With this latest round, the total common equity capital secured by the company since its inception in 2021 has surpassed $155m. Credit:  Markus Winkler/Unsplash.

Richmond National Group, a US-based specialty insurance company, has raked in $55m in a follow-on equity fundraise to support its growth plans. 

The oversubscribed funding round attracted investments from current shareholders such as HF Capital, Bonhill Capital, WT Holdings and Richmond National’s own employees.  

With this latest round, the total common equity capital secured by the company since its inception in 2021 has surpassed $155m. 

Richmond National, headquartered in Richmond, Virginia, specialises in underwriting a variety of property, casualty and professional liability products.  

These offerings cater to the needs of small and mid-sized businesses, with a focus on the excess & surplus (E&S) lines market.  

According to the insurer, this niche allows its underwriters the flexibility to craft customised policies that align with the specific insurance requirements and risk management goals of their clientele. 

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Richmond National’s product distribution is handled through appointed surplus lines brokers. The company holds authorisation to conduct business throughout the US. 

Richmond National president and CEO Joe Kavanagh said: “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.” 

Richmond National board chairman and HF Capital head of direct investments Wellford Tabor said: “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.” 

The latest funding round follows Richmond National’s $30m common equity capital raise in April 2023.