8-K
filed February 28, 2024, 6:59 PM ET
ticker JRVR
CIK 0001620459
earnings
confidence high
sentiment negative
materiality 0.75
James River Q4 net loss $152.8M on JRG Re discontinued ops; sells reinsurer in Q1 2024
James River Group Holdings, Inc.
2023-FY EPS reported
-$3.13
revenue$812,009,000
- Net loss from discontinued ops of $170.2M includes $80.4M held-for-sale loss and $53.2M on fixed maturities.
- Continuing ops adjusted net operating income $12.4M ($0.33/diluted); combined ratio 96.5% for full year.
- E&S segment gross written premium surpassed $1.0B in 2023; Q4 GWP up 12.1% and new submissions +14.9%.
- Board declared $0.05 dividend payable March 29, 2024 to holders of record March 11, 2024.
- Lenders waived A.M. Best downgrade default until March 2025; sale of JRG Re expected to close Q1 2024.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
James River Group Holdings, Inc. reported financial results for the quarter and fiscal year ended December 31, 2023.
- Period
- the quarter and fiscal year ended December 31, 2023
- Result
- reported results
Exact text from the filing
On February 28, 2024, the Company issued a press release announcing its financial results for the quarter and fiscal year ended December 31, 2023.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
James River Group Holdings, Inc. amended BMO Facility with BMO Bank N.A. valued at Waived Event of Default under Section 7.01(d)(i) until March 1, 2025 due to A.M. Best downgrade of J (effective 2024-02-26).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- BMO Bank N.A.
- Value
- Waived Event of Default under Section 7.01(d)(i) until March 1, 2025 due to A.M. Best downgrade of J
- Effective
- 2024-02-26
Exact text from the filing
On February 26, 2024, James River Group Holdings, Ltd. (the “Company”) entered into (i) a Waiver Agreement to the Third Amended and Restated Credit Agreement dated as of July 7, 2023 (the “KeyBank Facility”) by and among the Company and JRG Reinsurance Company Ltd. (“JRG Re”), as borrowers, KeyBank National Association (“KeyBank”) as Administrative Agent and Letter of Credit Issuer, KeyBank and Truist Securities, Inc. as Joint Book Runners and Joint Lead Arrangers, Truist Bank as Syndication Agent, and the lender parties thereto (the “KeyBank Lenders”) (the “KeyBank Waiver”), and (ii) a Limited Waiver Agreement to the Credit Agreement dated as of August 2, 2017, as amended, (the “BMO Facility”) by and among the Company and JRG Re, as borrowers, and BMO Bank N.A., as the lender (“BMO”) (together with the KeyBank Waiver, the “Waivers” and each a “Waiver”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
James River Group Holdings, Inc. amended KeyBank Facility with KeyBank National Association as Administrative Agent, KeyBank Lenders valued at Waived Event of Default under Section 7.01(d)(i) until March 1, 2025 due to A.M. Best downgrade of J (effective 2024-02-26).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- KeyBank National Association as Administrative Agent, KeyBank Lenders
- Value
- Waived Event of Default under Section 7.01(d)(i) until March 1, 2025 due to A.M. Best downgrade of J
- Effective
- 2024-02-26
Exact text from the filing
On February 26, 2024, James River Group Holdings, Ltd. (the “Company”) entered into (i) a Waiver Agreement to the Third Amended and Restated Credit Agreement dated as of July 7, 2023 (the “KeyBank Facility”) by and among the Company and JRG Reinsurance Company Ltd. (“JRG Re”), as borrowers, KeyBank National Association (“KeyBank”) as Administrative Agent and Letter of Credit Issuer, KeyBank and Truist Securities, Inc. as Joint Book Runners and Joint Lead Arrangers, Truist Bank as Syndication Agent, and the lender parties thereto (the “KeyBank Lenders”) (the “KeyBank Waiver”)
View on SEC.gov
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