Towne Insurance acquires another North Carolina agency

Virginia Beach-based Towne Insurance has continued to expand outside of Virginia with the announcement it is acquiring an independent insurance agency in North Carolina.

The wholly-owned subsidiary of TowneBank recently acquired W.A. Moore Insurance in Kinston, N.C. This is the company’s 22nd acquisition and Towne Insurance’s sixth acquisition in North Carolina.

Dudley Fulton, president and CEO of Towne Insurance, said the addition of the agency will only enhance the company’s services.

“Several of our folks from the Greenville area have known them for many years. Their reputation for quality, work integrity and outstanding service was pretty compelling,” he said of why the company was interested in acquiring the agency. “So again, the opportunity to increase our market share, if you will, in a very dynamic, growing area.”

Fulton said current agency president Marty Beam, as well as the rest of the agency’s staff, will remain in place.

“We like to have the principals, the owners remain with us. It’s just part of our culture and financial structure, and has proven to be very advantageous,” Fulton said. “It also cements the continuation of that strong relationship on a local basis.”

The agency will also continue to operate under its current name and there are no plans to move its location.

“We will not be moving (it) physically in the near term and those things are not locked in stone. But again, they’ve been in the community for a long time. So their location and name we will leave in place,” Fulton said.

The North Carolina agency provides services in property and casualty insurance, risk management analysis for both commercial and personal lines in several industries, and a specialization in assisted living facilities.

Fulton said the company hopes to eventually add mortgage and banking services in Kinston as well.

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