenses:
Losses and loss adjustment expenses	0	18,997	13,157	68,772
Other operating expenses	0	7,436	5,039	28,331
Interest expense	0	846	732	2,823
Total expenses	0	27,279	18,928	99,926
(Loss) income from discontinued operations	0	(4,171)	(13,583)	1,318
Loss on disposal of discontinued operations	(1,304)	0	(2,679)	0
Total (loss) income from discontinued operations	$ (1,304)	$ (4,171)	$ (16,262)	$ 1,318

Capital Stock and Equity Awards - Schedule of Cash Dividends Declared (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Dividend declared per share (in dollars per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.15	$ 0.15
Total Amount	$ 1,937,934	$ 1,938,439	$ 1,940,410	$ 1,921,550	$ 1,921,040	$ 1,921,802	$ 5,816,783	$ 5,764,392

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 11, 2007
Business Acquisition [Line Items]
Goodwill	$ 181,831	$ 181,831	$ 181,831
James River Group, Inc.
Business Acquisition [Line Items]
Percentage of outstanding shares				100.00%

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands, except share and per share amounts)
Net (loss) income from continuing operations	$	(38,077)	$	23,722	$	(91)	$	41,153
Less: Dividends on Series A preferred shares	(2,625)		(2,625)		(7,875)		(7,875)
(Loss) income from continuing operations available to common shareholders	$	(40,702)	$	21,097	$	(7,966)	$	33,278
(Loss) income from discontinued operations	(1,304)		(4,171)		(16,262)		1,318
Net (loss) income available to common shareholders	$	(42,006)	$	16,926	$	(24,228)	$	34,596

Weighted average common shares outstanding:
Basic	37,880,297		37,642,632		37,827,968		37,605,986
Dilutive potential common shares	—		5,820,432		—		216,788
Diluted	37,880,297		43,463,064		37,827,968		37,822,774

Net (loss) income per common share:
Basic
Continuing operations	$	(1.07)	$	0.56	$	(0.21)	$	0.88
Discontinued operations	$	(0.03)	$	(0.11)	$	(0.43)	$	0.04
	$	(1.10)	$	0.45	$	(0.64)	$	0.92
Diluted
Continuing operations	$	(1.07)	$	0.55	$	(0.21)	$	0.88
Discontinued operations	$	(0.03)	$	(0.10)	$	(0.43)	$	0.03
	$	(1.10)	$	0.45	$	(0.64)	$	0.91

For the three and nine months ended September 30, 2024, potential common shares of 6,949,943 and 6,957,275 were excluded from the calculation of diluted earnings per common share, respectively, as their effects were anti-dilutive. For the three months ended September 30, 2023, all potential common shares were dilutive and included in the calculation of diluted earnings per common share. For the nine months ended September 30, 2023, potential common shares of 5,640,158 were excluded from the calculation of diluted earnings per common share as their effects were anti-dilutive.

Other Comprehensive Income (Loss) - Schedule of Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized gains (losses) arising during the period, before U.S. income taxes	$ 39,205	$ (48,328)	$ 25,271	$ (32,883)
U.S. income taxes	(8,233)	7,688	(5,307)	6,325
Unrealized gains (losses) arising during the period, net of U.S. income taxes	30,972	(40,640)	19,964	(26,558)
Less reclassification adjustment:
Net realized investment losses	(106)	(478)	(1,215)	(847)
U.S. income taxes	22	64	255	70
Reclassification adjustment for investment losses realized in net income	(84)	(414)	(960)	(777)
Other comprehensive income (loss)	$ 31,056	$ (40,226)	$ 20,924	$ (25,781)

Other Operating Expenses and Other Expenses - Schedule of Other Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Operating Expenses and Other Expenses [Abstract]
Amortization of policy acquisition costs	$ 18,412	$ 19,314	$ 50,217	$ 56,073
Other underwriting expenses of the operating segments	24,391	21,897	67,731	65,537
Other operating expenses of the Corporate and Other segment	8,421	8,482	28,182	26,312
Total	$ 51,224	$ 49,693	$ 146,130	$ 147,922

