The D.E. Shaw investment group in New York said it has completed its acquisition of the Richmond, Va.-based insurer James River Group Inc. for $573 million.

James River said it will merge operations with Franklin Holdings (Bermuda), Ltd., a Bermuda-based holding company whose investors include D.E. Shaw group; The Goldman Sachs Group Inc.; Sunlight Capital, a private equity-oriented affiliate of Elliott Associates, L.P.; and Lehman Brothers.

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