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Area Development - Site Selection, Facility Planning and Workforce Development

Richmond National Group Expands Henrico County, Virginia, Headquarters

05/05/2023
Richmond National Group, Inc., a specialty excess and surplus lines insurance company serving select wholesale brokers, plans to expand its headquarters in Henrico County, Virginia. The $350,000 project is expected to create more than 100 jobs.

The company will add 7,200-square-feet of office space to its existing operation at 3951 Westerre Parkway.

“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.”

The Virginia Economic Development Partnership (VEDP) worked with the Henrico Economic Development Authority to secure the project and will support Richmond National’s job creation through the Virginia Jobs Investment Program (VJIP), which provides consultative services and funding to companies creating new jobs in order to support employee recruitment and training activities. As a business incentive supporting economic development, VJIP reduces the human resource costs of new and expanding companies. VJIP is state-funded, demonstrating Virginia’s commitment to enhancing job opportunities for citizens.

“We know that start-ups and small businesses are critical to Virginia’s future, and Richmond National Group’s success reinforces the importance of promoting innovation and entrepreneurship in the Commonwealth,” noted Secretary of Commerce and Trade Caren Merrick. “We are proud to support the company’s expansion in Henrico County and thank Richmond National Group for creating more than 100 new professional services jobs.”

Richmond National Group, Inc. is the holding company for Richmond National Insurance Company. 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, bringing the total equity capital raised for the company since its formation in 2021 to more than $100 million.

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