James River Group Holdings Ltd., a Bermuda-based holding company that operates a group of specialty insurers and reinsurers, announced that it has agreed to sell the rights to its Individual Risk Workers’ Compensation business to the Amynta Group, a New York-based insurance company.

Under the terms of the deal, Amynta would obtain the full operations of the comp business, including underwriting, claims and loss control. The deal, financial terms of which were not disclosed, is expected to close at the end of the third quarter.

The business, which generated $53 million in gross written premiums in 2022, would operate under Amynta Work Comp Solutions.

James River CEO Frank D’Orazio said in a statement that the agreement is aligned with the company’s strategy to focus resources on “core businesses where we have meaningful scale.”

Bob Schultz, Amynta’s head of insurance programs, said in a statement that the acquisition would help to expand its workers’ comp business across targeted industries and establish a strong presence in the southeastern U.S.

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