Kinsale Capital Group, a Bermudan holding company for insurance operations, has announced the formation of a new U.S. excess and surplus lines insurance company based in Richmond, Va.

The specialty insurer Kinsale Insurance Co. (KIC) underwrites commercial property-casualty and professional liability lines within the excess and surplus lines segment in 31 states and Washington, D.C., according to officials, and is applying for eligibility in the remaining states.

Kinsale and its affiliates have 43 employees in Richmond.

The holding company recently raised $80 million of capital and has invested $66 million in its KIC subsidiary. Investors in the new firm include Moelis Capital Partners, based in New York City, and Virginia Capital Partners, headquartered in Richmond.

Both firms have significant insurance and financial services industry experience, according to Kinsale officials.

“The quality investors and employees at Kinsale give us tremendous confidence in our ability to execute our business plan, serve our customers and build our business,” said Michael P. Kehoe, president and chief executive officer of Kinsale, in a statement. “We are establishing a great platform, built around people, technology and an entrepreneurial business culture, on which we will develop a great company.”