James River Group has announced that its subsidiaries have reached an agreement to sell the renewal rights of their individual risk workers’ compensation (IRWC) business to Amynta Group.
The transaction encompasses the entirety of the business operations, including underwriting, loss control, claims, and the transfer of the employees supporting the business. In 2022, the IRWC business generated gross written premiums of $53 million. Following the transfer, it will operate under the name Amynta Work Comp Solutions.
The transaction will not involve the sale of any insurance company entities by James River, the company said. It is also contingent on customary closing conditions and is anticipated to conclude by the end of Q3 2023.
“We are confident that Amynta's scale and expertise in workers' compensation will provide the IRWC team with a strong platform for future growth,” said James River Group CEO Frank D’Orazio. “This transaction is aligned with our strategy to focus our resources on core businesses where we have meaningful scale. We are excited to establish a relationship with Amynta and look forward to partnering with them on future business opportunities.”
Likewise, Bob Schultz, head of insurance programs at Amynta, said that this will bring a well-established team and business profile to retail agents and wholesalers in 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,” Schultz said. “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.”
What are your thoughts on this story? Please feel free to share your comments below.