Towne Insurance, a wholly-owned subsidiary of TowneBank, announced the completion of its acquisition of W.A. Moore Insurance, a full-service, independent agency located in Kinston, NC. This deal marks the 22nd acquisition for Virginia-based Towne Insurance and further signals the company’s expansion in North Carolina.
“We are very pleased to welcome W.A. Moore Insurance to the Towne family. This acquisition is an excellent strategic fit,” said Dudley Fulton, President & CEO of Towne Insurance. “W.A. Moore’s expertise and offerings will further increase our commitment to delivering best-in-class risk management solutions for our members, while strengthening our brand presence in eastern North Carolina.”
Founded in 1924 and led by agency president Marty Beam, W.A. Moore’s key service areas include property and casualty insurance, and risk management analysis for both personal lines and commercial lines across a range of industries, with a specialization in assisted living facilities. The agency will continue to operate under its present name and location for the immediate future, and work closely with Towne’s operation in nearby Greenville.
Marty Beam, President of W.A. Moore Insurance said, “Becoming part of the Towne Insurance family will provide our loyal clients and dedicated team with access to additional resources as well as new and exciting options. Since our company was founded, we have been dedicated to providing resources to better serve our clients. We believe this agreement will do just that."
Recently ranked 59th of the Top 100 Brokers by Business Insurance magazine, Towne Insurance strategically partners with select firms that carry strong reputations in their local markets and share a similar commitment to exquisite service. It entered the state in 2011 and this is the sixth acquisition the agency has completed as part of a growth initiative in North Carolina.
Towne Insurance, a wholly owned subsidiary of TowneBank, is a premier 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 300 experienced professionals work with the nation’s top-rated insurance companies to find members the right coverage at a competitive price.
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 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 $8.43 billion as of June 30, 2017, TowneBank is one of the largest banks headquartered in Virginia.