Towne Insurance

What Towne Insurance does

Towne Insurance is a private, full-service independent insurance agency headquartered in Norfolk, Virginia, operating as a wholly owned division of TowneBank. Founded in 2000, the agency employs 251–500 people across 21 physical offices spanning Virginia, North Carolina, and South Carolina. It serves individuals, families, small and mid-sized businesses, large enterprises, and community organizations through a network of licensed risk advisors who deliver face-to-face advisory and policy placement services. The firm is nationally ranked as a Top 100 Insurance Agency and has been recognized regionally by the Independent Insurance Agents of Virginia.

The agency's product portfolio is organized into three core divisions: Personal Insurance (homeowners, auto, umbrella, collectibles, private client), Business Insurance (BOP, commercial auto, workers' comp, cyber liability, surety bonds, employee benefits), and Life & Health Insurance (life, health, Medicare supplement, annuities, long-term care). It also offers industry-specific solutions for construction, marine, healthcare, transportation, staffing, non-profits, and other verticals, supplemented by risk management and claims consulting services. The proprietary Shield24 client portal and mobile app provide policy access, certificate requests, billing, and claims intake, but the underlying technology stack is conventional agency management software rather than a differentiated AI or data platform.

Towne Insurance generates revenue primarily through commissions earned by placing and renewing policies with multiple top national insurance carriers, supplemented by consulting fees on risk management engagements. Pricing is quote-based and varies by risk profile, coverage, and carrier underwriting; the company does not publicly disclose its rates. Distribution is sales-led, executed through local risk advisors at physical offices, with top-of-funnel demand generated via community involvement, TowneBank family cross-referrals, organic social, and SEO. Since 2011 the firm has pursued an active tuck-in acquisition strategy, completing at least seven disclosed agency purchases — most recently Lockhart Insurance in Charlotte in November 2022 — to expand its geographic footprint and producer base.

Name

Towne Insurance

Legal name

Towne Insurance Agency, LLC

Website

https://towneinsurance.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

251–500 employees

Short description

Towne Insurance is a private, Top 100-ranked independent insurance agency and TowneBank division serving individuals, businesses, and communities across 21 offices in Virginia, North Carolina, and South Carolina with personal, commercial, and life and health coverage delivered through licensed risk advisors.

Ownership category

akta.pro rank

Product category

Insurance Brokerage

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (52421), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Homeowners Insurance (FSAJACAA)

akta.pro secondary industries

Landlord / Dwelling Fire (DP) Insurance (FSAJACAD), Real Estate / Lessors Risk BOP (FSAJAFAI), Nonprofit / Social Services BOP (FSAJAFAM)

Keywords

• Independent insurance agency
• Personal lines insurance
• Commercial insurance
• Life and health insurance
• Risk management consulting

Headquarters

HQ city

Norfolk

HQ country

United States

HQ region

North America

Offices21 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Insurance Agency Commissions: As an independent insurance agency, Towne Insurance earns commissions from insurance carriers for placing and renewing insurance policies. They represent multiple top insurance carriers and offer products across personal lines (homeowners, auto, umbrella), commercial lines (BOP, commercial auto, workers comp, cyber liability), and life & health insurance.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Towne Insurance is an independent insurance agency that represents multiple top national carriers and places personal, commercial, and life & health insurance policies for individuals, families, and businesses. It earns commissions on policies sold and renewed, delivered through local risk advisors and supported by risk management and consulting services.

