Richmond National Group, Inc. Announces Completion of Follow-On Capital Raise

RICHMOND, Va., April 03, 2023 (GLOBE NEWSWIRE) -- Richmond National Group, Inc. and its affiliates (“Richmond National”) today announced the successful closing of an oversubscribed capital raise. Richmond National, a specialty excess and surplus lines insurance company, raised more than $30 million in common equity capital from existing shareholders, including HF Capital, Bonhill Capital, WT Holdings, and employees, to support continued growth in the business. This brings the total equity capital raised for the company since its formation to more than $100 million.

Joe Kavanagh, Richmond National’s President and Chief Executive Officer, stated, “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. Our talented and dedicated employees are building a successful, customer-focused E&S carrier.”

“We are really pleased with what management and our team have accomplished over the past several years. We feel like we have the systems, structure, and most importantly, the people to build a very high-quality specialty E&S insurance company for our customers and shareholders,” said Richmond National’s Board Chair Wellford Tabor. “The support across our shareholder base for this capital raise, at an attractive step-up in valuation, is a strong signal of our confidence in the team and our readiness to support Richmond National’s continued growth.”

“This is an exciting time for Richmond National,” said Trey Sheridan, Director of Richmond National and Managing Partner of Bonhill Capital. “We are pleased to continue our support for the company as management builds upon the solid foundation they have established.”

About Richmond National Group, Inc.

Richmond National Group, Inc. is the holding company for Richmond National Insurance Company, a specialty excess and surplus lines insurance company serving select wholesale brokers across the country. Richmond National Insurance Company is rated A- (Excellent) by A.M. Best Company. For more information, visit www.richmondnational.com.

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(804) 256-0525

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the foregoing securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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