Insurance startup to create 70 jobs with Henrico HQ

Startup specialty property and casualty insurance holding company Richmond National Insurance Co. (RNIC) will create about 70 jobs over the next three years as it establishes its headquarters in Henrico County, Gov. Ralph Northam announced Friday.

“The commonwealth is always looking to create an environment that supports startups and businesses of all sizes,” Northam said in a statement. “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.”

Holding company Richmond National Group Inc. announced Friday the formation of RNIC. Richmond National is supported by more than $70 million in equity capital from a group of investors including Knoxville, Tennessee-based single-family investment office HF Capital, Charlotte, North Carolina-based investment firm Bonhill Capital, Memphis, Tennessee-based WT Holdings Inc. and the senior management team. The company will spend $175,000 to establish its headquarters.

RNIC provides insurance to small and mid-size businesses and will focus on the excess and surplus line market and target hard-to-place risks. Its affiliates will distribute services through wholesale insurance brokers across the U.S. RNIC underwrites risks in the general casualty, contractors casualty, excess casualty, commercial property, inland marine, professional liability and small business package businesses.

“We chose to start our specialty insurance company in the Richmond area primarily due to its deep talent pool of insurance and financial services professionals and its favorable business environment,” Richmond National Group President and CEO Joseph C. Kavanagh said in a statement.

The Virginia Economic Development Partnership (VEDP) worked with the Henrico Economic Development Authority and the Greater Richmond Partnership to secure the project, for which Virginia competed with Pennsylvania, Maryland and Washington, D.C. The VEDP’s Virginia Jobs Investment program will provide funding to support employee recruitment and training activities.