Key Highlights

  • James River Group (NASDAQ:JRVR) closed Tuesday, November 10, 2026 at USD 3.11, a 17.64% drop from a calculated prior close of USD 3.78, or about USD 0.67 per share.
  • The third-quarter release dated November 9, 2026 reported a GAAP net loss of USD 189.4 million, or USD 4.08 per diluted share, following a non-cash Goodwill Impairment of USD 181.8 million.
  • Adjusted net operating loss came to USD 4.4 million, or USD 0.10 per share, compared with income of USD 0.32 a year before, and the combined ratio reached 115.6% versus 94.0%.
  • Volume was 364,640 shares at a relative Volume of 1.51, and the row lists a Market Value of USD 143.6 million, a P/E of 8.97 and a 1.06% dividend yield.

What Moved James River Group on November 10 (-17.64%)

The specialty insurer closed the regular session at USD 3.11, lower by 17.64%. Basic arithmetic gives a calculated prior close near USD 3.78 on Monday, November 9, 2026, the day the company put out third-quarter results, so Tuesday was the first full session to absorb them. The loss of about USD 0.67 came on 364,640 shares at a relative volume of 1.51, meaning activity ran about 51% above average, or an implied average near 241,500 shares (calculated). Turnover was roughly USD 1.13 million (calculated).

The Rationale: Third-Quarter Loss, Reserve Charge and Lower Book Value

The company release reports total revenues of USD 147.7 million, down from USD 172.7 million a year earlier. Net adverse reserve development was USD 20.6 million before tax, with USD 19.2 million in Excess and Surplus Lines, largely product Liability in runoff, and USD 1.4 million in Specialty Admitted. Shareholders' Equity per share dropped to USD 6.31 from USD 11.71 at December 31, 2025, while tangible common equity per share stood at USD 7.95 versus USD 8.94. No guidance was given in the release. The company stated that the impairment, linked to goodwill from its 2007 ownership change, leaves adjusted results, statutory Capital and Debt covenants untouched. A dividend of USD 0.01 per share is payable December 31, 2026, a small payment beside a quarterly loss of USD 4.08 per share. Net realized and unrealized Investment losses totalled USD 2.9 million, mainly on preferred stock holdings.

Valuation, Liquidity and Risks for James River Group

At USD 3.11 the shares change hands at about 0.49 times shareholders' equity per share of USD 6.31 and about 0.39 times tangible common equity per share of USD 7.95 (calculated). The row's P/E of 8.97 relies on trailing diluted EPS of USD 0.35, which predates the quarter's loss and may therefore fall. The row's market value of USD 143.6 million implies roughly 46.2 million shares (calculated). Risks cover further reserve strengthening, a combined ratio over 100%, higher rates that added USD 52.0 million to accumulated other comprehensive loss, and a small trading float. The 1.06% yield is modest and the declared payout is USD 0.01 per share, so income does not explain the move. Nothing here suggests the move will continue.

Where Things Stand

James River Group (NASDAQ:JRVR) lost 17.64% to close at USD 3.11 on November 10, 2026, the first full session after a November 9 third-quarter release showing a net loss of USD 189.4 million, a combined ratio of 115.6% and USD 20.6 million of adverse reserve development. Volume was 364,640 shares from a calculated prior close of USD 3.78. Book Value per share dropped to USD 6.31, the Dividend Yield is 1.06% and the company offered no guidance.