Insurance firm to expand Henrico headquarters, add 103 new jobs

Richmond National Group, Inc., a specialty excess and surplus lines insurance company based in Henrico, will invest $350,000 to expand its headquarters. The company will add 7,200 square feet of office space to its existing operation at 3951 Westerre Parkway near Innsbrook. Virginia successfully competed with Chicago and North Carolina for the project, which will create 103 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, 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, 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.

The Virginia Economic Development Partnership worked with the Henrico Economic Development Authority to secure the project for Virginia and will support Richmond National’s job creation through the Virginia Jobs Investment Program, which provides consultative services and funding to companies creating new jobs in order to support employee recruitment and training activities. VJIP, which is state-funded, is designed to reduce the human resource costs of new and expanding companies.

“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,” said Governor Glenn Youngkin. “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.”

“Henrico County and the Three Chopt District are excited and grateful that Richmond National Group is continuing to invest in Henrico,” said Three Chopt District Supervisor Tommy Branin. “When Richmond National Group decided to locate their headquarters in Henrico in 2021, we knew they would have success and prosper in our county.”