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News | 4 min read
Virginia-founded insurance firm to expand headquarters in Henrico County
May 3, 2023
Richmond National Group will invest $350,000 to increase capacity, creating more than 100 new jobs
RICHMOND, VA – Gov. Glenn Youngkin today announced that Richmond National Group, Inc., a specialty excess and surplus lines insurance company serving select wholesale brokers across the country, will invest $350,000 to expand its headquarters in Henrico County. The company will add 7,200 square feet of office space to its existing operation at 3951 Westerre Parkway. Virginia successfully competed with Chicago and North Carolina for the project, which will create more than 100 new jobs.
“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 Gov. 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.”
“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,” said 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.”
“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.”
“Henrico County and the Three Chopt District are excited and grateful that Richmond National Group is continuing to invest in Henrico,” said Thomas M. Branin, Henrico Board of Supervisors member. When Richmond National Group decided to locate their headquarters in Henrico in 2021, we knew they would have success and prosper in our county. After just two years in Henrico, we are thrilled that they will bring over 100 new jobs to our great county. Thank you, Richmond National Group, for choosing Henrico as your corporate home.”
“I’m elated about Richmond National Group’s headquarters expansion in Henrico County,” said U.S. Rep. Rob Wittman. “This expansion is significant for the First District and the rest of the Commonwealth as it creates over 100 new jobs for Virginians and strengthens our economy and workforce. I appreciate Gov. Youngkin, the Virginia Economic Development Partnership, and the Henrico Economic Development Authority’s work in securing this project, and I congratulate Richmond National Group and Henrico County on this exciting and important expansion.”
“Richmond National Group’s investment in Henrico is a welcomed addition to our local economy and a testimony to the value of an effective workforce pipeline. I look forward to seeing the economic opportunities they bring to Henrico and Virginia,” said Va. Sen. Siobhan Dunnavant.
“Henrico County is a great place to do business,” said Del. Rodney Willett. “Richmond National Group’s expansion here shows their confidence in the county’s commitment to supporting companies that locate here.”
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 (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.
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