- Definition

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

+ References + Details

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Schedule 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)
September 30, 2024
Fixed maturity securities:
State and municipal	$	222,272	$	1,332	$	(20,546)	$	203,058
Residential mortgage-backed	350,155		2,230		(14,275)		338,110
Corporate	479,653		4,188		(20,135)		463,706
Commercial mortgage and asset-backed	195,925		306		(7,005)		189,226

U.S. Treasury securities and obligations guaranteed by the U.S. government	21,413		35		(304)		21,144

Total fixed maturity securities, available-for-sale	$	1,269,418	$	8,091	$	(62,265)	$	1,215,244
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 Available-for-Sale Investments by Contractual Maturity

The amortized cost and fair value of available-for-sale investments in fixed maturity securities at September 30, 2024 are summarized, by contractual maturity, as follows:


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	19,640	$	19,456
After one year through five years	329,396		327,214
After five years through ten years	239,132		222,779
After ten years	135,170		118,459
Residential mortgage-backed	350,155		338,110
Commercial mortgage and asset-backed	195,925		189,226

Total	$	1,269,418	$	1,215,244

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

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)
September 30, 2024
Fixed maturity securities:
State and municipal	$	7,903	$	(113)	$	153,391	$	(20,433)	$	161,294	$	(20,546)
Residential mortgage-backed	76,799		(211)		150,760		(14,064)		227,559		(14,275)
Corporate	50,176		(244)		232,435		(19,891)		282,611		(20,135)
Commercial mortgage and asset-backed	4,700		(6)		116,043		(6,999)		120,743		(7,005)

U.S. Treasury securities and obligations guaranteed by the U.S. government	—		—		12,409		(304)		12,409		(304)

Total fixed maturity securities, available-for-sale	$	139,578	$	(574)	$	665,038	$	(61,691)	$	804,616	$	(62,265)
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 Net Unrealized Gains and Losses on Investments

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	46	$	—	$	1,589	$	—
Gross realized losses	(152)		(307)		(2,804)		(334)
	(106)		(307)		(1,215)		(334)
Bank loan participations:
Gross realized gains	135		140		666		182
Gross realized losses	(1,186)		(577)		(2,447)		(3,286)
Changes in fair values of bank loan participations	(922)		3,007		(1,316)		7,740
	(1,973)		2,570		(3,097)		4,636
Equity securities:
Gross realized gains	1,087		349		2,634		1,280
Gross realized losses	(2)		(2)		(179)		(269)
Changes in fair values of equity securities	5,145		(1,897)		8,286		(2,809)
	6,230		(1,550)		10,741		(1,798)
Short-term investments and other:
Gross realized gains	—		—		—		2
Gross realized losses	—		(1)		—		(19)
Changes in fair values of short-term investments and other	(1)		—		(1)		—
	(1)		(1)		(1)		(17)
Total	$	4,150	$	712	$	6,428	$	2,487

Schedule of Net Realized Gains and Losses on Investments

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	46	$	—	$	1,589	$	—
Gross realized losses	(152)		(307)		(2,804)		(334)
	(106)		(307)		(1,215)		(334)
Bank loan participations:
Gross realized gains	135		140		666		182
Gross realized losses	(1,186)		(577)		(2,447)		(3,286)
Changes in fair values of bank loan participations	(922)		3,007		(1,316)		7,740
	(1,973)		2,570		(3,097)		4,636
Equity securities:
Gross realized gains	1,087		349		2,634		1,280
Gross realized losses	(2)		(2)		(179)		(269)
Changes in fair values of equity securities	5,145		(1,897)		8,286		(2,809)
	6,230		(1,550)		10,741		(1,798)
Short-term investments and other:
Gross realized gains	—		—		—		2
Gross realized losses	—		(1)		—		(19)
Changes in fair values of short-term investments and other	(1)		—		(1)		—
	(1)		(1)		(1)		(17)
Total	$	4,150	$	712	$	6,428	$	2,487

Schedule of Other Invested Assets

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 private debt.


