Actuary

Fast-growing Richmond National to expand Henrico HQ, add 75 new jobs. One of the region's fastest-growing companies is growing yet again, this time by expanding its Henrico headquarters. Richmond National plans to invest $1.75 million to expand its office at 11013 W. Broad St. by around 27,000 square feet, a move that will allow it to add dozens of new employees to its current headcount of over 200. The insurer, which helps "higher-risk" small and medium-sized businesses find property and casualty insurance, announced the expansion late last week. The extra square footage will add to the company's existing 47,000 square feet of space in the former SunTrust Business Center. The company currently occupies the entire third floor of the building, and will add half of the building's fourth floor to its footprint. CEO Joe Kavanagh said the company has signed the lease and the added square footage gives it the extra room it needs to continue to grow and continue its focus on in-office work. The company specified in a release from the Henrico Economic Development Authority that it expects to add 75 positions as part of the expansion. "We needed some additional office space," Kavanagh told BizSense. "This is something that we've been very focused on. A big part of that is making sure we continue to attract really talented people to join us, and that we have sufficient resources, office space." The company declined to comment on the timeline for when it would move into the new space and when it would hire the new employees. Richmond National chief strategy and chief risk officer James Flajser said the new positions would span disciplines, from underwriting to claims to IT. It's been an upward climb for Richmond National since it was founded in 2021 by Kavanagh and a group of investors. It launched with a staff of 12 and has since continued to "carefully scale," Kavanagh said. The growth has been fueled in part by the more than $210 million in capital raised from investors since its formation. Its most recent major capital raise - $55 million from existing investors, including HF Capital, Bonhill Capital, WT Holdings and employees - was announced in March of last year. Last year, Richmond National topped the RVA 25 list of the region's fastest growing companies, thanks to its three-year average annual growth rate of 2,072% from 2022 to 2024. "We had very little revenue in 2021, a little bit more in 2022... I think for full-year 2022, we had approximately $5 million in revenue. And (in) 2024, we had about $110 million in revenue," Kavanagh said last year. Flajser declined to comment on Richmond National's yet-unpublished 2025 revenue, but noted it was up more than 50% over 2024. Through a deal with the Henrico EDA and the Virginia Economic Development Partnership, Richmond National will be able to take advantage of the state-funded Virginia Jobs Investment Program, which provides consulting and funding incentives to help companies recruit and train employees. Richmond National moved into its current office in December of 2024 after a stint at the nearby Westerre I building at 3951 Westerre Parkway. Among its current neighbors is fellow insurer Genworth Financial and medical supply distributor Home Care Delivered. This story is for our paid subscribers only. Please become one of the thousands of BizSense Pro readers today!

Richmond National Group to expand Glen Allen operations, create 75 jobs. March 4, 2026. 7:04 PM Insurance provider Richmond National Group plans to expand its operations in Henrico's West End, investing $1.75 million and creating 75 new jobs at its Glen Allen office, Virginia Gov. Abigail Spanberger announced March 4. Founded in 2020, Richmond National Group specializes in property and casualty insurance designed for small and mid-sized businesses that have difficulty securing coverage in the standard insurance market. The company established its headquarters in the Richmond region in part because of the area's strong financial services and insurance workforce, according to Richmond National President and CEO Joseph C. Kavanagh. "These factors have contributed to our early success as a younger company, and we continue to see significant hiring opportunities in the region," Kavanagh said. Spanberger said the expansion reflects the region's continued strength in those industries. "Richmond National Group's latest expansion in Henrico County highlights the strength of Central Virginia's financial services and insurance talent," Spanberger said in a statement. "The Commonwealth's vast network of talent helped bring Richmond National here, and it continues to enable this exciting expansion six years later. We are proud to see Richmond National continue to build its future here in Virginia." Virginia Secretary of Commerce and Trade Carrie Chenery said the company's growth further reinforces the Richmond region's standing as a hub for specialty insurance and professional services. "Virginia's strong network of insurance and financial services talent makes the Commonwealth a natural home for companies like Richmond National Group," Chenery said. "By expanding operations in Henrico County, Richmond National is creating new career opportunities while reinforcing the greater Richmond region's reputation as a hub for specialty insurance and professional services providers." Henrico County officials welcomed the company's continued growth. "We're thrilled they've chosen to expand their Henrico headquarters once again, creating jobs and supporting a thriving local economy," Henrico Board of Supervisors Vice Chair and Three Chopt District Supervisor Misty Roundtree said. State Sen. Schuyler VanValkenburg and Del. Rodney Willett also praised the expansion, noting that it will bring additional professional employment opportunities to Western Henrico. The Virginia Economic Development Partnership worked with Henrico County to secure the project. The state will support the company's hiring through the Virginia Jobs Investment Program, which provides funding and consulting services to help companies recruit and train new employees.