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Surplus lines insurer James River raises $231 million in IPO

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Hamilton, Bermuda-based James River Group Holdings Ltd., the parent company of excess and surplus lines insurer James River Insurance Co., raised about $231 million in its initial public offering Friday.

Richmond, Virginia-based James River Insurance distributes its products nationwide primarily through a network of wholesale brokers.

Formed in 2002 as James River Group and capitalized by private equity, it opened James River Insurance Co. for business in 2003.

James River Group held an IPO in 2005 before being acquired by a private investor group in 2007 that established James River Group Holdings as a Bermuda-based holding company.

Friday's offering of 11 million common shares was priced at $21.00 per share.