	Carrying Value				Investment Income
	September 30,		December 31,		Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023		2024		2023
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	7,454	$	8,382	$	548	$	98	$	1,210	$	796
Corporate & Other	—		—		—		—		293		170
	7,454		8,382		548		98		1,503		966
Renewable energy notes receivable (b)
Excess and Surplus Lines	—		608		—		18		61		90
Corporate & Other	—		761		—		23		77		113
	—		1,369		—		41		138		203
Limited partnerships (c)
Excess and Surplus Lines	13,971		11,914		1,050		(171)		1,452		450
Corporate & Other	464		664		—		—		—		—
	14,435		12,578		1,050		(171)		1,452		450
Private Debt (d)
Excess and Surplus Lines	14,043		10,805		158		59		427		231
Corporate & Other	—		—		—		—		—		—
	14,043		10,805		158		59		427		231
Total other invested assets
Excess and Surplus Lines	35,468		31,709		1,756		4		3,150		1,567
Corporate & Other	464		1,425		—		23		370		283
	$	35,932	$	33,134	$	1,756	$	27	$	3,520	$	1,850

(a)The Company's Excess and Surplus Lines segment owns equity interests ranging from 3.7% to 5.1% 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. The Company received cash distributions from these investments totaling $439,000 and $50,000 in the nine months ended September 30, 2024 and 2023, respectively. During the fourth quarter of 2022, the underlying projects in two of our LLCs were sold at the manager's discretion. In the three months ended March 31, 2023, the Company received additional proceeds from the sales of $1.2 million comprised of $984,000 in the Excess and Surplus Lines segment and $170,000 in the Corporate and Other segment. In the nine months ended September 30, 2024, the Company received additional proceeds from the sale of $2.0 million comprised of $1.7 million in the Excess and Surplus Lines segment and $293,000 in the Corporate and Other segment.

(b)The Company's Excess and Surplus Lines and Corporate and Other segments invested in two notes receivable for renewable energy projects. Interest on the notes was fixed at 12%. During the nine months ended September 30, 2024, the Company received final 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.

(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. At September 30, 2024, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $5.0 million in the limited partnerships.

(d)The Company's Excess and Surplus Lines segment has invested in 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 September 30, 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 and an investor. The notes matured on August 12, 2023. Interest on the notes was fixed at 7.6% per annum.

- 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

Discontinued Operations - Cash Flows (Details) - Discontinued Operations, Disposed of by Sale - Jrg Re - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Discontinued Operations
Net cash used in operating activities of discontinued operations	$ (25,115)	$ (76,309)
Net cash provided by investing activities of discontinued operations	63,104	72,314
Net cash provided by (used in) discontinued operations	37,989	(3,995)
Interest paid by discontinued operations	$ 1,388	$ 3,106

Investments - Schedule of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	$ 1,269,418
Total fixed maturity securities, available-for-sale	1,215,244	$ 1,324,476
Total fixed maturity securities, available-for-sale
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	1,269,418	1,405,136
Total fixed maturity securities, Gross Unrealized Gains	8,091	7,330
Total fixed maturity securities, Gross Unrealized Losses	(62,265)	(87,990)
Total fixed maturity securities, available-for-sale	1,215,244	1,324,476
State and municipal
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	222,272	273,462
Total fixed maturity securities, Gross Unrealized Gains	1,332	1,834
Total fixed maturity securities, Gross Unrealized Losses	(20,546)	(26,459)
Total fixed maturity securities, available-for-sale	203,058	248,837
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	350,155	336,064
Total fixed maturity securities, Gross Unrealized Gains	2,230	1,243
Total fixed maturity securities, Gross Unrealized Losses	(14,275)	(19,379)
Total fixed maturity securities, available-for-sale	338,110	317,928
Corporate
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	479,653	530,408
Total fixed maturity securities, Gross Unrealized Gains	4,188	4,167
Total fixed maturity securities, Gross Unrealized Losses	(20,135)	(28,847)
Total fixed maturity securities, available-for-sale	463,706	505,728
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	195,925	235,302
Total fixed maturity securities, Gross Unrealized Gains	306	78
Total fixed maturity securities, Gross Unrealized Losses	(7,005)	(12,527)
Total fixed maturity securities, available-for-sale	189,226	222,853
U.S. Treasury securities and obligations guaranteed by the U.S. government
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	21,413	29,900
Total fixed maturity securities, Gross Unrealized Gains	35	8
Total fixed maturity securities, Gross Unrealized Losses	(304)	(778)
Total fixed maturity securities, available-for-sale	$ 21,144	$ 29,130

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Cash provided by (used in) operating activities excluding reduction in collateral funds	$ (210.5)	$ 94.1