Product overview

Towne Insurance is a full-service, nationally-ranked independent insurance agency representing top insurance carriers. The company offers a unified portfolio of personal, business, and life & health insurance products organized around three core divisions: Personal Insurance (covering property, vehicles, and umbrella protection), Business Insurance (including Business Owners Policy, commercial lines, employee benefits, and industry-specific solutions), and Life & Health Insurance (life, health, accident, disability, long-term care, and Medicare supplement). The Shield24 digital platform serves as a client portal for policy management. Risk Management & Consulting services including claims advocacy, risk control, and safety programs complement the product portfolio. The company operates as part of the TowneBank family of companies, providing integrated financial services.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Insurance Comprehensive personal insurance coverage including property (homeowners, condo, renters, flood, landlord), vehicle (car, classic cars, motorcycles, motorsport, RV, boat), and umbrella protection for individuals and families.
• Business Insurance Full suite of commercial insurance solutions including Business Owners Policy, Commercial Auto, Commercial Flood, Commercial Property, Commercial Umbrella, Cyber Liability, Professional Liability, Inland Marine, Surety Bonds, and Workers' Compensation.
• Employee Benefits Group health insurance, disability insurance, life and accident insurance, voluntary dental and vision, pre-tax plans, key executive life, and self-funded benefit solutions for businesses.
• Life & Health Insurance Individual life insurance (whole, term, universal), individual health insurance, accident insurance, annuities, individual disability, long-term care, and Medicare supplement coverage.
• Industry-Specific Solutions Specialized insurance programs tailored for Construction & Engineering, Real Estate, Manufacturing, Marine, Hospitality, Professional Services, Non-Profits, Staffing, Transportation, and Healthcare industries.
• Risk Management & Consulting Professional risk management services including Claims Management, Risk Control, Risk Management Center, Risk Transfer Solutions, and Safety & Loss Prevention for business clients.
• Shield24 Online client portal and mobile app enabling policyholders to access their accounts, view policies, make payments, manage certificates, and file claims digitally.
• Private Client Group Specialized insurance coverage for high-net-worth individuals offering protection for multiple residences, high-value homes, luxury vehicles, valuable collections, and increased liability exposure.
• Surety Bonds Contract and commercial surety bonds for contractors, real estate professionals, and businesses requiring performance and payment guarantees.
• Cyber Liability & Data Breach Insurance coverage protecting businesses against cyber threats, data breaches, and associated liability and remediation costs.
• Medicare Supplement Plans Supplemental insurance policies helping pay for healthcare expenses not covered by Medicare Parts A and B, including copayments, deductibles, and coinsurance.

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Lockhart InsurancecoreOthers · 14 November 2022Towne Insurance acquired Lockhart Insurance, a Charlotte-based independent insurance agency with a 50-year history of serving the local community. The acquisition expanded Towne Insurance's services in Charlotte and was part of their ongoing regional expansion since 2011. This follows other acquisitions including Lackey Saunders Insurance Co. in 2015 and Tyler Horney's agency in 2022.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Acrisure: Acrisure is one of the largest US insurance brokerages and is renowned for its hyper-acquisition, roll-up model that aggregates independent agencies across personal, commercial, and specialty lines. It is the closest public analog to Towne's multi-state M&A-driven strategy.
• HUB International: HUB International is a large North American insurance brokerage that has grown primarily through regional agency acquisitions and offers multi-line personal, commercial, and employee benefits coverage. The model and target customer type closely mirror Towne's regional broker positioning.
• Brown & Brown: Brown & Brown is a publicly traded insurance brokerage that has scaled through acquisitions of regional agencies across personal and commercial lines with a heavy emphasis on producer-driven sales. The acquisition cadence and multi-line brokerage model are highly comparable to Towne.
• USI Insurance Services: USI is a privately held national insurance brokerage and employee benefits consulting firm serving mid-market and larger commercial clients. It shares Towne's multi-line, multi-vertical go-to-market and emphasis on commercial and benefits segments.
• Truist Insurance Holdings: Truist Insurance Holdings is the insurance brokerage and risk management subsidiary of Truist Financial Corporation (formed from the merger of BB&T and SunTrust). The bank-affiliated insurance agency model directly parallels Towne's TowneBank parent structure.
• Hilb Group: Hilb Group is a mid-Atlantic and Southeast-focused insurance brokerage that has scaled primarily through acquisitions of regional agencies. Its geographic emphasis on the eastern seaboard and acquisition-led model make it a particularly close regional comparable.
• Alera Group: Alera Group is a national insurance and wealth management firm formed by aggregating regional agencies across the US. It shares Towne's combination of personal, commercial, and benefits offerings with a regional-agency roll-up foundation.

Broad incumbents

• Arthur J. Gallagher & Co. Arthur J. Gallagher is one of the largest global insurance brokerage and risk management firms, offering overlapping personal, commercial, and benefits services but operating at significantly larger scale with a global footprint far beyond Towne's regional focus.
• Lockton Companies: Lockton is the world's largest privately held insurance brokerage, providing commercial, personal, and benefits solutions globally. It is comparable in business model but at substantially larger scale than Towne and skews toward large enterprise accounts.
• Marsh McLennan: Marsh McLennan is a global professional services firm whose Marsh subsidiary is the largest insurance broker worldwide. While it covers the same risk management and insurance placement categories as Towne, it serves primarily large-enterprise and multinational clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xinstagram.com/towneinsurance
• Facebookfacebook.com/TowneInsurance1
• LinkedInlinkedin.com/company/towneinsurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Towne Insurance