Richmond National

Richmond National operates as a specialty property and casualty (P&C) insurance company, established in 2021 with its headquarters in Glen Allen, Virginia. The firm concentrates on the excess and surplus (E&S) lines market, which enables its underwriters to craft highly tailored insurance policies for small and mid-size businesses that cannot obtain coverage through the standard insurance market. The company's business model is centered on distributing its products exclusively through a select group of appointed wholesale brokers who possess deep familiarity with its offerings and underwriting preferences. This wholesale-only approach positions Richmond National as a stable and responsive source of E&S capacity for its broker partners.

The company was founded by a team of seasoned professionals from the insurance industry, led by President and CEO Joe Kavanagh. Kavanagh possesses over twenty-five years of experience in corporate finance and investment banking within the insurance sector, having been instrumental in the formation and capitalization of several specialty insurance carriers. His background includes roles at Compass Point Research & Trading, FBR & Co., and Marsh & McLennan Companies. The leadership team includes other experienced individuals like Chief Underwriting Officer Ashlee Randall, who previously built the Energy division from scratch at Kinsale Insurance Company, and Chief Information Officer Alex Albro, another Kinsale and James River Insurance Company veteran. This collective experience from successful E&S carriers informs the company's strategy, which integrates proven industry practices with modern, cloud-based technology to enhance operational efficiency.

Since its inception, Richmond National has demonstrated significant growth, backed by substantial investor confidence. The company has successfully raised over $211 million in capital from investors such as HF Capital, Bonhill Capital, and WT Holdings. A recent capital raise of $55 million in early 2025 was aimed at supporting continued organic growth and increasing policy issuance capacity. This financial backing has fueled a rapid expansion in its workforce, growing from around 75 employees to approximately 160, and prompted a move to a larger headquarters to accommodate its expanding team. The company’s products include professional liability, casualty, and specialized property insurance, and it holds an A- (Excellent) rating from A.M. Best Company.

Keywords: specialty insurance, property & casualty, P&C insurance, excess and surplus lines, E&S market, wholesale insurance broker, small business insurance, mid-size business insurance, tailored insurance policies, professional liability insurance, casualty insurance, Richmond National, Joe Kavanagh, commercial property insurance, underwriting, insurance finance, Henrico County business, A.M. Best rating, specialty risk coverage, hard-to-place risks