Towne Insurance expands
Published 10:24 pm Thursday, February 27, 2020
Virginia Beach-based Towne Insurance recently announced its expansion into South Carolina with the completion of its recently acquired Nationwide Agency. Led by David E. Angel, The Angel Insurance Agency has offices located in Rock Hill, Lancaster, and Spartanburg, S.C.; Raleigh and Charlotte, N.C.
“We are thrilled to have The Angel Insurance Agency join us as we expand into South Carolina,” said Dudley Fulton, president and chief executive officer of Towne Insurance. “This acquisition is a significant milestone for our company and accelerates the achievement of our key strategic objectives.”
With 50 years of service, The Angel Insurance Agency is committed to building long-term relationships with its customers by satisfying their insurance needs through superior service, professional advice, and competitive insurance. Their agency offers a full line of personal and commercial services to their client base in North and South Carolina. The agency will continue operating under its present name and locations for the immediate future except for the Raleigh, N.C., office that relocated to the Towne Insurance office on Falls of Neuse Road.
“Joining forces with Towne Insurance will provide our clients and dedicated staff new opportunities,” stated David Angel, president of The Angel Insurance Agency. “Most importantly, our customers will continue to receive the same great service from the same folks in our offices, only now we will have many more options to serve their needs. It’s a win-win.”
Ranked by revenue, Towne Insurance is listed 51st of the Top 100 Largest U.S. Brokers of U.S. Business by Business Insurance magazine in the July 2019 edition. They are also ranked in the August 2019 edition of Insurance Journal magazine as 35th in the Top 100 Property and Casualty Agencies. The same report also features Michael White’s Bank Insurance Fee Income Report where their parent company, TowneBank, is ranked sixth. In addition, Towne Insurance is ranked 25th among the top 50 personal lines agencies in the Personal Lines Leaders Report from the November 2019 edition of Insurance Journal magazine. Towne Insurance collaborates with firms that have a strong reputation and have the same dedication to growth as they do. This deal successfully marks the 24th acquisition for Towne Insurance, and they will grow to more than 440 insurance professionals with 34 offices serving Virginia, North Carolina, and now South Carolina.
Towne Insurance, a wholly owned subsidiary of TowneBank, is an insurance agency providing comprehensive solutions and risk management programs to businesses of all sizes, including property and casualty insurance, workers’ compensation, bonding, employee benefits and more. Additionally, personal lines agents specialize in home, auto, umbrella and flood insurance. Headquartered in Hampton Roads in southeastern Virginia, and serving communities from Northern Virginia, to Wilmington, North Carolina, Towne’s 422 experienced professionals work with the nation’s top-rated insurance companies to find members the right coverage at a competitive price. For more information, visit www.TowneInsurance.com.
As one of the top community banks in Virginia and North Carolina, TowneBank operates 42 banking offices serving Chesapeake, Chesterfield County, Glen Allen, Hampton, James City County, Mechanicsville, Newport News, Norfolk, Portsmouth, Richmond, Suffolk, Virginia Beach, Williamsburg, and York County in Virginia, along with Raleigh, Cary, Charlotte, Moyock, Grandy, Greenville, Greensboro, Camden County, Southern Shores, Corolla and Nags Head in North Carolina. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. Local decision-making is a hallmark of its hometown banking strategy that is delivered through the leadership of each group’s president and Board of Directors.
With total assets of $12.02 billion as of September 30, 2019, TowneBank is one of the largest banks headquartered in Virginia.