James River Group Holdings, which provides casualty reinsurance and excess and surplus lines insurance in the US, announced terms for its IPO on Tuesday. The Hamilton, Bermuda-based company plans to raise $253 million by offering 11 million shares (100% insider) at a price range of $22 to $24. At the midpoint of the proposed range, James River Group would command a fully diluted market value of $680 million.
James River Group, which was founded in 2002 and booked $410 million in total revenue for the 12 months ended September 30, 2014, plans to list on the NASDAQ under the symbol JRVR. Keefe Bruyette Woods, UBS Investment Bank, FBR Capital Markets and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of December 8, 2014.
