Bermudian insurer seeks IPO

Bermuda-based insurer James River is targeting an initial public offering (IPO) on the Nasdaq stock exchange.

The insurer will offer 11 million shares at an estimated price range between $22.00 and $24.00 per share.

The underwriters have the option to purchase up to 1.7 million additional common shares from the selling shareholders at the initial public offering price.

The proceeds from this offering, before deducting underwriting discounts, will be approximately $253 million, or $291 million if the underwriters exercise the overallotment option.