Joe Kavanagh.
The Richmond, Va.-Based insurer has secured $100 million from investors, including existing backers HF Capital of Knoxville, Tenn., Charlotte, N.C.-Based Bonhill Capital, Memphis, Tenn.-Based WT Holdings and employees, in a Series A round valued at $70 million in 2021. Richmond National Group, Inc. And its affiliates, as investors, have successfully concluded a $30 million funding round to provide financial support for their specialty excess and surplus lines insurance enterprise.
“We appreciate the strong support of our shareholders. This capital will enable us to build on the momentum we have experienced thus far and will support our continued organic growth,” said Joe Kavanagh., Richmond National’s founder and CEO.
Vast Market Potential
He has an MBA from New York University and Stern Business School, and a BS degree from Lee & Washington University. He had other stints at Oppenheimer CIBC and Companies, later known as McLennan & Marsh Securities, and Union First Securities. During his time at Co. & FBR in Arlington, Va., He helped lead and build its Investment Banking and Insurance Group for 14 years. Kavanagh has worked in the Trading & Research group of Compass Point’s banking investment division, a veteran of the financial industry for 25 years.
National Richmond Insurance Company, a subsidiary of Insurance National Richmond, operates a business that has built around $52 billion in estimated market value by underwriting a diverse mix of specialized property and casualty insurance products for mid-sized and small businesses in Richmond. The company is rated as Excellent (A-) by the Best A.M. Rating agency due to its expertise in underwriting higher-risk liability and professional insurance.
“We are truly pleased with the accomplishments of our team and management over the past several years, as we have worked diligently to build a high-quality E&S specialty insurance company for our customers and shareholders. Most importantly, we feel that we have the necessary structure and systems in place.” – Said Tabor Wellford, the Chairman of National’s Richmond board.
Pilot Flying J Chair’s Support.
Established in 2021, HF Private Funds Pool is a $226.5 million fund that engages in portfolio investments. It serves as the family office for James Arthur Haslam III, the heir to the founder of Pilot Corporation and Pilot Oil Corp, headquartered in Knoxville, Tenn., Operating under HF Capital.
The Columbus Crew of the NFL, the soccer team of the Major League Soccer (MLS), has a stake in the Milwaukee Bucks of the National Basketball Association (NBA), and Dee Haslam, the owner of the Cleveland Browns of the NFL, now has control over Pilot, the largest operator of truck stops and travel centers in the country. Pilot, one of the brands of Pilot Flying J, is chaired by Warren Buffett’s Berkshire Hathaway.
Bonhill Capital, located in Charlotte, N.C., Actively explores private capital opportunities within the lower middle market. The private equity division is headed by Trey Sheridan, a highly experienced professional with 25 years of industry expertise.
WT Holdings is a privately owned insurance company based in Memphis, Tennessee, that offers commercial and personal property and casualty insurance through its subsidiaries nationwide.