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Companies James River Group Holdings, Inc.

James River (JRVR): executive pay, fiscal 2025

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CEO total pay$2,930,288CEO Frank D'Orazio · source
Say-on-pay support71.26%Latest vote · source
CEO vs. named peers1st pct.Of 16 peer CEOs
CEO pay ratio27:1To the median employee · source

CEO pay, last three years

  • $2,720,691FY2023
  • $2,709,253FY2024
  • $2,930,288FY2025

CEO total pay was $2,930,288 in fiscal 2025, up from $2,709,253 in fiscal 2024.

FY2025: salary $990,791 · bonus $0 · stock awards $966,618 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at James River Group Holdings, Inc. in fiscal 2025?
As disclosed, Frank D'Orazio (Chief Executive Officer) was the highest-paid executive at James River Group Holdings, Inc. in fiscal 2025, with total compensation of $2,930,288.
How does James River Group Holdings, Inc.'s chief executive pay compare to its disclosed peer group?
As disclosed, Frank D'Orazio's total compensation ranked at the 1st percentile of James River Group Holdings, Inc.'s disclosed peer group.
What is James River Group Holdings, Inc.'s CEO-to-median employee pay ratio?
As disclosed, James River Group Holdings, Inc.'s CEO-to-median employee pay ratio was 27:1.
How did shareholders vote on James River Group Holdings, Inc.'s executive compensation?
As disclosed, 71.26% of shareholders supported James River Group Holdings, Inc.'s executive compensation in the latest say-on-pay vote.
How much does James River Group Holdings, Inc. spend in total on board compensation for fiscal 2025?
As disclosed, James River Group Holdings, Inc. reported total board compensation of $500,460 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Frank D'Orazio$990,791$0$966,618$0$934,891$0$37,988$2,930,288
Chief Executive Officer
Sarah Doran586,300286,000571,9970553,221029,7732,027,291
Chief Financial Officer
Richard Schmitzer463,479334,978669,9510421,869035,5331,925,810
Former President and Chief Executive Officer, E&S Segment
Michael Hoffmann453,050165,750441,9970320,617033,9211,415,335
Group Chief Underwriting Officer
Jeanette Miller369,000135,000269,9940261,136024,6391,059,769
Chief Legal Officer
Todd Sutherland375,11952,000249,9980295,620022,353995,090
President of the E&S Segment

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Frank D'Orazio$2,930,288$2,709,253$2,720,691↑ +221,035
Sarah Doran2,027,2911,899,4431,617,088↑ +127,848
Richard Schmitzer1,925,8102,100,5871,949,201↓ −174,777
Michael Hoffmann1,415,3351,336,1611,157,241↑ +79,174
Jeanette Miller1,059,769———
Todd Sutherland995,090———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

The Company seeks to establish competitive compensation to attract and retain talent, align executive interests with shareholders through service-based and performance-based equity, and reward performance that builds long-term shareholder value. The program emphasizes a high proportion of variable, at-risk pay linked to rigorous financial and strategic goals.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantAon
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Sarah DoranPSU2025-03-0538,85877,717—155,434$285,999
Frank D'OrazioPSU2025-03-0565,667131,334—262,668483,309
Sarah DoranRSU2025-03-05——77,717—285,999
Jeanette MillerRSU2025-03-05——36,684—134,997
Jeanette MillerPSU2025-03-0518,34236,684—73,368134,997
Todd SutherlandRSU2025-08-06——42,955—249,998
Frank D'OrazioRSU2025-03-05——131,334—483,309
Michael HoffmannRSU2025-03-05——60,054—220,999
Michael HoffmannPSU2025-03-0530,02760,054—120,108220,999
Richard SchmitzerRSU2025-03-05——91,026—334,976
Richard SchmitzerPSU2025-03-0545,51391,026—182,052334,976

