Hampton Roads based TowneBank (NASDAQ:TOWN) announced that Invincia Insurance Solutions, Total Insurance Planning, and B.H. Baird Insurance will affiliate with Towne Insurance, a wholly owned subsidiary of TowneBank. The three additions to its insurance portfolio further grow TowneBank’s expansion to Richmond and the communities of Central Virginia.
“We are very pleased to welcome these three independent agencies to the Towne family," says Towne Insurance President and CEO, Dudley Fulton. “Like Towne, their top-notch insurance professionals are dedicated to building long-term relationships with clients, and serve the community with distinction. The synergy opportunities that they bring to the TowneBank and Towne Insurance family are tremendous, especially in the Richmond and Central Virginia region. We look forward to a long and rewarding relationship."
In recent years, Towne Insurance has strategically partnered with select agencies that carry strong reputations in their local markets and share a similar commitment to exquisite personal service. Towne agencies are attracted by Towne’s culture and results, including a Top 100 insurance broker ranking in the U.S. by Business Insurance based on total revenue, and a ‘Best Practices Agency’ designation by the Independent Insurance Agents & Brokers of America (IIABA) and Reagan Consulting. In addition, based on 2014 revenues, Towne Insurance ranks 16th among financial institutions nationwide, according to Insurance Journal reports.
Invincia Insurance Solutions, headquartered in Chesterfield, Virginia is a full-service independent insurance agency established in 2006 by Frank Beale, President. “Together with the vast capabilities of Towne Insurance, we believe we have everything business and individual clients need as we support property, casualty, life and health insurance, surety bonding, benefits management, and an exceptional range of value-added services,” commented Beale. Patrick Beale, Chief Financial Officer, and Brittany Totty, Vice President, added, “Having admired the success and quality growth of Towne Insurance, along with the deep expertise on their team, we think that Towne is a natural fit for us.”
Total Insurance Planning, headquartered in Midlothian, Virginia, is a full-service independent insurance agency established in 2004 by Jeff Swanson, President. “Our team is excited to become part of the Towne Family and continue to grow with Towne’s support. Towne’s focus on friendships and relationships, combined with outstanding support of the community, fits perfectly with our founding mission to provide exquisite personal service to our clients,” added Swanson.
B.H. Baird Insurance, a long-standing independent property and casualty insurance agency, is led by Rick Farmar, President. Founded in 1895, B.H. Baird Insurance serves the Central Virginia and Northern Neck communities. "We are always looking for resources to better serve our clients, and this partnership will do just that," said Farmar.
“This is an exciting day for our company,” remarked Pat Collins, President, TowneBank Richmond. “As we welcome these agencies to the Towne Family, it represents another significant step in bringing our complete array of Towne products and services to Richmond and the communities of Central Virginia.”
With these most recent affiliations, Towne Insurance’s team will grow to more than 300 professionals and 25 offices providing service throughout Virginia and North Carolina. The agencies will continue operating under their present names, leadership, and locations.
As one of the top community banks in Virginia and North Carolina, TowneBank operates 37 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 Moyock, Grandy, 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 Insurance Agency, TFA Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Beach Properties of Hilton Head. 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 $6.06 billion as of June 30, 2015, TowneBank is one of the largest banks headquartered in Virginia.
Towne Insurance, a wholly-owned subsidiary of TowneBank, is a premier independent 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. Towne Insurance has been ranked a Top 100 insurance broker in the U.S. by Business Insurance based on total revenue and is recognized as a ‘Best Practices Agency’ by the Independent Insurance Agents & Brokers of America (IIABA) and Reagan Consulting. With offices serving Northern Virginia, Richmond, and Hampton Roads in Virginia, along with the Outer Banks, Elizabeth City, Graham, Greenville, Raleigh and Wilmington in North Carolina, Towne’s 250 experienced professionals work with the nation’s top-rated providers to find members the right coverage at a competitive price.