James River completes Delaware domestication, expands private debt portfolio to $141M unfunded

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~2 min read

Key Changes

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  Company completed legal migration from Bermuda to Delaware in November 2025, eliminating non-deductible Bermuda holding company losses and improving tax efficiency; effective tax rate shifted from 31.4% to (17.5%) year-over-year.

  MD&A: Corporate Structure & Tax verify on EDGAR →
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  Private debt investments expanded from 4 notes ($5.6M unfunded) to 10 notes ($78.3M unfunded), plus new $63.1M Sixth Street commitment; total unfunded private credit exposure now $141.4M with yields up to 9.04% and maturities extending to 2064.

  MD&A: Investment Strategy verify on EDGAR →
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  Reinsurance capacity constraints disclosed: one 2021 excess casualty treaty has less than $500K limit remaining; ES Top Up ADC has only $7.5M of $75M limit left (90% utilized); aggregate limit exhaustion could materially impact results.

  Risk Factors: Reinsurance verify on EDGAR →