UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
JAMES RIVER GROUP, INC.
(Name of Issuer)
Common Shares, par value $0.01 per share
(Title of Class of Securities)
470359100
(CUSIP Number)
December 31, 2005
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[X] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosure provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of the section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP NO. 470359100
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1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Trident II, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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5. SOLE VOTING POWER
None
Number of -----------------------------------------------------------------
Shares 6. SHARED VOTING POWER
Beneficially 2,839,897
Owned by -----------------------------------------------------------------
Each 7. SOLE DISPOSITIVE POWER
Reporting None
Person -----------------------------------------------------------------
With 8. SHARED DISPOSITIVE POWER
2,839,897
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,839,897
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10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [X]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
18.8%
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12. TYPE OF REPORTING PERSON
PN
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CUSIP NO. 470359100
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Trident Capital II, L.P.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
None
Number of -----------------------------------------------------------------
Shares 6. SHARED VOTING POWER
Beneficially 2,839,897
Owned by -----------------------------------------------------------------
Each 7. SOLE DISPOSITIVE POWER
Reporting None
Person -----------------------------------------------------------------
With 8. SHARED DISPOSITIVE POWER
2,839,897
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,839,897
--------------------------------------------------------------------------------
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [X]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
18.8%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
CUSIP NO. 470359100
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Marsh & McLennan Capital Professionals Fund, L.P.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
None
Number of -----------------------------------------------------------------
Shares 6. SHARED VOTING POWER
Beneficially 33,754(a)
Owned by -----------------------------------------------------------------
Each 7. SOLE DISPOSITIVE POWER
Reporting None
Person -----------------------------------------------------------------
With 8. SHARED DISPOSITIVE POWER
33,754
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
33,754
--------------------------------------------------------------------------------
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [X]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.2%(a)
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
CUSIP NO. 470359100
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Marsh & McLennan Employees' Securities Company, L.P.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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5. SOLE VOTING POWER
None
Number of -----------------------------------------------------------------
Shares 6. SHARED VOTING POWER
Beneficially 75,379
Owned by -----------------------------------------------------------------
Each 7. SOLE DISPOSITIVE POWER
Reporting None
Person -----------------------------------------------------------------
With 8. SHARED DISPOSITIVE POWER
75,379
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
75,379
--------------------------------------------------------------------------------
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [X]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.5%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
CUSIP NO. 470359100
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Stone Point Capital LLC
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5. SOLE VOTING POWER
None
Number of -----------------------------------------------------------------
Shares 6. SHARED VOTING POWER
Beneficially 2,873,651
Owned by -----------------------------------------------------------------
Each 7. SOLE DISPOSITIVE POWER
Reporting None
Person -----------------------------------------------------------------
With 8. SHARED DISPOSITIVE POWER
None
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,873,651
--------------------------------------------------------------------------------
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [X]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
19.1%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
CUSIP NO. 470359100
ITEM 1(a) NAME OF ISSUER:
James River Group, Inc. (the "Company")
ITEM 1(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
1414 Raleigh Road
Suite 415
Chapel Hill, NC 27517
ITEM 2(a) NAMES OF PERSON FILING:
Trident II, L.P.
Trident Capital II, L.P.
Marsh & McLennan Capital Professionals Fund, L.P.
Marsh & McLennan Employees' Securities Company, L.P.
Stone Point Capital LLC
ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
For:
Trident II, L.P.
Trident Capital II, L.P.
Marsh & McLennan Capital Professionals Fund, L.P.
Marsh & McLennan Employees' Securities Company, L.P.
c/o Maples & Calder, Ugland House, Box 309
South Church Street, Georgetown
Grand Cayman, Cayman Islands
For:
Stone Point Capital LLC
20 Horseneck Lane
Greenwich, CT 06830
ITEM 2(c) CITIZENSHIP:
Trident II, L.P. - Cayman Islands
Trident Capital II, L.P. - Cayman Islands
Marsh & McLennan Capital Professionals Fund, L.P. - Cayman Islands
Marsh & McLennan Employees' Securities Company, L.P. - Cayman Islands
Stone Point Capital LLC - United States
ITEM 2(d) TITLE OF CLASS OF SECURITIES:
Common Shares, par value $0.01 per share
ITEM 2(e) CUSIP NUMBER:
470359100
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR 13d-2(b) OR
(c), CHECK WHETHER THE PERSON FILING IS A:
Not applicable.
ITEM 4. OWNERSHIP
Trident II, L.P. ("Trident II") is the direct beneficial owner of 2,839,897
common shares of the Company ("common shares").
The sole general partner of Trident II is Trident Capital II, L.P.
