(Bloomberg) -- Citadel LLC reported a 5.2 percent stake in D.E. Shaw & Co.’s James River Group Holdings Ltd., the insurer that had an initial public offering last week.

Citadel, the hedge-fund firm led by Ken Griffin, owned 1.47 million shares of the specialty insurer as of Dec. 12, according to a regulatory filing today. The holding is valued at about $31 million based on yesterday’s closing price in New York.

James River adds to Chicago-based Citadel’s portfolio of stock in insurers with hedge-fund ties. The investment manager last year disclosed a stake in Daniel Loeb’s Third Point Reinsurance Ltd. after the company went public and is also an investor in David Einhorn’s Greenlight Capital Re Ltd., according to data compiled by Bloomberg.

“The property-and-casualty insurance space remains an attractive investable space,” Mark Dwelle, an analyst at RBC Capital Markets, said in an interview before the James River IPO. “Earnings are near their peak and have been quite strong for several years.”

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

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Commercial Lines
Commercial Lines
E&S/Specialty