Subject: TNM
Amynta Group Enters Into Agreement to Acquire Individual Risk Workers' Compensation Renewal Rights from James River
NEW YORK, Sept. 25, 2023 /PRNewswire/ -- Amynta Group, a leading distributor of insurance products and services, announced it has entered into an agreement with certain subsidiaries of James River Group Holdings, Ltd. to acquire the renewal rights to their Individual Risk Workers' Compensation ("IRWC") business. The transaction includes the full operations of the IRWC business, including underwriting, loss control and claims, and transfer of the employees supporting the business. The business produced $53 million of gross written premiums in 2022. The business will operate under Amynta Work Comp Solutions under the continued leadership of Paul Kearns.
The business has a long history of providing workers' compensation coverage to a diversified group of insureds across focused classes, including building trades, specialty transportation, healthcare, agricultural and light manufacturing. The business is regionally focused across the southeastern U.S.
"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."
Terry McCafferty, James River 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 transaction is subject to customary closing conditions and is expected to close at the end of the third quarter 2023.
About Amynta
Amynta Group is a premier insurance services company with more than $3.5 billion in total managed premium and 2,000 associates across North America, Europe, and Australia. An independent, customer-centered and underwriting-focused company, Amynta serves leading carriers, wholesalers, retail agencies, auto dealers, OEMs, and consumer retailers with innovative insurance and warranty protection solutions. For more information, please visit amyntagroup.com.
About James River Group Holdings, Ltd.
James River Group Holdings, Ltd. is a Bermuda-based insurance holding company which owns and operates a group of specialty insurance and reinsurance companies. The Company operates in three specialty property-casualty insurance and reinsurance segments: Excess and Surplus Lines, Specialty Admitted Insurance and Casualty Reinsurance. Each of the Company's regulated insurance subsidiaries are rated "A-" (Excellent) by A.M. Best Company. Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com.
Amynta Media Contact:
Brenna Tetley
Phone: +1.646.887.9498
Email: [email protected]
Amynta Mergers & Acquisitions Contact:
Chris Ezbiansky
Phone: 646.887.9495
Email: [email protected]
James River Investor Contact:
Brett Shirreffs
Phone: 919.980.0524
Email: [email protected]
SOURCE The Amynta Group
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