New York, NY – Amynta Group recently 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.
Source: Amynta Group