Amynta Group to acquire James River’s IRWC business renewal rights
Amynta Group, a prominent distributor of insurance products and services, has made a strategic move by announcing its agreement to acquire the renewal rights to the Individual Risk Workers’ Compensation (IRWC) business of select subsidiaries within James River Group Holdings, Ltd. This significant transaction encompasses the comprehensive operations of the IRWC business, encompassing underwriting, loss control, claims management, and the transfer of dedicated personnel. In 2022, the IRWC business recorded an impressive $53 million in gross written premiums.
Under the continued guidance of Paul Kearns, the IRWC business will seamlessly transition into Amynta Work Comp Solutions. With a storied history of providing workers’ compensation coverage to a diverse range of insureds, including building trades, specialty transportation, healthcare, agriculture, and light manufacturing sectors, the business has earned its reputation as a stalwart in the industry, particularly across the southeastern United States.
Bob Schultz, Head of Insurance Programs at Amynta Group, expressed enthusiasm for the acquisition, stating, “This acquisition perfectly aligns with our workers’ comp portfolio, extending our reach into targeted industries and establishing a robust presence in the Southeast. We eagerly welcome the IRWC team to Amynta, poised to provide additional investment and capacity to support their unwavering commitment to delivering exceptional service to distribution partners and insured clients.”
Terry McCafferty, President and CEO of James River Specialty Admitted Insurance Segment, expressed gratitude for the IRWC team’s dedication to insureds and producers, acknowledging their invaluable contributions to James River. He also expressed excitement about the team’s promising future within Amynta Work Comp Solutions.
The transaction is presently undergoing customary closing procedures and is anticipated to conclude by the end of the third quarter in 2023, marking a significant milestone in Amynta Group’s strategic expansion and commitment to the insurance market.