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.
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 the business and aided with rating agency discussions and executive recruitment.
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.
Investments highlighted or discussed in this selection have been selected to illustrate SPC’s investment approach and/or market outlook and are not intended to be an indicator of past or future performance. Each investment discussed in this selection has been selected solely for this purpose and has not been selected on the basis of performance or any performance-related criteria. The investments discussed herein do not represent an entire portfolio and in the aggregate may only represent a small percentage of holdings. Nothing in this presentation shall constitute a recommendation or endorsement to buy or sell any security or other financial instrument referenced herein.