Capital Stock and Equity Awards - Compensation Expense (Details) - RSUs $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 8.2
Weighted-average period of unrecognized share based compensation expense	1 year 8 months 12 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

+ Details

Fair Value Measurements - Schedule of Available-for-Sale Fixed Maturity Securities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - Available-for-sale fixed maturity securities and equity securities - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 5	$ 16	$ 11	$ 7
Transfers out of Level 3	0	0	0	0
Transfers in to Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Maturities, calls and paydowns	0	0	0	0
Amortization of discount	0	0	0	0
Total gains or losses (realized/unrealized)-Included in earnings	6	8	0	17
Total gains or losses (realized/unrealized)-Included in other comprehensive income	0	0	0	0
Ending balance	$ 11	$ 24	$ 11	$ 24

Capital Stock and Equity Awards - Schedule of Option Activity (Details) - Options - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Shares
Beginning of period (in shares)	74,390	287,974
Granted (in shares)	0	0
Exercised (in shares)	0	0
Forfeited (in shares)	0	(47,033)
Lapsed (in shares)	(74,390)	(164,548)
End of period (in shares)	0	76,393
Exercisable, end of period (in shares)	0	76,393
Weighted- Average Exercise Price
Beginning of period (in dollars per share)	$ 42.17	$ 35.26
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	0	0
Forfeited (in dollars per share)	0	35.22
Lapsed (in dollars per share)	42.17	32.07
End of period (in dollars per share)	0	42.17
Exercisable, end of period (in dollars per share)	$ 0	$ 42.17

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Revenues:
Gross written premiums	$	—	$	(348)	$	1,137	$	14,782
Ceded written premiums	—		3,839		877		2,069
Net written premiums	—		3,491		2,014		16,851
Change in net unearned premiums	—		15,461		8,371		65,172
Net earned premiums	—		18,952		10,385		82,023
Net investment income	—		4,506		4,432		18,794
Net realized and unrealized (losses) gains on investments	—		(350)		(9,472)		427

Total revenues	—		23,108		5,345		101,244
Expenses:
Losses and loss adjustment expenses	—		18,997		13,157		68,772
Other operating expenses	—		7,436		5,039		28,331

Interest expense	—		846		732		2,823
Total expenses	—		27,279		18,928		99,926
(Loss) income from discontinued operations	—		(4,171)		(13,583)		1,318
Loss on disposal of discontinued operations	(1,304)		—		(2,679)		—
Total (loss) income from discontinued operations	(1,304)		(4,171)		(16,262)		1,318

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


	Nine Months Ended September 30,
	2024		2023
	(in thousands)

Net cash used in operating activities of discontinued operations	$	(25,115)	$	(76,309)
Net cash provided by investing activities of discontinued operations	63,104		72,314
Net cash provided by (used in) discontinued operations	$	37,989	$	(3,995)
Interest paid by discontinued operations	$	1,388	$	3,106

