Berkley Insurance Company to invest $6.1 million, create 72 new jobs in Henrico
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A major insurance company is expanding its presence in Henrico County and adding 72 new jobs.
Berkley Insurance Company, a subsidiary of W. R. Berkley Corporation, will invest $6.1 million to expand at its current location in Innsbrook by assuming an additional 8,920 square feet of office space to accommodate growth in its Berkley Aspire, Berkley Mid-Atlantic Insurance Group, and Verus Specialty Insurance businesses. Virginia successfully competed with Arizona and Ohio for the project, which will create 72 new jobs that include underwriters, financial analysts, accountants, and C-suite positions. “Berkley Insurance Company’s decision to expand in Henrico County demonstrates the continued positive momentum of Virginia’s economy and the business process services industry,” said Virginia Gov. Glenn Youngkin. “Greater Richmond is renowned for providing the robust talent pipeline that leading businesses like Berkley Aspire, Berkley Mid-Atlantic, and Verus Specialty require, and we look forward to supporting their next chapter of growth.”
Berkley Mid Atlantic Insurance Group President Michelle D. Middleton praised Henrico’s employee pool as being a key factor in the company’s decision to expand here.
“As we reflect on the exceptional talent that Henrico has consistently provided for us, particularly in the realm of excess & surplus lines insurance, we are excited for the future,” she said. “With the projected expansion, particularly of Verus Specialty and Berkley Aspire, we envision continued growth, bolstered by the incredible talent pool and the invaluable relationships we have cultivated with insurance brokers in this region. Henrico as a hub for our business expansion is undeniable, and we embrace the opportunities that lie ahead.”
Berkley Insurance Company is a subsidiary of W. R. Berkley Corporation, a publicly traded Fortune 500 company based in Greenwich, Connecticut. Berkley Aspire, Berkley Mid-Atlantic Insurance Group, and Verus Specialty are three of the 60 insurance businesses that are part of W. R. Berkley Corporation, making it one of the largest commercial lines writers in the U.S. More than 177 employees are currently based in the company’s Innsbrook office.
“I am grateful for Berkley Insurance Company’s commitment to creating quality jobs in Henrico and wish them success as they grow their presence in the county,” said Three Chopt District Supervisor Tommy Branin.
“I’m thrilled to see Berkley Aspire, Berkley Mid-Atlantic, and Verus Specialty expand their business in Virginia’s First District,” U.S. Rep. Rob Wittman (R-1st District) said. “This investment will create more well-paying jobs for Virginians, highlighting the significant opportunities for employment and business development in Henrico County.”
In addition to Berkley Mid-Atlantic Insurance Group’s home in Innsbrook, the company has two other office locations in Pittsburgh, Pennsylvania and Columbus, Ohio. The business provides competitive insurance solutions for the small and middle markets with an emphasis in six major industry segments: construction, retail, service, wholesale, real estate, and manufacturing. Berkley Aspire provides business services for independent agents and their small-to mid-market excess and surplus lines clients. Verus Specialty targets small to midsize commercial risks in the excess and surplus specialty insurance marketplace and is focused on meeting the insurance needs of its business partners’ clients.
Current products include primary and excess liability, professional liability, and garage liability.
“The news of Berkley Insurance Company's financial and human capital investment in Henrico is welcomed news,” said Senator Siobhan S. Dunnavant. “The company is a fantastic contributor to Henrico's robust economy, and their expansion is a testimony to the value of fostering an effective workforce pipeline. I look forward to seeing the continued economic opportunities they bring to Henrico and Virginia.”
The Virginia Economic Development Partnership worked with the Henrico Economic Development Authority on the project. Youngkin approved $217,500 from the Commonwealth’s Opportunity Fund to assist Henrico County with it. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.
“After competing with other states for this project, I am glad to see Berkley Insurance Company recognize what so many already do about Henrico County—it is a great place to work, start a business, and raise a family,” said Henrico Delegate Schuyler VanValkenburg. “I want to thank them for their continued investment and faith in our community.”
