JRVR: revenue $151.4M, net income -$8.9M. JRVR posts 115% combined ratio as underwriting deteriorates; reinsurance capacity strained

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

Key Changes

• high

  Consolidated combined ratio worsened to 115.1% from 98.2% year-over-year, driven by Excess & Surplus Lines segment deterioration to 107.3% from 90.1%. Retroactive reinsurance swung from 1.3% favorable to 10.5% adverse, compounding underlying loss ratio increase from 66.8% to 69.2%.

  MD&A: Underwriting Results verify on EDGAR →
• high

  2021 excess casualty reinsurance treaty has less than $500,000 of limit remaining with one reinsurer; 2024 adverse development cover has only $7.5 million of $75 million limit left. Exhausting these limits would eliminate coverage and could materially harm liquidity.

  Risk Factors: Reinsurance verify on EDGAR →
• high

  Company expanded private debt investments from four notes to ten, with outstanding commitments rising fourteen-fold from $5.6 million to $78.3 million. New notes include higher-rate 2064 maturities at up to 9.04% fixed, plus $63.1 million committed to new Sixth Street/Enstar partnership.

  MD&A: Investments verify on EDGAR →