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

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended							9 Months Ended
	Nov. 11, 2024	Nov. 09, 2024	Nov. 06, 2024	Oct. 24, 2024	Feb. 24, 2022	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Nov. 10, 2024	Oct. 18, 2024	Jul. 02, 2024	Apr. 16, 2024
Subsequent Event [Line Items]
Dividend declared per share (in dollars per share)							$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.15	$ 0.15
Dividends on Series A preferred shares							$ 2,625			$ 2,625			$ 7,875	$ 7,875
Reduction in pre-tax income							$ 51,991			$ (30,735)			$ (1,158)	$ (56,683)
Excess and Surplus Lines \| E&S ADC Agreement
Subsequent Event [Line Items]
Ceded premiums payable																	$ 313,200
Reinsurance, aggregate coverage limit																	$ 467,100
Excess and Surplus Lines \| Enstar Transaction \| Forecast
Subsequent Event [Line Items]
Reduction in pre-tax income						$ 52,800
Convertible Preferred Stock \| Private Placement
Subsequent Event [Line Items]
Sale of stock, consideration received on transaction					$ 150,000
Per share price (in dollars per share)					$ 1,000
Number of shares issued during period (in shares)					150,000
Preferred stock, convertible, conversion price (in dollars per share)					$ 26.5950
Preferred stock convertible mandatory percentage					130.00%
Preferred stock, dividend rate, percentage					7.00%
Jrg Re \| Discontinued Operations, Disposed of by Sale
Subsequent Event [Line Items]
Downward adjustment																		$ 11,400
Subsequent Event
Subsequent Event [Line Items]
Dividend declared per share (in dollars per share)		$ 0.01
Subsequent Event \| 2017 Facility \| Unsecured Debt
Subsequent Event [Line Items]
Term of credit facility			30 days
Subsequent Event \| Private Placement
Subsequent Event [Line Items]
Sale of stock, consideration received on transaction	$ 12,500
Per share price (in dollars per share)	$ 6.40
Number of shares issued during period (in shares)	637,640
Subsequent Event \| Excess and Surplus Lines \| Cavello Bay ADC
Subsequent Event [Line Items]
Ceded premiums payable	$ 52,800
Reinsure percentage	100.00%
Subsequent Event \| Excess and Surplus Lines \| E&S ADC Agreement
Subsequent Event [Line Items]
Reinsurance, aggregate coverage limit	$ 1,183,700
Subsequent Event \| Excess and Surplus Lines \| Enstar Transaction
Subsequent Event [Line Items]
Reinsurance, aggregate coverage limit	75,000
Subsequent Event \| O 2024 Q4 Dividends
Subsequent Event [Line Items]
Dividends payable, date to be paid		Dec. 31, 2024
Dividend payable, record date		Dec. 16, 2024
Subsequent Event \| Long Term Incentive Plan 2014
Subsequent Event [Line Items]
Share based compensation, additional shares authorized (in shares)				525,000
Subsequent Event \| 2014 Director Plan
Subsequent Event [Line Items]
Share based compensation, additional shares authorized (in shares)				100,000
Subsequent Event \| Convertible Preferred Stock
Subsequent Event [Line Items]
Dividends on Series A preferred shares				$ 2,600
Conversion of outstanding	$ 37,500
Preferred stock, convertible, conversion price (in dollars per share)	$ 6.4
Preferred stock convertible voluntary percentage	130.00%														127.50%
Preferred stock convertible mandatory percentage	200.00%														130.00%
Preferred stock, dividend rate, percentage	8.00%
Voting equity percentage	9.90%
Subsequent Event \| Convertible Preferred Stock \| AM Best, Below A- Rating
Subsequent Event [Line Items]
Voting equity percentage	19.90%
Subsequent Event \| Convertible Preferred Stock \| O 2024 Q4 Dividends
Subsequent Event [Line Items]
Dividends payable, date to be paid				Dec. 31, 2024
Dividend payable, record date				Dec. 15, 2024
Subsequent Event \| Jrg Re \| Discontinued Operations, Disposed of by Sale
Subsequent Event [Line Items]
Disbursed amount																$ 11,900
Downward adjustment																11,400
Interest costs																$ 471

Senior Debt	9 Months Ended
Senior Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Senior Debt	Senior Debt On April 16, 2024, the Company amended a senior revolving credit facility (as amended or amended and restated, the (“2013 Facility”) 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 a secured revolving facility commitment to $45.0 million. At September 30, 2024, the 2013 Facility is comprised of the following: • A $212.5 million unsecured revolving facility to meet the working capital needs of the Company. At September 30, 2024 and December 31, 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 September 30, 2024, the Company had $23.9 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. 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 September 30, 2024. Also in connection with the closing of the sale of JRG Re by the Company, on April 16, 2024, the Company amended a credit agreement (the “2017 Facility”) 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 provides the Company with a revolving line of credit which may be used for loans and letters of credit made or issued, at the borrowers’ option, on a secured or unsecured basis. In the nine months ended September 30, 2024, the Company repaid $21.5 million of unsecured loans under the facility. At September 30, 2024, there were no loans outstanding and $24.4 million of letters of credit were issued under the facility, all of which are collateralized by a back-to-back letter of credit issued by Comerica Bank on behalf of JRG Re. The 2017 Facility contains certain financial and other covenants with which the Company was in compliance at September 30, 2024.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Reserve for Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$	1,301,662	$	1,154,958	$	1,246,973	$	1,080,766
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	109,464		115,552		332,410		354,141
Prior years - retroactive reinsurance	17,954		(3,187)		10,268		6,261
Prior years - excluding retroactive reinsurance	56,876		7,809		67,136		6,593
Total incurred losses and loss and adjustment expenses	184,294		120,174		409,814		366,995
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	10,472		10,513		18,755		18,594
Prior years	82,539		75,966		252,773		231,066
Total loss and loss adjustment expense payments	93,011		86,479		271,528		249,660
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	17,954		(3,187)		10,268		6,261
Deduct: Loss reserves ceded in E&S ADC	313,242		—		313,242		—

Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,061,749		1,191,840		1,061,749		1,191,840
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,940,164		1,284,775		1,940,164		1,284,775
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	3,001,913	$	2,476,615	$	3,001,913	$	2,476,615

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Tax on net unrealized (losses) gains	$ 8,255	$ (7,624)	$ 5,562	$ (6,255)

Discontinued Operations

9 Months Ended

Sep. 30, 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. Additionally, the Buyer may pay an additional $2.5 million to the Company in the event that certain conditions outlined in the Stock Purchase Agreement are met on the date that is nine months following the date of closing.

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 is included in “Other Liabilities” on the Company’s Balance Sheet at September 30, 2024 (and 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 interim report on Form 10-Q.

The $139.0 million pre-closing dividend was completed in the first quarter of 2024. It included the forgiveness of $133.2 million owed from JRG Holdings to JRG Re and $5.8 million paid in cash to JRG Holdings. In the fourth quarter of 2023, after giving effect to the pre-closing dividend, we 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. In the nine months ended September 30, 2024, the estimated loss on the sale was revised to $78.3 million. The loss on disposal for the nine months ended September 30, 2024 of $2.7 million includes the $2.1 million gain for the change in the estimated loss on sale and selling costs incurred of $4.8 million. The $5.8 million cash portion of the pre-closing dividend was included in other liabilities at December 31, 2023.

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Revenues:
Gross written premiums	$	—	$	(348)	$	1,137	$	14,782
Ceded written premiums	—		3,839		877		2,069
Net written premiums	—		3,491		2,014		16,851
Change in net unearned premiums	—		15,461		8,371		65,172
Net earned premiums	—		18,952		10,385		82,023
Net investment income	—		4,506		4,432		18,794
Net realized and unrealized (losses) gains on investments	—		(350)		(9,472)		427

Total revenues	—		23,108		5,345		101,244
Expenses:
Losses and loss adjustment expenses	—		18,997		13,157		68,772
Other operating expenses	—		7,436		5,039		28,331

Interest expense	—		846		732		2,823
Total expenses	—		27,279		18,928		99,926
(Loss) income from discontinued operations	—		(4,171)		(13,583)		1,318
Loss on disposal of discontinued operations	(1,304)		—		(2,679)		—
Total (loss) income from discontinued operations	(1,304)		(4,171)		(16,262)		1,318

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


	Nine Months Ended September 30,
	2024		2023
	(in thousands)

Net cash used in operating activities of discontinued operations	$	(25,115)	$	(76,309)
Net cash provided by investing activities of discontinued operations	63,104		72,314
Net cash provided by (used in) discontinued operations	$	37,989	$	(3,995)
Interest paid by discontinued operations	$	1,388	$	3,106

Segment Information

9 Months Ended

Sep. 30, 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. 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 considered 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 Condensed Consolidated Statements of Income and Comprehensive Income less loss and loss adjustment expenses on business not subject to retroactive reinsurance accounting for loss portfolio transfers (see Loss Portfolio Transfers in Note 6 – Reserve for Losses and Loss Adjustment Expenses) and other operating expenses of the operating segments. Gross fee income of $1.1 million and $3.7 million for the Specialty Admitted Insurance segment was included in other income and in underwriting profit (loss) for the three and nine months ended September 30, 2024, respectively ($1.2 million and $3.6 million in the respective prior year periods). Segment results are reported prior to the effects of intercompany reinsurance agreements among the Company’s insurance subsidiaries.

