E&S carrier Richmond National raises $55 million in equity capital

By Isha Marathe

March 25 - (The Insurer) - Virginia-based Richmond National Group has closed an oversubscribed $55 million follow-on equity capital raise that brings the E&S carrier's total common equity capital raised since its formation to more than $210 million.

Participants in the raise included existing shareholders HF Capital, Bonhill Capital, WT Holdings and employees.

“We appreciate the continued confidence our shareholders have in our team and what we are building together,” said Joe Kavanagh, Richmond National's president and CEO.

“This growth capital will enable us to continue the momentum we have achieved so far. Our talented employees, backed by the ongoing support of our shareholders, are building a tremendous company and an outstanding culture.”

Richmond National, which focuses on small and mid-sized businesses, in May last year raised $55 million of common equity capital, also from HF Capital, Bonhill Capital, WT Holdings and employees. That followed a $30 million equity raise in April 2023.

The AM Best A-minus-rated wholesale insurer's operating subsidiary, Richmond National Insurance Company, writes E&S business through select wholesale brokers nationwide. Its initial focus at launch in 2021 was on writing low-limit property, inland marine, casualty, contractors, excess casualty and professional liability coverage.