TowneBank today reported that its wholly-owned insurance brokerage subsidiary, Towne Insurance Agency, has expanded its Executive Management Team in a move designed to accelerate the strategic development of the agency throughout Virginia, North Carolina and the southeastern United States.
Effective February 16, 2021, W. Douglas Russell joined the Towne Insurance team as President and Chief Executive Officer, succeeding F. Dudley Fulton who will remain with the company as President Emeritus serving in a consulting capacity focused on agency acquisitions.
Russell, 58 years of age with over 35 years of insurance industry experience, has held leadership positions with Henderson & Phillips, Inc., USI Insurance Services, Thomas Rutherfoord, Inc., Marsh & McLennan Agency, and most recently as President of Core Assurance Partners headquartered in Virginia Beach, Virginia.
In addition to Russell, the expanded Executive Management team will consist of Christopher T. Rogerson, Chief Operating Officer; Richard P. Herzberg, President of Towne Benefits; Joseph D. Harrow, President of the Virginia Region of Towne Insurance; James E. Clement, Jr., President of the North Carolina and South Carolina Region of Towne Insurance; and B. Boyd Griffin, Jr, Executive Vice President and Chief Financial Officer.
Under Fulton’s leadership, Towne Insurance has grown to be the fifth largest bank-owned insurance agency in the United States with over $78 million in revenue. “I continue to be excited about the future of our agency, and I can’t think of anyone better than Doug to lead Towne Insurance into the future,” said Fulton. “I am looking forward to my new role assisting him in our continued quest to acquire top notch agencies across our footprint.”
“It is an honor to be selected to lead this extraordinary organization,” added Russell. “I know many of the Towne team members and have always admired and respected all insurance professionals associated with our company. I am humbled and excited about the opportunity to continue to build on the tremendous legacy that Dudley and the Towne Insurance team have built.”