The property/casualty insurer James River Group Inc. announced that it has agreed to be sold to the New York hedge fund manager D.E. Shaw Group for $575 million in cash.
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James River, of Richmond, Va., runs James River Insurance Co., a business insurer in Richmond, and Stonewood Insurance Co., a workers' compensation insurance provider in Raleigh.
The company's overall profits nearly tripled last year, to $34.7 million.
D.E. Shaw is the world's fourth-largest hedge fund manager, overseeing $30 billion. Its private-equity unit is to set up a holding company that will be in Bermuda.
The James River deal, which was announced Monday is expected to close in the second half of this year.
