James River sells renewal rights to workers’ comp segment

Bermuda-based James River Group has sold the renewal rights to its individual risk workers’ compensation business to US insurance group Amynta Group.

The business produced $53 million worth of gross written premiums in 2022. Terms of the sale were not disclosed.

The companies said 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 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 US.

Terry McCafferty, James River Specialty Admitted Insurance Segment president and CEO, said: "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.