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Sarah Doran$285,999$285,999$050.0%
Frank D'Orazio483,309483,309050.0%
Jeanette Miller134,997134,997050.0%
Todd Sutherland249,998000.0%
Michael Hoffmann220,999220,999050.0%
Richard Schmitzer334,976334,976050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jeanette MillerRSU1,426—$9,069
Michael HoffmannRSU2,853—18,145
Todd SutherlandRSU3,111—19,786
Jeanette MillerRSU3,122—19,856
Sarah DoranRSU3,692—23,481
Frank D'OrazioRSU6,209—39,489
Michael HoffmannRSU6,247—39,731
Sarah DoranRSU8,085—51,421
Richard SchmitzerRSU8,892—56,553
Jeanette MillerRSU9,184—58,410
Frank D'OrazioRSU13,597—86,477
Jeanette MillerPSU13,775—87,609
Michael HoffmannRSU15,034—95,616
Sarah DoranRSU19,456—123,740
Richard SchmitzerPSU20,415—129,839
Michael HoffmannPSU22,551—143,424
Richard SchmitzerPSU23,941—152,265
Sarah DoranPSU29,183—185,604
Frank D'OrazioRSU32,878—209,104
Jeanette MillerRSU36,684—233,310
Jeanette MillerPSU36,684—233,310
Todd SutherlandRSU42,955—273,194
Frank D'OrazioPSU49,317—313,656
Michael HoffmannRSU60,054—381,943
Michael HoffmannPSU60,054—381,943
Sarah DoranRSU77,717—494,280
Sarah DoranPSU77,717—494,280
Frank D'OrazioRSU131,334—835,284
Frank D'OrazioPSU131,334—835,284
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Christine LaSalaIndependent · Board Chair · Nominating and Corporate Governance (Chair) · Compensation and Human Capital$125,000$99,997——$268$225,265
Peter B. MiglioratoIndependent · Compensation and Human Capital (Chair) · Audit137,50049,996——816188,312
Joel D. CavanessIndependent · Nominating and Corporate Governance · Audit · Compensation and Human Capital · Newly elected55,70731,176———86,883
Matthew B. BoteinIndependent · Investment (Chair)00——00
Frank N. D'OrazioEmployee director—————0
Rajiv BasuIndependent · Audit · Partial-year service——————

Board fee structure and ownership guideline

Annual cash retainer$125,000
Annual equity retainer$50,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 12,500 / 12,500
Stock ownership guideline$3

Total cost of the board

ComponentFY2025
Cash retainers and fees$318,207
Equity awards (grant-date value)$181,169
All other compensation$1,084
Total cost of the board$500,460

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names James River as a peer

Companies that benchmark against JRVR

10 companies name JRVR as a compensation peer

Each company listed discloses JRVR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named JRVR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies James River Group Holdings, Inc. names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Radian Group Inc.2025Richard Thornberry$1,000,000$7,085,347$0$3,120,000$11,318,967
2NMI Holdings, Inc.2025Adam Pollitzer975,0006,337,45002,839,20010,209,615
3SiriusPoint Ltd.2025Scott Egan1,169,7404,134,12301,600,1599,824,137
4Hamilton Insurance Group, Ltd.2025Giuseppina Albo1,300,0003,900,00003,640,0008,976,000
5Palomar Holdings, Inc.2025Mac Armstrong1,243,2693,862,33003,843,2988,961,148
6Horace Mann Educators Corporation2025Marita Zuraitis1,040,0003,328,000832,0003,139,5008,453,113
7Tiptree Inc.2025Michael Barnes1,200,0001,317,81805,651,6208,215,284
8RLI Corp.2025Craig Kliethermes677,5960831,8056,075,3197,691,732
9Kinsale Capital Group, Inc.2025Michael Kehoe1,250,0002,749,589007,423,891
10Universal Insurance Holdings, Inc.2025Stephen Donaghy1,000,0001,750,01402,406,8445,240,829
11Bowhead Specialty Holdings Inc.2025Stephen Sills675,0003,120,966004,309,280
12Safety Insurance Group, Inc.2025George Murphy850,0001,100,00001,476,8804,187,838
13Global Indemnity Group, LLC2025Joseph Brown1,000,000—494,50004,001,790
14United Fire Group, Inc.2025Kevin Leidwinger821,0001,656,00801,350,9343,896,774
15Employers Holdings, Inc.2025Katherine Antonello881,0422,012,6640242,0003,261,998
16James River Group Holdings, Inc.2025Frank D'Orazio990,791966,6180934,8912,930,288
—Skyward Specialty Insurance Group, Inc.——————not in coverage universe

