July 28, 2003

Ellen Qualls
(804) 786-2211, x2379

John Clarke
James River Insurance Company
(804) 289-2715
Jill Vaughan
(804) 371-0049
-James River Insurance to create more than 60 new jobs-

RICHMOND - Governor Mark R. Warner today announced that James River Insurance Company, a start-up insurance firm, has selected Henrico County for its headquarters. The company has created 42 new jobs, and plans to have more than 60 employees by December 2003. James River, located at 7130 Glen Forest Drive, will begin operations immediately. The announcement is another significant win for the Commonwealth, as Virginia continues to aggressively recruit companies in the FIRE (financial, insurance, and real estate) sector.

“We have worked hard to recruit and retain companies in the financial, insurance, and real estate sector,” said Governor Warner. “Since the Greater Richmond Region is already home to a number of insurance companies, this market allows start-up businesses – such as James River – to obtain qualified labor in a variety of insurance specialties.”

With initial capitalization of $44 million, the development of James River Insurance Company began in late 2002. Underwriting operations began on July 1, 2003. James River Insurance Company is an Excess & Surplus Lines insurer with approvals to write business in 40 states plus Washington, DC. The company writes specialized commercial insurance in seven different underwriting divisions: Allied Healthcare, Primary Property, Excess Property, General Casualty, Manufacturers & Contractors Casualty, Excess Casualty, and Professional Liability. James River will distribute its products through a limited number of wholesale brokers nationwide.

“In addition to having a solid pool of local insurance talent, we’ve found the Richmond area to be an easy place to attract key people from around the country” said Michael Kehoe, President of James River. “The cost of living and the quality of life are very appealing. Henrico County’s good schools make the transition easy for families. The excellent colleges and universities in Virginia provide a great pool of future talent.”

The Virginia Economic Development Partnership and the Greater Richmond Partnership assisted James River Insurance Company with its decision. The Virginia Department of Business Assistance will provide workforce training services.


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