The enterprise will transfer ahead underneath a brand new model
James River Group has introduced that its subsidiaries have reached an settlement to promote the renewal rights of their particular person threat employees’ compensation (IRWC) enterprise to Amynta Group.
The transaction encompasses the whole thing of the enterprise operations, together with underwriting, loss management, claims, and the switch of the staff supporting the enterprise. In 2022, the IRWC enterprise generated gross written premiums of $53 million. Following the switch, it’ll function underneath the title Amynta Work Comp Options.
The transaction won’t contain the sale of any insurance coverage firm entities by James River, the corporate stated. Additionally it is contingent on customary closing situations and is anticipated to conclude by the top of Q3 2023.
“We’re assured that Amynta’s scale and experience in employees’ compensation will present the IRWC group with a powerful platform for future progress,” stated James River Group CEO Frank D’Orazio. “This transaction is aligned with our technique to focus our assets on core companies the place now we have significant scale. We’re excited to ascertain a relationship with Amynta and stay up for partnering with them on future enterprise alternatives.”
Likewise, Bob Schultz, head of insurance coverage packages at Amynta, stated that this can convey a well-established group and enterprise profile to retail brokers and wholesalers out there.
“This acquisition is effectively aligned with our employees’ comp portfolio, increasing our enterprise throughout focused industries and establishing a powerful presence within the Southeast,” Schultz stated. “We’re excited to welcome the group to Amynta and to help the enterprise with further funding and capability, enabling the group to proceed offering excellent service to its distribution companions and insured shoppers.”
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