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
James River Group Holdings, Inc.not disclosedPSU 50 · RSU 50NoAon
Bowhead Specialty Holdings Inc.not disclosednot disclosedNonot disclosed
Employers Holdings, Inc.25%PSU 65 · RSU 35NoCAP
Global Indemnity Group, LLCnot disclosednot disclosedNonot disclosed
Hamilton Insurance Group, Ltd.175%PSU 50 · RSU 50NoMercer (US) LLC
Horace Mann Educators Corporationnot disclosedPSU 60 · Options 20 · RSU 20Yes — TSRCompensation Advisory Partners LLC (CAP)
Kinsale Capital Group, Inc.not disclosedRSU 100not disclosedSemler Brossy
NMI Holdings, Inc.166.4%PSU 60 · RSU 40NoSemler Brossy
Palomar Holdings, Inc.176%PSU 50 · RSU 50NoPay Governance
Radian Group Inc.not disclosedPRSU 60 · RSU 40Yes — TSR during the performance period compares to the average TSR of our peer groupMeridian Compensation Partners
RLI Corp.not disclosedOption 100not disclosedLockton Financial Advisors, LLC
Safety Insurance Group, Inc.139%PRSU 55 · RSU 45NoPay Governance
SiriusPoint Ltd.151.3%PSU 75 · RSU 25NoMercer
Skyward Specialty Insurance Group, Inc.150%PSU 67 · RSU 33NoFrederic W. Cook & Co., Inc.
Tiptree Inc.not disclosednot disclosedNoCAP
United Fire Group, Inc.not disclosedPSU 50 · RSU 50NoMercer LLC
Universal Insurance Holdings, Inc.160.5%PSU 50 · RSU 50Nonot disclosed

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-10-2223,979,5809,671,819232,89271.26%Passed
20252025-10-2321,090,31512,177,107781,98263.4%Passed
20242024-10-2429,555,101835,28224,95297.25%Passed
20232023-07-2737,359,1511,399,19520,10996.39%Passed
20222022-10-2537,524,782555,1806,21598.54%Passed
20212021-10-2629,007,7716,306,69213,44182.14%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-10-2271.26%a
20252025-10-2363.4%b
20242024-10-2497.25%c

