Richmond Nationwide Group, a US-based specialty insurance coverage firm, has raked in $55m in a follow-on fairness fundraise to assist its development plans.
The oversubscribed funding spherical attracted investments from present shareholders reminiscent of HF Capital, Bonhill Capital, WT Holdings and Richmond Nationwide’s personal staff.
With this newest spherical, the overall frequent fairness capital secured by the corporate since its inception in 2021 has surpassed $155m.
Richmond Nationwide, headquartered in Richmond, Virginia, specialises in underwriting a wide range of property, casualty {and professional} legal responsibility merchandise.
These choices cater to the wants of small and mid-sized companies, with a concentrate on the surplus & surplus (E&S) strains market.
In response to the insurer, this area of interest permits its underwriters the pliability to craft customised insurance policies that align with the precise insurance coverage necessities and threat administration targets of their clientele.
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Richmond Nationwide’s product distribution is dealt with by appointed surplus strains brokers. The corporate holds authorisation to conduct enterprise all through the US.
Richmond Nationwide president and CEO Joe Kavanagh stated: “There’s a super alternative in entrance of us and this extra capital will assist the continued development of our firm. Our gifted staff, backed by the continuing assist of our shareholders, are constructing an especially high-quality, wholesale brokerage-focused E&S provider. We’re happy with the corporate and tradition we’re constructing collectively at Richmond Nationwide.”
Richmond Nationwide board chairman and HF Capital head of direct investments Wellford Tabor stated: “We’re keen about what lies forward for Richmond Nationwide. Over the past three years, the corporate has constructed a agency basis and is poised to proceed its momentum within the market.”
The most recent funding spherical follows Richmond Nationwide’s $30m frequent fairness capital elevate in April 2023.
