The Virginia Company, finding the colony unprofitable, briefly handed its administration to the Crown in 1614. The following year, 1615, King James I granted a charter to a new company, the Somers Isles Company, formed by the same shareholders, which ran the colony until it was dissolved in 1684 (The Virginia Company itself was dissolved after its charter was revoked in 1624). Representative government was introduced to Bermuda in 1620, when its House of Assembly held its first session, and it became a self-governing colony.