RICHMOND, Va., May 20, 2024 (GLOBE NEWSWIRE) — Richmond National Group, Inc. and its affiliates (“Richmond National”) announced the successful closing of an oversubscribed equity capital raise. Richmond National, a specialty excess and surplus lines insurance company focused on small and mid-sized business, raised $55 million of 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 common equity capital raised since its formation in 2021 to more than $155 million.
Joe Kavanagh, Richmond National’s President and Chief Executive Officer, stated, “There is a tremendous opportunity in front of us and this additional capital will support the continued growth of our company. Our talented employees, backed by the ongoing support of our shareholders, are building an extremely high quality, wholesale brokerage-focused E&S carrier. We are proud of the company and culture we are building together at Richmond National.”
“We are enthusiastic about what lies ahead for Richmond National,” said Wellford Tabor, Richmond National’s Board Chair and Head of Direct Investments at HF Capital. “Over the last three years, the company has built a firm foundation and is poised to continue its momentum in the marketplace.”
Trey Sheridan, Director of Richmond National and Managing Partner of Bonhill Capital, stated, “We are proud of the success the Richmond National team has achieved since forming the company just a few years ago and are excited to support the company’s continued growth.”
About Richmond National Group, Inc.
Richmond National Group, Inc. is the holding company for Richmond National Insurance Company, a specialty excess and surplus lines insurance company serving select wholesale brokers across the country. Richmond National Insurance Company is rated A- (Excellent) by A.M. Best Company. For more information, visit www.richmondnational.com.
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This press release shall not constitute an offer to sell or a solicitation of an offer to buy the foregoing securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