The following table summarizes the Company’s segment results:


	Excess and Surplus Lines		Specialty Admitted Insurance		Corporate and Other		Total
	(in thousands)
Three Months Ended September 30, 2024
Gross written premiums	$	230,215	$	100,208	$	—	$	330,423
Net earned premiums	138,892		20,834		—		159,726
Underwriting (loss) profit of operating segments	(50,155)		1,810		—		(48,345)
Net investment income	17,970		4,370		1,224		23,564
Interest expense	—		—		6,128		6,128
Segment revenues	163,488		26,421		1,588		191,497
Segment goodwill	181,831		—		—		181,831
Segment assets	3,423,073		1,417,883		117,775		4,958,731

Three Months Ended September 30, 2023
Gross written premiums	$	217,151	$	125,700	$	—	$	342,851
Net earned premiums	157,600		26,073		—		183,673
Underwriting profit of operating segments	18,342		1,967		—		20,309
Net investment income	18,204		3,420		175		21,799
Interest expense	—		—		6,486		6,486
Segment revenues	177,026		32,938		355		210,319
Segment goodwill	181,831		—		—		181,831
Segment assets	2,864,996		1,379,044		72,625		4,316,665

Nine Months Ended September 30, 2024
Gross written premiums	$	736,742	$	336,738	$	—	$	1,073,480
Net earned premiums	424,962		69,648		—		494,610
Underwriting (loss) profit of operating segments	(25,237)		6,012		—		(19,225)
Net investment income	56,651		12,453		2,023		71,127
Interest expense	—		—		18,957		18,957
Segment revenues	491,981		86,012		2,920		580,913
Segment goodwill	181,831		—		—		181,831
Segment assets	3,423,073		1,417,883		117,775		4,958,731

Nine Months Ended September 30, 2023
Gross written premiums	$	732,180	$	387,175	$	—	$	1,119,355
Net earned premiums	455,640		70,412		—		526,052
Underwriting profit of operating segments	45,449		1,882		—		47,331
Net investment income	48,160		9,578		720		58,458
Interest expense	—		—		18,066		18,066
Segment revenues	506,876		85,778		1,251		593,905
Segment goodwill	181,831		—		—		181,831
Segment assets	2,864,996		1,379,044		72,625		4,316,665

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines	$	(50,155)	$	18,342	$	(25,237)	$	45,449
Specialty Admitted Insurance	1,810		1,967		6,012		1,882

Total underwriting profit of operating segments	(48,345)		20,309		(19,225)		47,331
Other operating expenses of the Corporate and Other segment	(8,421)		(8,482)		(28,182)		(26,312)
Underwriting (loss) profit	(56,766)		11,827		(47,407)		21,019
Losses and loss adjustment expenses – retroactive reinsurance	(17,954)		3,187		(10,268)		(6,261)
Net investment income	23,564		21,799		71,127		58,458
Net realized and unrealized gains on investments	4,150		712		6,428		2,487
Other income and expenses	1,233		2,286		507		1,818
Interest expense	(6,128)		(6,486)		(18,957)		(18,066)
Amortization of intangible assets	(90)		(90)		(272)		(272)
Impairment of intangible assets	—		(2,500)		—		(2,500)
(Loss) income from continuing operations before income taxes	$	(51,991)	$	30,735	$	1,158	$	56,683

- 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.

+ References

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+ Details

Investments

9 Months Ended

Sep. 30, 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)
September 30, 2024
Fixed maturity securities:
State and municipal	$	222,272	$	1,332	$	(20,546)	$	203,058
Residential mortgage-backed	350,155		2,230		(14,275)		338,110
Corporate	479,653		4,188		(20,135)		463,706
Commercial mortgage and asset-backed	195,925		306		(7,005)		189,226

U.S. Treasury securities and obligations guaranteed by the U.S. government	21,413		35		(304)		21,144

Total fixed maturity securities, available-for-sale	$	1,269,418	$	8,091	$	(62,265)	$	1,215,244
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 September 30, 2024 are summarized, by contractual maturity, as follows:


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	19,640	$	19,456
After one year through five years	329,396		327,214
After five years through ten years	239,132		222,779
After ten years	135,170		118,459
Residential mortgage-backed	350,155		338,110
Commercial mortgage and asset-backed	195,925		189,226

Total	$	1,269,418	$	1,215,244

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


	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)
September 30, 2024
Fixed maturity securities:
State and municipal	$	7,903	$	(113)	$	153,391	$	(20,433)	$	161,294	$	(20,546)
Residential mortgage-backed	76,799		(211)		150,760		(14,064)		227,559		(14,275)
Corporate	50,176		(244)		232,435		(19,891)		282,611		(20,135)
Commercial mortgage and asset-backed	4,700		(6)		116,043		(6,999)		120,743		(7,005)

