Richmond National, a specialty excess and surplus lines insurance company, has announced the successful closure of an oversubscribed equity capital raise.
The company raised $55m in common equity capital from existing shareholders, including HF Capital, Bonhill Capital, WT Holdings, and employees, according to the Coverager.
This latest infusion of capital brings the total equity raised since the company’s inception to over $155m.
The new funding will be utilised to support Richmond National’s ongoing growth and expansion. This includes enhancing its service offerings, expanding its market presence, and further developing its workforce and technological capabilities.
Joe Kavanagh, Richmond National’s president and chief executive officer, 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.”
The board also highlighted the company’s strong foundation and promising future. Wellford Tabor, Richmond National’s board chair and head of direct investments at HF Capital, commented, “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.”
Additionally, investors shared their confidence in Richmond National’s growth trajectory. Trey Sheridan, director of Richmond National and managing partner of Bonhill Capital, remarked, “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.”
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