("Trident GP"). As the general partner, Trident GP holds voting and investment
power with respect to the securities of the Company that are, or may be deemed
to be, beneficially owned by Trident II. The manager of Trident II is Stone
Point Capital LLC ("Stone Point"), and the members of Stone Point are Charles A.
Davis, Meryl D. Hartzband, James D. Carey, Nicolas D. Zerbib and David J.
Wermuth. In its role as manager, Stone Point has delegated authority to exercise
voting rights of common shares on behalf of Trident II but does not have any
power with respect to disposition of common shares held by Trident II. For any
portfolio investment where Trident II controls 10% or more of the voting power
of such portfolio company, Stone Point does not have discretion to exercise
voting rights on behalf of Trident II without first receiving direction from the
Investment Committee of Trident GP or a majority of the general partners of
Trident GP.
The general partners of Trident GP are four single member limited liability
companies that are owned by individuals who are members of Stone Point(Messrs.
Davis, Carey and Wermuth and Ms. Hartzband).
Each of the single member limited liability companies that is a general
partner of Trident GP has disclaimed beneficial ownership of the common shares
and warrants that are, or may be deemed to be, beneficially owned by Trident II,
except to the extent of their individual pecuniary interest therein. Stone Point
also has disclaimed beneficial ownership of the common shares and warrants that
are, or may be deemed to be, beneficially owned by Trident II. This report shall
not be construed as an admission that the Reporting Persons are the beneficial
owners of such securities for any purpose.
Marsh & McLennan Capital Professionals Fund, L.P. ("Trident PF") and Marsh
& McLennan Employees' Securities Company, L.P. ("Trident ESC") have agreed with
Trident II that (i) Trident ESC will divest its holdings in the Company only in
parallel with Trident II, (ii) Trident PF will not dispose of its holdings in
the Company before Trident II disposes of its interest, and (iii) to the extent
that Trident PF elects to divest of its interest in the Company at the same time
as Trident II, Trident PF will divest its holdings in the Company in parallel
with Trident II. As a result of this agreement, Trident II may be deemed to
beneficially own 109,133 common shares directly held by Trident PF and Trident
ESC, and Trident PF and Trident ESC may be deemed to beneficially own
2,839,897 common shares directly held by Trident II. Trident II disclaims
beneficial ownership of the common shares that are, or may be deemed to be,
beneficially owned by Trident PF and Trident ESC, and Trident PF and Trident ESC
each disclaims beneficial ownership of the common shares that are, or may be
deemed to be, beneficially owned by Trident II. Trident PF and Trident ESC are
not affiliated and each disclaims beneficial ownership of the common shares and
warrants that are, or may be deemed to be, benefically owned by the other.
The sole general partner of Trident PF is a company controlled by
individuals who are members of Stone Point. The sole general partner of Trident
ESC is a company that is a wholly-owned subsidiary of Marsh & McLennan
Companies, Inc. Stone Point has been granted a limited power of attorney by the
sole general partner of Trident ESC which, among other things, gives Stone Point
authority to execute this filing on behalf of Trident ESC. A copy of this power
of attorney is attached as Exhibit A hereto.
Trident II, Trident PF and Trident ESC are parties to a registration rights
agreement which grants such parties certain registration rights. The
registration rights agreement is filed as Exhibit 4.6 to the Company's S-1
Registration Statement (Registration No. 333-124605).
The information in items 5 through 9 and item 11 on the cover pages to this
Schedule 13G is hereby incorporated by reference.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
Not Applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON
Not Applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
See Exhibit B.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not Applicable.
ITEM 10. CERTIFICATION.
Not applicable.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Statement is true, complete and
correct.
Date: February 10, 2006
TRIDENT II, L.P.
By: Trident Capital II, L.P., its sole
general partner
By: CD Trident II, LLC, a general
partner
By: /s/ David J. Wermuth
------------------------------------
Name: David J. Wermuth
Title: Vice President
TRIDENT CAPITAL II, L.P.
By: CD Trident II, LLC, a general
partner
By: /s/ David J. Wermuth
------------------------------------
Name: David J. Wermuth
Title: Vice President
STONE POINT CAPITAL LLC
By: /s/ David J. Wermuth
------------------------------------
Name: David J. Wermuth
Title: Principal
MARSH & MCLENNAN CAPITAL PROFESSIONALS
FUND, L.P.
By: Stone Point GP Ltd., its sole
general partner
By: /s/ David J. Wermuth
------------------------------------
Name: David J. Wermuth
Title: Secretary
MARSH & MCLENNAN EMPLOYEES' SECURITIES
COMPANY, L.P.
By: Marsh & McLennan GP I, Inc., its
sole general partner
By: Stone Point Capital LLC,
agent/attorney-in-fact
By: /s/ David J. Wermuth
------------------------------------
Name: David J. Wermuth
Title: Principal