JRVR - James River Announces Agreement to Sell Individual Risk Workers' Compensation Renewal Rights to Amynta Group | Benzinga
PEMBROKE, Bermuda, Sept. 25, 2023 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. ("James River" or the "Company") (NASDAQ:JRVR) today announced that certain of its subsidiaries have entered into an agreement to sell the renewal rights to their Individual Risk Workers' Compensation ("IRWC") business to Amynta Group ("Amynta"). The transaction includes the full operations of the business, including underwriting, loss control and claims, and transfer of the employees supporting the business. The IRWC business produced $53 million of gross written premiums in 2022. It will operate under Amynta Work Comp Solutions.
Frank D'Orazio, the Company's Chief Executive Officer, commented, "We are confident that Amynta's scale and expertise in workers' compensation will provide the IRWC team with a strong platform for future growth. This transaction is aligned with our strategy to focus our resources on core businesses where we have meaningful scale. We are excited to establish a relationship with Amynta and look forward to partnering with them on future business opportunities."
Terry McCafferty, Specialty Admitted Insurance Segment President and CEO, commented, "I am grateful for Paul Kearns and the entire IRWC team for their years of dedicated service to insureds and producers, as well as their contributions to James River. I am excited for their future opportunities at Amynta Work Comp Solutions."
"The business brings a well-established team and business profile dedicated to retail agents and wholesalers, delivering strong solutions to the market. This acquisition is well aligned with our workers' comp portfolio, expanding our business across targeted industries and establishing a strong presence in the Southeast." said Bob Schultz, Head of Insurance Programs at Amynta Group. "We are excited to welcome the team to Amynta and to support the business with additional investment and capacity, enabling the team to continue providing outstanding service to its distribution partners and insured clients."
James River will not sell any insurance company entities as part of the transaction. The transaction is subject to customary closing conditions and is expected to close at the end of the third quarter of 2023.
Forward-Looking Statements
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