a. Voting standard not stated in the filing.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on any of the proposals.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on any of the proposals.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)27 : 1
CEO total compensation$2,930,288
Median employee compensation$106,792
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (49 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Frank D'Orazio. DEF 14A, filed 2026-09-16. Section “Summary Compensation Table” · page 33. As printed: 2,930,288. View filing ↗
  • Section 01, Sarah Doran. DEF 14A, filed 2026-09-16. Section “Summary Compensation Table”. As printed: 2,027,291. View filing ↗
  • Section 01, Richard Schmitzer. DEF 14A, filed 2026-09-16. Section “Summary Compensation Table”. As printed: 1,925,810. View filing ↗
  • Section 01, Michael Hoffmann. DEF 14A, filed 2026-09-16. Section “Summary Compensation Table”. As printed: 1,415,335. View filing ↗
  • Section 01, Jeanette Miller. DEF 14A, filed 2026-09-16. Section “Summary Compensation Table”. As printed: 1,059,769. View filing ↗
  • Section 01, Todd Sutherland. DEF 14A, filed 2026-09-16. Section “Summary Compensation Table”. As printed: 995,090. View filing ↗
  • Section 03, Sarah Doran PSU. DEF 14A, filed 2026-09-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Frank D'Orazio PSU. DEF 14A, filed 2026-09-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Sarah Doran RSU. DEF 14A, filed 2026-09-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Jeanette Miller RSU. DEF 14A, filed 2026-09-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Jeanette Miller PSU. DEF 14A, filed 2026-09-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Todd Sutherland RSU. DEF 14A, filed 2026-09-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Frank D'Orazio RSU. DEF 14A, filed 2026-09-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Hoffmann RSU. DEF 14A, filed 2026-09-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Hoffmann PSU. DEF 14A, filed 2026-09-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Richard Schmitzer RSU. DEF 14A, filed 2026-09-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Richard Schmitzer PSU. DEF 14A, filed 2026-09-16. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-09-16. Section “CEO Pay Ratio”. As printed: 27 : 1. View filing ↗
  • Section 08, Christine LaSala. DEF 14A, filed 2026-09-16. Section “Director Compensation”. As printed: 225,265. View filing ↗
  • Section 08, Peter B. Migliorato. DEF 14A, filed 2026-09-16. Section “Director Compensation”. As printed: 188,312. View filing ↗
  • Section 08, Joel D. Cavaness. DEF 14A, filed 2026-09-16. Section “Director Compensation”. As printed: 86,883. View filing ↗
  • Section 08, Matthew B. Botein. DEF 14A, filed 2026-09-16. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Frank N. D'Orazio. DEF 14A, filed 2026-09-16. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Rajiv Basu. DEF 14A, filed 2026-09-16. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-10-23. Item 5.07 · say-on-pay result. As reported: 71.26% (votes for as printed: 23,979,580). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-10-24. Item 5.07 · say-on-pay result. As reported: 63.4% (votes for as printed: 21,090,315). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-10-25. Item 5.07 · say-on-pay result. As reported: 97.25% (votes for as printed: 29,555,101). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 318,207 + equity 181,169 + all other 1,084 = 500,460, summed across the director compensation table rows.
  • Radian Group Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Radian Group Inc.'s own proxy. As printed: 11,318,967. View filing ↗
  • NMI Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in NMI Holdings, Inc.'s own proxy. As printed: 10,209,615. View filing ↗
  • SiriusPoint Ltd., Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in SiriusPoint Ltd.'s own proxy. As printed: 9,824,137. View filing ↗
  • Hamilton Insurance Group, Ltd., Section 10b CEO total. DEF 14A, filed 2026-03-24. CEO total compensation as printed in Hamilton Insurance Group, Ltd.'s own proxy. As printed: 8,976,000. View filing ↗
  • Palomar Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Palomar Holdings, Inc.'s own proxy. As printed: 8,961,148. View filing ↗
  • Horace Mann Educators Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in Horace Mann Educators Corporation's own proxy. As printed: 8,453,113. View filing ↗
  • Tiptree Inc., Section 10b CEO total. DEF 14A, filed 2026-03-16. CEO total compensation as printed in Tiptree Inc.'s own proxy. As printed: 8,215,284. View filing ↗
  • RLI Corp., Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in RLI Corp.'s own proxy. As printed: 7,691,732. View filing ↗
  • Kinsale Capital Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Kinsale Capital Group, Inc.'s own proxy. As printed: 7,423,891. View filing ↗
  • Universal Insurance Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Universal Insurance Holdings, Inc.'s own proxy. As printed: 5,240,829. View filing ↗
  • Bowhead Specialty Holdings Inc., Section 10b CEO total. DEF 14A, filed 2026-03-16. CEO total compensation as printed in Bowhead Specialty Holdings Inc.'s own proxy. As printed: 4,309,280. View filing ↗
  • Safety Insurance Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Safety Insurance Group, Inc.'s own proxy. As printed: 4,187,838. View filing ↗
  • Global Indemnity Group, LLC, Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Global Indemnity Group, LLC's own proxy. As printed: 4,001,790. View filing ↗
  • United Fire Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in United Fire Group, Inc.'s own proxy. As printed: 3,896,774. View filing ↗
  • Employers Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-16. CEO total compensation as printed in Employers Holdings, Inc.'s own proxy. As printed: 3,261,998. View filing ↗
  • James River Group Holdings, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-09-16. CEO total compensation as printed in James River Group Holdings, Inc.'s own proxy. As printed: 2,930,288. View filing ↗
  • Section 10a, Hamilton Insurance Group, Ltd. reciprocity. DEF 14A. Hamilton Insurance Group, Ltd. names James River Group Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, RLI Corp. reciprocity. DEF 14A. RLI Corp. names James River Group Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Skyward Specialty Insurance Group, Inc. reciprocity. DEF 14A. Skyward Specialty Insurance Group, Inc. names James River Group Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
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