News | 5 min read
Insurance Company to Expand in Virginia
August 10, 2023
News | 5 min read
August 10, 2023
RICHMOND, VA – Gov. Glenn Youngkin today announced that Berkley Insurance Company, a subsidiary of W. R. Berkley Corporation, will invest $6.1 million to expand its current location in Henrico County by assuming an additional 8,920 square feet of office space to accommodate growth in its Berkley Aspire, Berkley Mid-Atlantic Insurance Group, and Verus Specialty Insurance businesses. Virginia successfully competed with Arizona and Ohio for the project, which will create 72 new jobs that include underwriters, financial analysts, accountants, and C-suite positions.
“Berkley Insurance Company’s decision to expand in Henrico County demonstrates the continued positive momentum of Virginia’s economy and the business process services industry,” said Gov. Glenn Youngkin. “Greater Richmond is known for providing the robust talent pipeline that leading businesses like Berkley Aspire, Berkley Mid-Atlantic, and Verus Specialty require, and we look forward to supporting their next chapter of growth.”
“There is no better testament to Virginia’s advantages than for our existing businesses to succeed and reinvest in the Commonwealth,” said Secretary of Commerce and Trade Caren Merrick. “We thank Berkley Insurance Company for contributing to Virginia’s growing business services industry and the well-paying jobs that this expansion will bring.”
“We are proud to confirm our expectation for growth and advancement within the Henrico County, Virginia territory. As we reflect on the exceptional talent that Henrico has consistently provided for us, particularly in the realm of excess & surplus lines insurance, we are excited for the future. With the projected expansion, particularly of Verus Specialty and Berkley Aspire, we envision continued growth, bolstered by the incredible talent pool and the invaluable relationships we have cultivated with insurance brokers in this region. Henrico as a hub for our business expansion is undeniable, and we embrace the opportunities that lie ahead,” said Berkley Mid-Atlantic Insurance Group President Michelle D. Middleton.
“I am excited to announce Berkley Insurance Company’s recent expansion in Henrico County’s Three Chopt district,” said Thomas M. Branin, Henrico Board of Supervisors member. “Their continued success adds to the vibrancy and energy of Innsbrook’s growing mixed-use corporate park. I am grateful for Berkley Insurance Company’s commitment to creating quality jobs in Henrico and wish them success as they grow their presence in the County.”
“I’m thrilled to see Berkley Aspire, Berkley Mid-Atlantic, and Verus Specialty expand their business in Virginia’s 1st District,” Rep. Rob Wittman said. “This investment will create more well-paying jobs for Virginians, highlighting the significant opportunities for employment and business development in Henrico County. I thank Governor Youngkin and the Virginia Economic Development Partnership for their work and collaboration in securing this critical investment, and I look forward to seeing this expansion’s positive impacts on Henrico County and the entire Commonwealth.”
“The news of Berkley Insurance Company’s financial and human capital investment in Henrico is welcomed news,” said Senator Siobhan S. Dunnavant. “The company is a fantastic contributor to Henrico’s robust economy, and their expansion is a testimony to the value of fostering an effective workforce pipeline. I look forward to seeing the continued economic opportunities they bring to Henrico and Virginia.”
“I am thrilled with Berkley Insurance Company’s decision to expand their operation here in Henrico and create 72 new jobs in our county,” said Delegate Schuyler VanValkenburg. “After competing with other states for this project, I am glad to see Berkley Insurance Company recognize what so many already do about Henrico County—it is a great place to work, start a business, and raise a family. I want to thank them for their continued investment and faith in our community.”
Berkley Insurance Company is a subsidiary of W. R. Berkley Corporation, a publicly traded Fortune 500 company based in Greenwich, Connecticut. Berkley Aspire, Berkley Mid-Atlantic Insurance Group, and Verus Specialty are three of the 60 insurance businesses that are part of W. R. Berkley Corporation, making it one of the largest commercial lines writers in the U.S. Berkley Aspire provides innovative, market-leading, and uncomplicated business services for independent agents and their small-to mid-market excess and surplus lines clients. Berkley Mid-Atlantic Insurance Group’s home office is located in Henrico County, and it has two other office locations in Pittsburgh, Pa., and Columbus, Ohio. The business provides competitive insurance solutions for the small and middle markets with an emphasis in six major industry segments: construction, retail, service, wholesale, real estate, and manufacturing. Verus Specialty targets small to midsize commercial risks in the excess and surplus specialty insurance marketplace and is focused on delivering innovative methods and unique coverage solutions to meet the insurance needs of its business partners’ clients. Current products include primary and excess liability, professional liability, and garage liability.
More than 177 employees are currently based out of the Henrico County office.
The Virginia Economic Development Partnership worked with the Henrico Economic Development Authority to secure this project for Virginia. Governor Youngkin approved $217,500 from the Commonwealth’s Opportunity Fund to assist Henrico County with the project. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.