• Investment Year:2002
  • Status:Past
  • Stage:
  • HQ:Chapel Hill, NC

Sector(s)

James River

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James River is a specialty excess & surplus (E&S) lines and workers’ compensation insurer based in Chapel Hill, North Carolina that was formed in 2002.

The company focuses on writing small- to medium-sized commercial accounts in the following classes of E&S business: (i) general casualty; (ii) manufacturers and contractors; (iii) excess casualty; (iv) allied healthcare and social services; (v) professional liability; (vi) energy; (vii) environmental; and (viii) property. In addition, James River writes workers’ compensation insurance for the residential construction industry in North Carolina.

INDUSTRY KNOWLEDGE & NETWORK

Stone Point’s pre-existing relationship with Adam Abram enabled Stone Point to serve as his co-sponsor in the formation of James River.

M&A SOURCING

Stone Point helped James River explore several acquisition and merger opportunities.

BUSINESS & PRODUCT DEVELOPMENT

Stone Point’s co-sponsorship facilitated the Company’s A.M. Best rating.

EXECUTIVE RECRUITING & ALIGNMENT

Stone Point assisted the company with management and executive recruiting.

CAPITAL RAISING & STRUCTURING

Stone Point, in partnership with management, developed a specialized capitalization approach for the business, minimizing the upfront required equity.

OPERATIONAL ASSISTANCE & GOVERNANCE

James River was a start-up formed by Stone Point in partnership with management. Stone Point assisted with the build-out of business, and assisted with rating agency discussions and executive recruitment.

EXIT STRATEGY

Stone Point assisted with the IPO and sale to D.E. Shaw, including serving as Chairman of the Special Committee of the Board to evaluate the D.E. Shaw offer.

I’ve known the Stone Point team for over 20 years. When we were founding and building James River, my prior relationship with the principals led us to seek them out as investors. Stone Point’s principals bring an unusually detailed understanding of the mechanics of the businesses they invest in, have great antenna for anticipating market cycles, and appreciate the complex decisions that management teams have to make when building a franchise. This combination is particularly powerful, and makes them great partners for entrepreneurial management teams.
Adam Abram, CEO of James River