Richmond National Group, Inc. Launches New U.S. Excess and Surplus Lines Insurance Company
RICHMOND, Va., Oct. 15, 2021 (GLOBE NEWSWIRE) -- Richmond National Group, Inc. (“Richmond National”) today announced the formation of Richmond National Insurance Company (“RNIC”), a specialty excess and surplus lines insurance company. Richmond National is supported by over $70 million in equity capital from a group of investors including HF Capital, Bonhill Capital, WT Holdings and the senior management team. RNIC has received an A- (Excellent) financial strength rating and an “a-” issuer credit rating from A.M. Best Company. A.M. Best assigned a stable outlook to both ratings.
RNIC specializes in writing hard to place risks for small and mid-sized businesses. RNIC operates exclusively within the excess and surplus lines market, which provides its underwriters flexibility to develop highly tailored policies to best meet the insurance needs and risk management objectives of its customers.
RNIC works with a select group of appointed wholesale brokers who value access to carriers that are consistent, stable sources of wholesale-only E&S capacity and who can provide outstanding customer service.
RNIC underwrites risks in the following lines of business: General Casualty, Contractors Casualty, Excess Casualty, Commercial Property, Inland Marine, Professional Liability and Small Business Package. RNIC, as a licensed domestic surplus lines insurer, sells products that are generally available throughout the country.
Richmond National was founded by Joe Kavanagh who will lead the business as President and Chief Executive Officer. Mr. Kavanagh has over twenty-five years of corporate finance, merchant banking and financial advisory experience within the insurance industry. During his career, Mr. Kavanagh has worked with a number of entrepreneurial management teams to form and capitalize several successful specialty insurance companies.
Phil Stephens, Chief Underwriting Officer, leads a team of experienced underwriting professionals, including product line leaders Bob Linkous, General Casualty and Contractors Casualty; Nicole Waddill, Commercial Property and Inland Marine; Bryan Farrar, Excess Casualty; and Jeff Austin, Professional Liability.
In addition, RNIC’s senior management team includes Doug Carson, Chief Financial Officer; James Flajser, Chief Strategy Officer and Chief Risk Officer; Aimee Venn, Chief Claims Officer; Scott Savage, Chief Information Officer; Alex Albro, Chief Technology Officer; Jamie Bock, Chief Human Resource Officer; and David Vanalek, Chief Legal and Compliance Officer.
“It is a unique time for starting a new excess and surplus lines insurance company, and Richmond, given its deep pool of entrepreneurial insurance talent, was the natural place to locate our company,” said Kavanagh. “We are in an environment of constrained capacity in terms of capital and experienced underwriting talent in many lines and classes of business. We have targeted niches where we see an opportunity for profitable underwriting. We believe that our strong, clean balance sheet combined with modern, cloud-based, technology will provide an excellent foundation on which to build a successful, customer-focused E&S carrier.” Mr. Kavanagh added, “We are also very pleased to have the opportunity to build our company in partnership with experienced, long-term investors HF Capital, Bonhill Capital and WT Holdings. Among their many strengths, our investors bring significant experience in the E&S industry and other areas of the insurance and financial services sectors.”
In addition to Mr. Kavanagh, Richmond National’s Board of Directors includes Wellford Tabor (Chairman), Trey Sheridan, Charles Slatery, Jim Zech and Bob Hitch.
“We are excited to partner with such a talented and experienced management team and investor group to form Richmond National. Our company will focus on providing excellent service to our broker partners and our policyholders in sectors that we know well. We believe this is the right strategy at the right time with the right team,” said Wellford Tabor, Head of Direct Investments for HF Capital.
“Joe and the other members of the Richmond National team are quite accomplished and we are thrilled to be involved in the formation of the Company,” said Trey Sheridan, Managing Partner of Bonhill Capital. “Richmond National also reunites us with other key investors who we have invested alongside in successful insurance businesses over the last twenty-five years. We are confident that Richmond National will be an outstanding specialty E&S company.”
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.
HF Capital is based in Knoxville, Tennessee, and invests capital on behalf of the Haslam family. This includes direct investments in operating companies as well as investment commitments to exceptional managers of liquid and illiquid investments across a spectrum of asset classes and geographies. James Haslam, Jr., the family’s patriarch, founded Pilot Corporation in 1958. Today, Pilot is owned by the Haslam family and Berkshire Hathaway.
About Bonhill Capital
Bonhill Capital is a Charlotte, North Carolina based investment firm focused on unique private capital opportunities in the lower middle market. The firm is led by seasoned investor Trey Sheridan. Trey brings over 25 years of private equity experience to companies in growth or transition mode, where capital, experience and strategic guidance could assist the company.
About WT Holdings, Inc.
WT Holdings, Inc. is a privately owned insurance holding company offering personal and commercial property and casualty insurance nationwide through its subsidiaries. WT Holdings was formed in 2007 and is based in Memphis, Tennessee.