James River Group subsidiaries sell workers’ comp business
Certain subsidiaries of Bermudian-based James River Group Holdings Ltd have agreed to sell the renewal rights to their Individual Risk Workers’ Compensation business to New York-headquartered Amynta Group.
The company said the transaction included 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, James River said. It will operate under Amynta Work Comp Solutions.
Frank D’Orazio, the company’s chief executive officer, said: “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.”
James River said it would not sell any insurance company entities as part of the transaction, which was subject to customary closing conditions and expected to close at the end of the month.