Richmond National raises $55 million

Specialty P&C insurer Richmond National announced the 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.

“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.” – Joe Kavanagh, Richmond National’s President and Chief Executive Officer.

“We are enthusiastic about what lies ahead for Richmond National. Over the last three years, the company has built a firm foundation and is poised to continue its momentum in the marketplace.” – Wellford Tabor, Richmond National’s Board Chair and Head of Direct Investments at HF Capital.

“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.” – Trey Sheridan, Director of Richmond National and Managing Partner of Bonhill Capital.