James River reported $30.1 million net income in Q4 2025 versus a $94.0 million loss in Q4 2024, supported by a $14.1 million tax benefit from its Delaware redomicile. The combined ratio improved to 94.1% from 155.1%, producing an $8.6 million underwriting profit and $16.0 million in adjusted net operating income.

For full-year 2025, the company achieved a combined ratio of 96.6%, cut general and administrative expenses by 9%, and increased tangible common equity per share by 34% to $8.94. Adjusted net operating return on tangible common equity stood at 15.3% following the Bermuda-to-Delaware redomicile.

E&S net earned premium rose 61.5% to $140.9 million in the quarter (9.2% annual growth), while full-year gross written premium declined 5% due to a focus on smaller, profitable accounts. The segment’s combined ratio improved to 86.0% from 159.8%, delivering a $19.7 million underwriting profit—the best quarterly result since 2022.

The consolidated expense ratio declined to 29.2% from 43.7%, driven by 13% lower E&S and 44% lower Specialty Admitted G&A expenses via headcount reductions and efficiencies. Net investment income was $21.0 million, boosted by higher yields on “A” rated structured securities and private credit gains, offset by reduced common stock holdings.