Charlotte, NC (7/2/18) – Towne Insurance, ranked by revenue as one of the nation’s largest, independent insurance brokers, today announced they are expanding their current relationship with Nationwide through the completion of its acquisition of Charlotte’s largest Independent Nationwide agency. Founded in 1994 and led by agency president Michael R. Bare, the Bare Agency transitioned from an Exclusive to an Independent Agency through Nationwide’s publicized plans to fully shift to an independent agency distribution model in 2020.
“This unique partnership is a natural evolution for our agency. We are always looking for resources to better serve our clients, and this partnership will do just that,” said Michael Bare, president of the newly-acquired Nationwide agency. “Building upon the solid foundation our agency has created in the local market, we will leverage the size, strength and expertise of Towne Insurance to expand the breadth of our service offerings.”
Towne Insurance strategically partners with select firms that carry strong reputations in their local markets and share a similar commitment to exquisite service. Entering the state in 2011, this is the seventh acquisition the organization has completed as part of a growth initiative in North Carolina. Past successful agency integrations include Raleigh-based CapInsure Services and Stan Taylor; The Clement Companies and Hooker & Buchanan located in Greenville, as well as WA Moore of Kinston and Southern Insurance Agency of Kitty Hawk.
“This partnership demonstrates our commitment to grow our presence both in Charlotte and in North Carolina as a whole. Charlotte’s economy is lively, and its businesses and families need an insurance advisor who can meet their evolving needs,” said Dudley Fulton, President & CEO of Towne Insurance.
The agency will continue operating under its present name and present locations for the immediate future.
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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. Headquartered in Hampton Roads in southeastern Virginia, and serving communities from Northern Virginia, to Wilmington, North Carolina; Towne’s 335 experienced professionals work with the nation’s top-rated providers 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 40 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, 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 $10.62 billion as of March 31, 2018, TowneBank is one of the largest banks headquartered in Virginia.
