James River Group Holdings Ltd. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$JRVR
Property-Casualty Insurers
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. | ||||
As previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission on May 5, 2025 by James River Group Holdings, Ltd. (the “Company”), in anticipation of retirement, Richard J. Schmitzer stepped down as Chief Executive Officer of the Company’s Excess & Surplus Lines segment, effective July 31, 2025, but has remained with the Company to facilitate the transition of his duties to the new President of the Company’s Excess & Surplus Lines segment until his retirement during the fourth quarter of 2025. In connection with his continuing service to the Company, on August 12, 2025, Mr. Schmitzer entered into an amendment (the “Amendment”) to his Amended and Restated Employment Agreement, dated January 15, 2018, by and among James River Group, Inc. (“JRGI”), certain subsidiaries of JRGI and Mr. Schmitzer. The Amendment provides for Mr. Schmitzer to assume the title of Senior Vice President, Underwriting, and to perform such duties as requested by the Chief Executive Officer of JRGI, and the successor President of the Company’s Excess & Surplus Lines segment. The Amendment was effective as of August 11, 2025 and Mr. Schmitzer’s employment with the Company thereunder terminates October 15, 2025 (the “Term”), when Mr. Schmitzer intends to retire. During the Term, the Amendment provides for Mr. Schmitzer to receive a salary of $300,000 on a per annum basis.
In connection with the short Term contemplated by the Amendment, the Amendment modifies Mr. Schmitzer’s termination benefits such that he would receive severance pay in the event of a “without cause” termination by JRGI at the per annum rate of $300,000 for the period from his termination date through the last day of the Term. Mr. Schmitzer is not entitled to receive any additional severance payments regardless of the reason for termination.
The foregoing description of the terms and conditions of the Amendment does not purport to be complete and is qualified in its entirety by reference to such Amendment, which is filed as Exhibit 10.1 hereto, and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. | ||||
(d) Exhibits
Exhibit No. | Description | |||||||
| 10.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| JAMES RIVER GROUP HOLDINGS, LTD. | |||||
| Dated: August 14, 2025 | By: /s/ Jeanette Miller | ||||
| Jeanette Miller | |||||
| Chief Legal Officer | |||||