James River Group Inc. said it is moving ahead with an agreement to be acquired by D.E. Shaw, a Bermuda-based private-equity firm, after receiving no other acquisition proposals.

The Chapel Hill, N.C.-based insurer said today that plans for the acquisition of the company are expected to be completed during the fourth quarter of this year. The company said it has not entered into a definitive agreement to be acquired.

Announced in June, the deal called for a period of open solicitation for other offers. The period closed Aug. 5 without any other bids. If there was a competing bid, D.E. Shaw would have received a termination fee of $7.2 million.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.