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James River Group, Inc. Announces Pricing of Its Initial Public Offering
CHAPEL HILL, N.C.--(BUSINESS WIRE)-- August 8, 2005 - James River Group, Inc., a North Carolina based holding company that owns and operates property/casualty insurance companies, announced today the pricing of its initial public offering of 4,444,000 shares of its common stock at a price of $18.00 per share. The Company's stock will begin trading on Nasdaq tomorrow under the symbol "JRVR". The Company expects to receive approximately $74.4 million in net proceeds from the offering. In addition, the underwriters have a 30-day option to purchase up to an additional 666,600 shares at the public offering price.
"Listing our stock on Nasdaq is an important strategic step for our company," commented James River's President and CEO, J. Adam Abram. "Because of the efforts of our employees and with the support of our Board of Directors and shareholders, we have grown at a rate that led us to raise additional capital. The capital we have raised in the public market will support our underwriting as we continue to build our company. We welcome all of our new shareholders and pledge to continue our efforts to underwrite profitably and manage expenses diligently."
Keefe, Bruyette & Woods, Inc. acted as the lead underwriter for the offering, which was co-managed by Bear, Stearns & Co., Inc., Friedman, Billings, Ramsey & Co., Inc. and Wachovia Capital Markets, LLC.
Copies of the final prospectus relating to James River's initial public offering may be obtained from Keefe, Bruyette & Woods, Inc. at 212-887-8908.
A registration statement on Form S-1 relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. The offering is being made solely by means of a prospectus. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About James River Group, Inc.
James River is an insurance holding company that owns and manages specialty property/casualty insurance companies with the objective of consistently earning underwriting profits. We were founded in September 2002 and wrote our first insurance policy in July 2003. We currently underwrite in two specialty areas:
-- Excess and surplus lines in 48 states and the District of Colombia; and
-- Workers' compensation primarily for the residential construction industry in North Carolina.
Contacts
James River Group, Inc.
Michael Oakes, 919-883-4171
Chief Financial Officer
or
James River Group, Inc.
J. Adam Abram, 919-883-4171
President and CEO
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