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James River Group plans IPO

Bermuda-based re/insurer James River Group Holdings has filed for an initial public offering (IPO) of shares to the public, seeking to raise up to $288 million.

The company, which provides casualty reinsurance and excess and surplus lines insurance in the US, filed last Friday with the US Securities and Exchange Commission to raise up to $288 million in an initial public offering, according to the Renaissance Capital website.

James River Group originally raised $80 million in an August 2005 IPO, when it listed on the Nasdaq under the symbol JRVR. In December 2007, the company was taken private by a private investor group led by DE Shaw and Goldman Sachs (GS).

The company booked $392 million in total revenue for the 12 months ended June 30, 2014.

It plans to list on the Nasdaq under the symbol JRVR. Keefe Bruyette Woods, UBS Investment Bank, FBR Capital Markets and BMO Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.

The home office for James River Insurance Company (JRIC) is located in Richmond, Virginia. The holding company for JRIC, James River Group, Inc is located in Raleigh, North Carolina, while the group’s ultimate parent is James River Group Holdings, Ltd, based in Hamilton. The company was formerly named Franklin Holdings (Bermuda), Ltd.