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James River Group Holdings, Ltd. (JRVR)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Excess and Surplus Lines | 570.1 | 508.8 | 429.9 | 657.5 | 580.8 | 493.9 | 331.1 | 255.5 |
| Casualty Reinsurance | 161.6 | 179.4 | 166.8 | 183.7 | 243.2 | 240.8 | 190.1 | 197.6 |
| Specialty Admitted Insurance | 81.6 | 83.9 | 62.8 | 61.2 | 56.7 | 70.4 | 55.4 | 44.8 |
| Corporate and Other | 0.5 | 0.8 | 9.1 | 4.7 | 4.9 | 12.7 | 9.7 | 7.0 |
| Total revenues | 813.7 | 772.9 | 668.7 | 907.1 | 885.6 | 817.6 | 586.2 | 504.9 |
| Revenue growth | 5.3% | 15.6% | -26.3% | 2.4% | 8.3% | 39.5% | 16.1% | 15.0% |
| Loss and loss adjustment expenses | 544.8 | 792.4 | 478.5 | 672.1 | 600.3 | 555.4 | 325.4 | 279.0 |
| Policy acquisition costs | 88.6 | 69.7 | 75.6 | 83.9 | 111.1 | 116.0 | 101.6 | 97.8 |
| Other underwriting costs | 75.7 | 67.4 | 60.5 | 59.4 | 63.0 | 55.7 | 48.8 | 41.5 |
| Investment expenses | 4.1 | 4.0 | 4.5 | 4.7 | 4.2 | 3.9 | 3.8 | 3.8 |
| Other operating expenses | 33.5 | 26.5 | 27.6 | 24.6 | 24.6 | 22.5 | 18.9 | 16.1 |
| EBITDA | 69.0 | -182.0 | 28.1 | 67.7 | 87.1 | 66.2 | 90.2 | 68.8 |
| EBITDA margin | 8.5% | -23.6% | 4.2% | 7.5% | 9.8% | 8.1% | 15.4% | 13.6% |
| Depreciation | 0.7 | 4.4 | 4.5 | 3.5 | 3.6 | 1.5 | 1.8 | 1.4 |
| EBITA | 68.3 | -186.4 | 23.7 | 64.2 | 83.5 | 64.7 | 88.4 | 67.4 |
| EBITA margin | 8.4% | -24.1% | 3.5% | 7.1% | 9.4% | 7.9% | 15.1% | 13.3% |
| Amortization of intangibles | 0.4 | 0.4 | 0.5 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 |
| EBIT | 67.9 | -186.8 | 23.1 | 63.6 | 82.9 | 64.1 | 87.8 | 66.8 |
| EBIT margin | 8.4% | -24.2% | 3.5% | 7.0% | 9.4% | 7.8% | 15.0% | 13.2% |
| Interest expense, net [+] | 16.6 | 8.6 | 8.9 | 9.5 | 11.0 | 9.0 | 8.4 | 7.0 |
| Interest expense | 17.6 | 8.9 | 10.0 | 10.6 | 11.6 | 9.0 | 8.4 | 7.0 |
| Interest income | 1.0 | 0.4 | 1.2 | 1.1 | 0.5 | | | |
| Other income (expense), net | -1.0 | -0.4 | -1.2 | -1.1 | -0.5 | | | |
| Pre-tax income | 49.4 | -196.0 | 11.9 | 51.9 | 70.8 | 55.1 | 79.3 | 59.8 |
| Income taxes | 18.4 | -23.2 | 7.1 | 13.5 | 7.0 | 11.6 | 4.9 | 6.3 |
| Tax rate | 37.3% | 11.9% | 59.6% | 26.1% | 9.9% | 21.0% | 6.1% | 10.5% |
| Net income | 22.2 | -172.8 | 4.8 | 38.3 | 63.8 | 43.6 | 74.5 | 53.5 |
| Net margin | 2.7% | -22.4% | 0.7% | 4.2% | 7.2% | 5.3% | 12.7% | 10.6% |
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| Basic EPS | $0.59 | ($4.94) | $0.16 | $1.27 | $2.14 | $1.48 | $2.56 | $1.87 |
| Diluted EPS | $0.59 | ($4.94) | $0.16 | $1.25 | $2.11 | $1.44 | $2.49 | $1.82 |
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| Shares outstanding (basic) | 37.4 | 35.0 | 30.6 | 30.3 | 29.9 | 29.5 | 29.1 | 28.7 |
| Shares outstanding (diluted) | 37.7 | 35.0 | 30.9 | 30.7 | 30.3 | 30.3 | 29.9 | 29.3 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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