Insurance company plans headquarters office in Henrico with 70 jobs | Business News

A Bermuda-based insurance company is planning to open a U.S. headquarters office in Henrico County that is expected to employ more than 70 people.

Hamilton Insurance Group Ltd. said Friday that it plans to invest at least $415,000 to open the U.S. headquarters of its wholly owned subsidiary Hamilton Select Insurance Inc. in the Innsbrook Corporate Center in western Henrico.

The company, which provides specialty insurance and reinsurance services, is planning to pay salaries averaging about $157,000 a year, said Anthony Romanello, executive director of the Henrico Economic Development Authority.

“It is great to get more high-paying jobs in the county, especially as Innsbrook continues to revitalize and reposition itself,” Romanello said.

“As best as we can tell — and we have gone through our records — these are the highest average salaries in any announcement we have had,” Romanello said.

The company has leased a 6,500-square-foot office at 4701 Cox Road near its intersection with Nuckols Road. The company has already moved into the office, with plans to grow eventually, said Clayton Rhoades, CEO of Hamilton Select.

“We are thinking that by the end of 2022, we will have about 60 people we have hired and, by the end of next year [2023], 70 or more people,” Rhoades said.

The company, founded in 2013, underwrites specialty insurance and reinsurance risks on a global basis through its wholly owned subsidiaries.

Its insurance business in the U.S. includes 11 underwriting divisions in a part of the industry called excess and surplus insurance, which typically includes insurance covering such things as professional and management liability or commercial insurance for businesses that have a hard time getting standard policies.

“Virginia provides a talent pool of professionals serving the financial services industry as well as a favorable business climate for companies of all sizes, and we thank Hamilton for choosing Henrico County as the U.S. headquarters of its subsidiary operation,” said Caren Merrick, Virginia’s secretary of commerce and trade, in a statement. “International businesses continue to recognize the benefits of a Virginia location, and we look forward to supporting Hamilton Select’s future success in the Commonwealth.”