Henrico insurer to create 100 jobs in HQ expansion
Richmond National Group Inc. to invest $350,000
Specialty insurer Richmond National Group Inc. will invest $350,000 to expand its Henrico County headquarters, a move expected to create more than 100 jobs, Gov. Glenn Youngkin announced Tuesday.
The company, founded in 2021 as a holding company for Richmond National Insurance Co., will add 7,200 square feet of office space to its roughly 10,000-square-foot headquarters at 3951 Westerre Parkway. The new jobs will be full-time.
“We are committed to fostering a business environment that supports startups of all sizes in the commonwealth, and Richmond National Group’s growth since its founding two years ago is a strong Virginia success story,” Youngkin said in a statement. “Greater Richmond provides the talent pipeline and quality of life that makes the region a hotspot for economic development, and we are excited about the company’s future.”
Richmond National Insurance Co. is a specialty excess and surplus lines insurance company that serves select wholesale brokers across the U.S. The company specializes in underwriting property, casualty and professional liability risks for small businesses. In March, Richmond National Group raised more than $30 million from employees and existing shareholders, including HF Capital, Bonhill Capital, and WT Holdings Inc., bringing its total equity capital raised since 2021 to more than $100 million.
“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,” Richmond National Group President and CEO Joseph C. Kavanagh said in a statement. “So far, we have hired more than 75 highly talented employees and we are continuing to grow.”
Virginia Economic Development Partnership worked with the Henrico Economic Development Authority to secure the project, for which Virginia competed with Chicago and North Carolina. VEDP will support the insurer through the three-year Virginia Jobs Investment Program (VJIP), which provides cash grant reimbursements for associated human resources costs after a company has had new employees on the payroll for at least 90 days.