James River Group Holdings
JRVR on Nasdaq. James River Group Holdings sells specialty casualty insurance to small and middle-market US businesses. Market value $159m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: -16 cents. Above 10 is good.
What you pay for each dollar of net assets: $0.30.
Profit per $100 you pay: $19.27.
Quality score: 13 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$3.43 a share, 2% above its 1-year low
Over the past year the price has ranged from $3.36 to $7.20.
Dividend: 1.2% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $609m | $662m | $812m | $708m | $688m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 0.6% a year
- Buying back its own sharesNo, 23% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $161 million last quarter, down 8% on a year ago.
- Profit: $6 million, up 34% on a year ago.
- Over the past 12 months it spent $2 million more cash than it brought in, compared with $294 million a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $191m |
| December 2024 | $127m |
| March 2025 | $172m |
| June 2025 | $175m |
| September 2025 | $173m |
| December 2025 | $168m |
| March 2026 | $151m |
| June 2026 | $161m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$39m |
| December 2024 | -$65m |
| March 2025 | $10m |
| June 2025 | $5m |
| September 2025 | $1m |
| December 2025 | $32m |
| March 2026 | -$9m |
| June 2026 | $6m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 3 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 117 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Donald Smith & Co.Jon Hartsel | $11m | 0.2% | Added |
| Boston PartnersBoston Partners team | $5m | <0.1% | Added |
Largest holders overall
- Gallatin Point Capital$26m
- Zimmer Partners, LP$20m
- T. Rowe Price Investment Management$20mAdded
- BlackRock$15mAdded
- Continental General Insurance$11mAdded
- Enstar Group$11m
- Donald Smith & Co.$11mAdded
- Vanguard Capital Management$8m
- RBF Capital$5mAdded
- Geode Capital Management$5mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
8 investors own more than 5%.
- at least 10.0%0.0 pts(filed with 3 related holders)Since 14 May 2026
What they said
The Reporting Persons originally acquired the position in the shares of Common Stock of the Issuer for the account of the Zimmer Accounts in the belief that the shares of Common Stock were undervalued and represented an attractive investment opportunity. The Reporting Persons…
Read the filing - Zimmer Financial Services Group LLCPassive investorat least 10.0%+3.5 pts(filed with 2 related holders)Since 30 September 2025
- T. Rowe Price Investment Management, Inc.Passive investor9.8%+1.6 ptsSince 30 June 2025
- BlackRock, Inc.Passive investor6.3%Since 31 March 2025
- Cavello Bay Reinsurance LimitedPassive investorat least 5.7%(filed with 1 related holder)Since 18 December 2024
- Enstar Group LimitedPassive investorat least 5.6%0.0 pts(filed with 3 related holders)Since 30 June 2026
- Donald Smith & Co.Passive investorat least 5.3%(filed with 1 related holder)Since 30 June 2026
- CONTINENTAL GENERAL INSURANCE COPassive investorat least 5.3%(filed with 3 related holders)Since 17 March 2026
- Fuller & Thaler Asset Management, Inc.Passive investorSold down below 5%Since 31 March 2025
- Barclays PLCPassive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
at least 10.0%0.0 pts (filed with 3 related holders) | 14 May 2026 | What they saidThe Reporting Persons originally acquired the position in the shares of Common Stock of the Issuer for the account of the Zimmer Accounts in the belief that the shares of Common Stock were undervalued and represented an attractive investment opportunity. The Reporting Persons… Read the filing | |
Zimmer Financial Services Group LLC Passive investor | at least 10.0%+3.5 pts (filed with 2 related holders) | 30 September 2025 | |
T. Rowe Price Investment Management, Inc. Passive investor | 9.8%+1.6 pts | 30 June 2025 | |
BlackRock, Inc. Passive investor | 6.3% | 31 March 2025 | |
Cavello Bay Reinsurance Limited Passive investor | at least 5.7% (filed with 1 related holder) | 18 December 2024 | |
Enstar Group Limited Passive investor | at least 5.6%0.0 pts (filed with 3 related holders) | 30 June 2026 | |
Donald Smith & Co. Passive investor | at least 5.3% (filed with 1 related holder) | 30 June 2026 | |
CONTINENTAL GENERAL INSURANCE CO Passive investor | at least 5.3% (filed with 3 related holders) | 17 March 2026 | |
Fuller & Thaler Asset Management, Inc. Passive investor | Sold down below 5% | 31 March 2025 | |
Barclays PLC Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 10 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have barely grown: 0.6% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.