James River Group Holdings Announces Closing of Secondary Offering
November 13 2017 - 4:15PM
James River Group Holdings, Ltd. (NASDAQ:JRVR) (“James River” or
the “Company”) announced today the closing of the previously
announced underwritten secondary public offering of the Company’s
common shares by certain of the Company’s shareholders (the
“Selling Shareholders”). The Selling Shareholders sold an
aggregate of 3,000,000 common shares for total net proceeds of
$114,300,000. The Selling Shareholders received all of the
net proceeds from this offering. The underwriter has a 30-day
option to purchase up to an additional 450,000 common shares from
certain of the Selling Shareholders. The Company did not sell any
common shares in this transaction.
Morgan Stanley acted as the sole underwriter in
the offering.
The Company has filed two registration
statements, each including a prospectus, with the U.S. Securities
and Exchange Commission (the “SEC”) for the offering to which this
communication relates, which registration statements are effective.
A copy of the final prospectus supplement relating to the offering
was filed with the SEC on November 13, 2017. The offering was made
only by means of a prospectus supplement and the accompanying
prospectuses. You may obtain these documents for free by visiting
EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of
the prospectuses and accompanying prospectus supplement may be
obtained from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd
Floor, New York, New York 10014, Attention: Prospectus
Department.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any
state or jurisdiction.
Forward-Looking Statements
This press release contains forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. In some cases, such forward-looking
statements may be identified by terms such as believe, expect,
seek, may, will, intend, project, anticipate, plan, estimate or
similar words. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. These forward-looking
statements speak only as of the date of this release and the
Company does not undertake any obligation to update or revise any
forward-looking information to reflect changes in assumptions, the
occurrence of unanticipated events, or otherwise.
About the Company
James River Group Holdings, Ltd. is a
Bermuda-based insurance holding company which owns and operates a
group of specialty insurance and reinsurance companies. The Company
operates in three specialty property-casualty insurance and
reinsurance segments: Excess and Surplus Lines, Specialty Admitted
Insurance and Casualty Reinsurance. The Company is
headquartered in Pembroke, Bermuda.
Contact:
James River Group Holdings, Ltd.
Kevin Copeland
441-278-4573
InvestorRelations@jrgh.net
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