James River prices IPO below range

Bermuda-based insurer James River has raised $231 million, below the range it had provided previously in its initial public offering.

The insurer offered 11 million common shares at $21 per share, below its range of $22 to $24 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 book-running managers for the offering are Keefe, Bruyette & Woods, UBS Securities, FBR Capital Markets & Co. and BMO Capital Markets Corp.  KeyBanc Capital Markets, SunTrust Robinson Humphrey  and Scotia Capital (USA) Inc. are acting as co-managers for the offering.