U.S. Treasury securities and obligations guaranteed by the U.S. government	—		—		12,409		(304)		12,409		(304)

Total fixed maturity securities, available-for-sale	$	139,578	$	(574)	$	665,038	$	(61,691)	$	804,616	$	(62,265)
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 September 30, 2024, the Company held fixed maturity securities of 397 issuers that were in an unrealized loss position with a total fair value of $804.6 million and gross unrealized losses of $62.3 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on a scheduled principal or interest payment. At September 30, 2024, 99.9% 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. The Company holds one fixed maturity security that is not rated by Standard & Poor's or another nationally recognized rating agency with a fair value of $151,000.

The Company reviews its available-for-sale fixed maturities to determine whether 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. As a result of this review, management concluded that there were no credit-related impairments of fixed maturity securities at September 30, 2024, December 31, 2023, or September 30, 2023. During the nine months ended September 30, 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 the 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 September 30, 2024, the Company's bank loan portfolio had an aggregate fair value of $149.1 million and unpaid principal of $157.3 million. Investment income on bank loan participations included in net investment income was $4.1 million and $13.2 million for the three and nine months ended September 30, 2024, respectively ($4.3 million and $7.8 million for the three and nine months ended September 30, 2023, respectively). Net realized and unrealized losses on bank loan participations were $2.0 million and $3.1 million for the three and nine months ended September 30, 2024, respectively (gains of $2.6 million and $4.6 million for the three and nine months ended September 30, 2023, respectively). For the three and nine months ended September 30, 2024, management concluded that $654,000 and $2.5 million of the net realized and unrealized losses were due to credit-related impairments. For the nine months ended September 30, 2023, management concluded that $153,000 of the net realized and unrealized losses were due to credit-related impairments. Losses due to credit-related impairments 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.

Bank loan participations generally provide a higher yield than our portfolio of fixed maturities and 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 September 30, 2024 or December 31, 2023.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	46	$	—	$	1,589	$	—
Gross realized losses	(152)		(307)		(2,804)		(334)
	(106)		(307)		(1,215)		(334)
Bank loan participations:
Gross realized gains	135		140		666		182
Gross realized losses	(1,186)		(577)		(2,447)		(3,286)
Changes in fair values of bank loan participations	(922)		3,007		(1,316)		7,740
	(1,973)		2,570		(3,097)		4,636
Equity securities:
Gross realized gains	1,087		349		2,634		1,280
Gross realized losses	(2)		(2)		(179)		(269)
Changes in fair values of equity securities	5,145		(1,897)		8,286		(2,809)
	6,230		(1,550)		10,741		(1,798)
Short-term investments and other:
Gross realized gains	—		—		—		2
Gross realized losses	—		(1)		—		(19)
Changes in fair values of short-term investments and other	(1)		—		(1)		—
	(1)		(1)		(1)		(17)
Total	$	4,150	$	712	$	6,428	$	2,487

Realized investment gains or losses are determined on a specific identification basis.


	Carrying Value				Investment Income
	September 30,		December 31,		Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023		2024		2023
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	7,454	$	8,382	$	548	$	98	$	1,210	$	796
Corporate & Other	—		—		—		—		293		170
	7,454		8,382		548		98		1,503		966
Renewable energy notes receivable (b)
Excess and Surplus Lines	—		608		—		18		61		90
Corporate & Other	—		761		—		23		77		113
	—		1,369		—		41		138		203
Limited partnerships (c)
Excess and Surplus Lines	13,971		11,914		1,050		(171)		1,452		450
Corporate & Other	464		664		—		—		—		—
	14,435		12,578		1,050		(171)		1,452		450
Private Debt (d)
Excess and Surplus Lines	14,043		10,805		158		59		427		231
Corporate & Other	—		—		—		—		—		—
	14,043		10,805		158		59		427		231
Total other invested assets
Excess and Surplus Lines	35,468		31,709		1,756		4		3,150		1,567
Corporate & Other	464		1,425		—		23		370		283
	$	35,932	$	33,134	$	1,756	$	27	$	3,520	$	1,850