The Governor of Virginia, Glenn Youngkin, has welcomed the siting of a Bermudian insurance group’s new subsidiary in Henrico County.

The new offices are for Hamilton Insurance Group’s US headquarters, which the governor said included a $415,000 investment and the creation of 70 jobs.

The Virginia Economic Development Partnership worked with the Henrico Economic Development Authority to secure the project.

VEDP’s Virginia Jobs Investment Program will provide services and funding to support employee recruitment and training activities.

VEDP quoted Mr Youngkin in a statement on Friday: “Henrico County is a great location for specialty insurance companies, and we are excited to welcome Hamilton Select Insurance to that hub.

“Greater Richmond offers access to a talent pipeline from the region’s many higher education institutions, and the quality of life attracts and retains a skilled workforce that can serve Hamilton Select’s new US headquarters operation for years to come.”

Founded in 2013, Hamilton underwrites specialty insurance and reinsurance risks through its wholly owned subsidiaries.

Hamilton Select targets small-to-midsize accounts in the US through the Virginia office first announced last month.

The US excess and surplus lines insurer, Hamilton Select Insurance Inc, immediately received a Financial Strength Rating of A- (Excellent) from AM Best, the company said at the time.

It was also noted that Hamilton’s Clay Rhoades, formerly president, US E&S, was named CEO of Hamilton Select and continues to report to Hamilton CEO Pina Albo.

He joined Hamilton more than a year ago and has successfully grown the company’s US-based book of E&S insurance business.

His Richmond, Virginia-based team are writing hard-to-place risks for small and mid-sized businesses, with plans for additional products and recruitment already under way.

“I’m pleased that we’ve chosen Henrico County as the focal point for establishing Hamilton Select,” said Mr Rhoades in a statement.

“The Richmond region offers a diverse talent pool of experienced insurance professionals, as well as a pipeline of future hires from the world-class colleges and universities across the commonwealth.

“Virginia provides our employees with an excellent quality of life with access to entertainment and recreation options along with great schools.”