Chapel Hill, N.C.-based James River Group Inc. announced that Franklin Holdings (Bermuda), Ltd., a Bermuda holding company and member of the D. E. Shaw group, has received approval for its acquisition of the company from the State of Ohio Department of Insurance and the North Carolina Department of Insurance. The parties expect to close the transaction on or about Dec 11, 2.007.
James River Group, Inc. is an insurance holding company that primarily owns and manages specialty property/casualty insurance companies. Each of the company’s two insurance company subsidiaries is rated “A-” (Excellent) by A.M. Best Co. Founded in September 2002, the company wrote its first policy in July 2003 and currently underwrites in two specialty areas: excess and surplus lines in 48 states, the United States, Virgin Islands and the District of Columbia; and workers’ compensation, primarily for the residential construction industry in North Carolina and, in 2007, Virginia.
Source: James River Group Inc.
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