Growing at an enviable pace, a local insurance company needs more room to spread its wings.
Kinsale Insurance, a three-year-old startup, in November signed a lease for 33,700 square feet at the Anthem building at 2221 Edward Holland Dr.
The company’s move to the top floor of the six-story building won’t take place until June 2014. It currently occupies about 19,000 square feet in Paragon Place off Glenside Drive, about a mile from its new home.
“We like the neighborhood,” said Kinsale chief executive Michael Kehoe. “This just gives us a little more space and room to grow.”
Kinsale Insurance is the main operating entity of Kinsale Capital Group. The company writes casualty, property and specialty insurance policies for businesses of all types. Its sector of the insurance industry saw double-digit growth last year, Kehoe said.
“In part, we’re riding that growth, and in part we’re just an entrepreneurial startup company with a good group of employees that’s working real hard to compete and win in a crowded marketplace,” he said.
When it was founded in 2010, Kinsale generated about $12 million in revenue from insurance premiums. It expects to finish this year having collected $125 million in premiums, Kehoe said.
Kinsale’s headcount is at 100 full-time employees, more than double what it had in 2010. Those workers include underwriters, claims adjusters, IT staff, accountants and others.
Kinsale was second on the RVA 25, a list of Richmond’s fastest growing companies, with an average annual revenue growth rate of 232 percent between 2010 and 2012.
Health insurance giant Anthem currently occupies all of the 206,000-square-foot property that Kinsale will move into next year.
The building is owned, at least in part, by Norfolk-based Robinson Development Group.
John Mason, Robinson Development’s director of property acquisitions, did not return calls for comment by press time.
CBRE broker Joe Marchetti represents the building’s owners. He would not comment on the Kinsale deal.