The insurance company is expanding its Henrico headquarters following a $30 million capital increase

Insurer Richmond National Group has expanded its headquarters at 3951 Westerre Parkway in Innsbrook. (Photo courtesy of Richmond National)

A local insurance company makes a bigger bet on their Innsbrook headquarters.

Richmond National Group has added about 7,200 square feet to its headquarters at 3951 Westerre Parkway, a company spokesman said this week. The firm underwrites specialty property, professional liability and casualty insurance products for small and medium-sized businesses.

Before the $350,000 expansion, the company’s offices were just over 10,000 square feet. D&H Construction took on the expansion of the extended area.

Richmond National offices occupy part of the 79,000 square foot Westerre I Building.

Richmond National plans to hire more than 100 employees as part of its expansion. The spokesman said the company is hiring across departments but with a focus on underwriters. No specific timeline was shared as to when the company plans to achieve this hiring goal.

The company currently employs more than 75 people.

Richmond National was also considering Chicago and North Carolina for the project, according to a press release from the governor’s office announcing the expansion on Wednesday.

‚ÄúVirginia, and the Richmond area in particular, has a strong base of talented individuals in the insurance and financial services industries who can support our growth. Also, the area is a supportive environment for business and entrepreneurship. We considered several locations in North Carolina and other states when evaluating our growth plans,” the company said in a statement.

Henrico Economic Development Authority was supported by the Virginia Economic Development Partnership to secure the project for the county. Richmond National will be able to take advantage of the state-funded Virginia Jobs Investment Program, which provides consulting and funding to help companies recruit and train employees.

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News of the office expansion comes after Richmond National announced in March that it had raised more than $30 million in new capital from existing shareholders HF Capital, Bonhill Capital, WT Holdings and employees.

The company has raised more than $100 million in equity since its inception in 2021. Richmond National Group is the holding company of Richmond National Insurance Co.

In other Innsbrook office moves, flex-office firm Business Center International changed hands earlier this year, and accounting firms Kimble CPA and KWC recently moved to a new office on Cox Road following their merger last summer.