James River Group (JRVR) IPO Opens Modestly HIgher

Today's IPO for James River Group (NASDAQ: JRVR) opened for trading at $21.32 after pricing 11,000,000 common shares at $21.00 per share, below the expected $22.00-$24.00 range.

The underwriters have a 30-day option to purchase up to an additional 1,650,000 common shares from the selling shareholders.

The book-running managers for the offering are Keefe, Bruyette & Woods, Inc., UBS Securities LLC, FBR Capital Markets & Co. and BMO Capital Markets Corp. KeyBanc Capital Markets Inc., SunTrust Robinson Humphrey, Inc. and Scotia Capital (USA) Inc. are acting as co-managers for the offering.

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company whose subsidiaries specialize in underwriting specialty insurance and reinsurance.

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