Bermuda-based James River Group Holdings Ltd. on Monday announced that some of its subsidiaries have entered into an agreement to sell the renewal rights to their Individual Risk Workers Compensation (IRWC) business to Amynta Group.
The transaction includes the full operations of the business, including underwriting, loss control and claims, as well as transfer of the employees supporting the business. The IRWC business will operate under Amynta Work Comp Solutions.
“We are confident that Amynta’s scale and expertise in workers compensation will provide the IRWC team with a strong platform for future growth,” said James River CEO Frank D’Orazio in a statement. “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.”
Bob Schultz, head of Insurance Programs at Amynta Group, commented, “This acquisition is well aligned with our workers comp portfolio, expanding our business across targeted industries and establishing a strong presence in the Southeast.”
James River said it will not sell any insurance company entities as part of the transaction, which is subject to customary closing conditions and is expected to close at the end of the third quarter of 2023.