Richmond National Group, a start-up specialty property and casualty insurance holding company, will invest at least $175,000 to establish its headquarters in Henrico County.
It is expected to create approximately 70 new jobs over the next three years. Virginia successfully competed with Pennsylvania, Maryland, and Washington D.C. for the project.
“The Commonwealth is always looking to create an environment that supports startups and businesses of all sizes,” Gov. Ralph Northam said. “Greater Richmond’s world-class higher education institutions, talent pipeline, and quality of life have made the region a hotspot for economic activity. We welcome Richmond National Group to Virginia and look forward to supporting the firm’s future success.”
Richmond National Group and its affiliates were established to provide insurance to small businesses that have difficulty obtaining insurance in the standard market. The company will focus exclusively on the growing excess or surplus market and target a diverse mix of hard-to-place insurance. The affiliates of Richmond National Group will distribute their services through wholesale insurance brokers located across the United States.
“This project is a great success story of local industry experts committed to small business success in the region and the Commonwealth who identified a need and started an innovative company to address it,” said Secretary of Commerce and Trade Brian Ball. “We are excited to partner with Richmond National Group and thank the company for its investment in the region.”
“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.
The Virginia Economic Development Partnership worked with the Henrico Economic Development Authority and the Greater Richmond Partnership to secure the project for Virginia. Richmond National Group’s job creation will be supported through the Virginia Jobs Investment Program. This program provides consultative services and funding that will support employee recruitment, develop training activities, and help absorb the human resource costs for new and expanding companies.
“The Three Chopt District and the county of Henrico are excited to welcome Richmond National Group to our family of insurance companies,” said Three Chopt District Henrico County Board of Supervisors member Tommy Branin.“With the addition of new jobs and the track record of success of national and international insurance companies in Henrico, I am sure Richmond National Group will achieve instant success. I am excited to welcome the company’s employees and families to one of the best places in both the state and nation to live, work, and play. Congratulations and welcome to Richmond National Group.”
“Greater Richmond, including Henrico County, is a top location for specialty insurance companies,” said Greater Richmond Partnership President and Chief Executive Officer Jennifer Wakefield. “With more than 50,000 experienced workers in the Finance, Insurance and Real Estate sector and a nationally recognized program at Virginia Commonwealth University, it’s no wonder why companies continue to invest here. We are proud to welcome Richmond National Group to this list.”
“I’m thrilled to welcome Richmond National Group to Henrico County,” said Del. Rodney Willett. “As an entrepreneur and small business owner, I know firsthand the challenges that small businesses face in obtaining insurance in the standard market. This investment will bring new jobs to our community and support our small business job creators.”
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