December 22, 2014

Bermuda-based casualty insurer is backed by D.E. Shaw & Co. and Goldman Sachs.

On December 17, James River Group Holdings, Ltd. completed its initial public offering of 11 million common shares at $21 per share. The shares began trading on December 12,  on the Nasdaq Global Select Market. Willkie represented the underwriting syndicate, led by joint book-running managers Keefe, Bruyette & Woods, Inc., UBS Securities LLC, FBR Capital Markets & Co. and BMO Capital Markets Corp.

James River Group Holdings, Ltd., headquartered in Bermuda, is a specialty insurer backed by D.E. Shaw & Co. and Goldman Sachs. James River provides insurance and reinsurance for small- and medium-sized businesses in the specialty insurance markets, generating a majority of its revenue from excess and surplus lines, or coverage that is not licensed by a state.  The offering was composed entirely of secondary shares sold by the selling shareholders.

The deal was led by partners John Schwolsky and Michael Groll,  and included associates Matt Stern, Vanida Narrainen and Yev Markov.  Martin Miller provided assistance on FINRA matters; Arthur Lynch advised on tax matters.