James River Group has disclosed that it returned to profitability in 2025, posting net income available to common shareholders of $39.6m, versus a loss of $118.3m a year earlier, driven by improved underwriting results.
The firm’s gross written premiums (GWP) for 2025 totalled $1.17bn, down from $1.43bn in 2024, reflecting a reduction in overall top-line volume.
Meanwhile, net written premiums edged down to $568.8m in 2025 from $580.9m in the prior year, and net earned premiums were broadly stable at $600.3m, compared with $600.2m in 2024.
James River also saw total revenues for 2025 of $687.6m, down from $707.6m in 2024, while net investment income declined to $83.4m from $93.1m.
However, the firm’s underwriting performance improved markedly in 2025, with losses and loss adjustment expenses falling to $427.2m from $554.4m in 2024.
Total expenses for the decreased to $637.1m, compared with $778.7m a year earlier.
For Q4 2025 alone, James River reported net income of $32.1m, a marked turnaround from a net loss of $64.8m in Q4 2024.
Net income available to common shareholders totalled $30.1m in the final quarter of 2025, compared with a loss of $94m in the prior-year period.
GWP declined to $262.7m from $358.3m a year earlier. Net written premiums increased to $142.1m from $114m, while net earned premiums rose to $147.3m, up from $105.6m in Q4 2024.
James River’s Chief Executive Officer, Frank D’Orazio, commented, “Throughout 2025, our Company remained disciplined and focused on creating value for our shareholders, and our fourth-quarter results reflect the tangible momentum created by that work.
“The strategic actions, underwriting changes, and focus on smaller insureds that we have driven over the past few years have strengthened our organisation while improving our profitability and operational efficiency. This year’s results provide a strong foundation to build upon for 2026 as we continue to pursue compelling opportunities across the E&S market.”
