Richmond National Group, Inc., a specialty excess and surplus lines insurance company, said it will invest $350,000 to expand its headquarters in Virginia’s Henrico County. The company said it will add 7,200 square feet of office space to its existing operation.
Virginia Governor Glenn Youngkin said his state successfully competed with Chicago and North Carolina for the project, which promises to create more than 100 new jobs.
“We chose to start our specialty insurance company in the Richmond, Virginia area primarily due to its deep talent pool of insurance and financial services professionals and its favorable business environment,” said Richmond National Group President and Chief Executive Officer Joseph C. Kavanagh. “So far, we have hired more than 75 highly talented employees and we are continuing to grow.”
Richmond National Group is the holding company for Richmond National Insurance Co. In March, Richmond National Group raised more than $30 million in common equity capital from existing shareholders, including HF Capital, Bonhill Capital, WT Holdings, and employees, to support continued growth in the business. This brings the total equity capital raised for the company since its formation in 2021 to more than $100 million.
Topics Virginia
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