Bearing Insurance

What Bearing Insurance does

Bearing Insurance Group, LLC is an independent insurance agency headquartered in Glen Allen, Virginia, originally established in 1999 by a group of Virginia community banks and tracing its operational lineage to 1896. The agency distributes personal insurance, commercial insurance, employee benefits, and private client (high-net-worth) coverage across a network of 20+ branch offices concentrated in Virginia, North Carolina, and West Virginia, with licensure spanning 35+ states and active expansion targets in Tennessee, the District of Columbia, and Kentucky. Its product stack is delivered through licensed insurance agents supported by a web-based self-service portal and a mobile application (Bearing Insurance 24/7) that handle policy administration, document retrieval, bill payment, and claims submission.

The firm earns revenue on a commission basis from multiple top-tier insurance carriers, including Builders Mutual, Hanover Insurance Group, Frankenmuth Insurance, and Westfield Insurance, for both new placements and renewals. Pricing is quote-based and individualized rather than publicly tiered. Bearing Insurance differentiates through exclusive industry programs (notably the North Carolina Septic Tank Association insurance program and groundwater professional programs), a sales-led agent distribution model, and carrier-recognized performance including Builders Mutual Best of the Best (2025), Hanover President's Club (2025), and Frankenmuth Preferred Agency (2024).

In 2024-2025 the company completed a rebrand from Bankers Insurance to Bearing Insurance, supported by a new brand identity (Rivers Agency) that earned a Communicator Award of Distinction. As of May 2026 the original bank shareholders, including C&F Financial, Chesapeake Financial Shares, Pinnacle Bankshares, and F&M Bank, completed sales of their membership interests to unaffiliated third parties, ending the bank-owned governance structure established at founding. The agency operates an explicit acquisition and succession-planning program for high-performing independent insurance agencies and has hired a dedicated SVP of Strategic Growth to lead this initiative.

Name

Bearing Insurance

Legal name

Bearing Insurance Group, LLC

Website

https://bearinginsurance.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

251–500 employees

Short description

Bearing Insurance is an independent insurance agency based in Glen Allen, Virginia, distributing personal, commercial, employee benefits, and private client coverage through 20+ branches and digital channels across 35+ states. It was founded by Virginia community banks in 1999 and rebranded from Bankers Insurance in 2024-2025.

Ownership category

akta.pro rank

Product category

Independent Insurance Agency

NAICS

Insurance Agencies and Brokerages (524210), Insurance Agencies and Brokerages (52421)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

General Liability Insurance (FSAJAMAE)

akta.pro secondary industries

Employer’s Liability (FSAJADAE), Standalone Umbrella Liability (FSAJANAE), Product Liability (FSAJADAC)

Keywords

• Independent insurance agency
• Commercial insurance brokerage
• Personal insurance coverage
• Employee benefits solutions
• Private client insurance

Headquarters

HQ city

Glen Allen

HQ country

United States

HQ region

North America

Offices21 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Commissions: Bearing Insurance operates as an independent insurance agency earning commissions from insurance carriers for placing and servicing insurance policies for clients. The agency represents multiple insurance carriers and earns commissions on new policy placements and renewals.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Bearing Insurance is an independent insurance agency that places personal, commercial, employee benefits, and private client insurance coverage on behalf of clients through licensed agents located across branch offices in Virginia, North Carolina, and West Virginia. The firm represents multiple insurance carriers and supports its book of business with a self-service online portal and mobile application for policy servicing, billing, and claims. Its products and services are delivered primarily through human agents supported by digital self-service tools, rather than through automated or direct-to-carrier channels.

Product overview

Bearing Insurance is an independent insurance agency that rebranded from Bankers Insurance in 2024. The company operates a platform offering Personal Insurance (home, auto, valuables), Commercial Insurance (property, liability, commercial auto, workers' comp, umbrella, surety bonds), Employee Benefits, and Private Client Services. The offering includes a Self-Service Portal for policy management, document access, claims submission, and bill payment, plus a mobile app for iOS and Android. The company was founded by Virginia community banks in 1999 with roots dating to 1896, and serves clients across Virginia, North Carolina, West Virginia, and expansion targets in Tennessee, DC, and Kentucky.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Insurance
• Commercial Insurance Commercial lines insurance products placed by Bearing Insurance on behalf of small and mid-sized businesses, including commercial property, general liability, workers' compensation, commercial auto, and other business coverages, with coverage shopped across multiple carrier partners. Delivered through licensed commercial agents in the agency's branch network.
• Employee Benefits Group employee benefits products and services placed by Bearing Insurance on behalf of employer clients, including group health, dental, vision, life, disability, and supplemental coverage, with ongoing administration support. Delivered through dedicated benefits professionals in the agency's branch network.
• Private Client Services Customized personal insurance and concierge-style servicing for high-net-worth individuals and families, covering high-value homes, collections, fine art, jewelry, umbrella liability, and other complex personal exposures, with access to specialty carrier partners beyond the standard personal-lines panel. Delivered through dedicated private client advisors.

Quantifiable outcome

• Over 25 years of client relationships and service excellence

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Frankenmuth InsurancecoreChannel Partner/ Reseller/ DistributorFrankenmuth Insurance is the underwriter for the North Carolina Septic Tank Association Insurance Program administered by Bearing Insurance. Bearing Insurance serves as the trusted insurance partner for NCSTA members, providing customized insurance quotes and industry-specific coverage including pollution liability, employment practices liability, and professional liability.
• Westfield InsuranceminorChannel Partner/ Reseller/ DistributorWestfield Insurance partnered with Bearing Insurance on the Legacy of Caring program, donating $10,500 to the American Red Cross (2025) and $9,500 previously (2024) for disaster recovery and home fire prevention services.
• The Hanover Insurance GroupminorChannel Partner/ Reseller/ DistributorBearing Insurance was recognized as part of The Hanover Insurance Group's President's Club in 2025, a distinction for agencies demonstrating outstanding performance and exceptional service to mutual clients.
• Builders MutualcoreChannel Partner/ Reseller/ DistributorBearing Insurance was recognized by Builders Mutual as a Builders Reserve Best of the Best Agency for 2025, awarded to agencies demonstrating top-tier performance in volume, profitability, and partnership.
• North Carolina Septic Tank Association (NCSTA)coreStrategic or Co-development PartnerBearing Insurance serves as the exclusive insurance partner for the North Carolina Septic Tank Association, providing members with customized insurance quotes and industry-specific coverage programs including specialized protections for pump trucks, contractor equipment, and pollution liability.
• Virginia Water Well AssociationminorStrategic or Co-development PartnerBearing Insurance sponsored the Virginia Water Well Association's 2025 Fall Field Day, supporting the groundwater professional community with specialized insurance programs (NCGWA, SCGWA, and GAGWP Insurance Programs).
• Virginia Craft Brewers GuildminorStrategic or Co-development PartnerFCCI Insurance Group and Bearing Insurance (formerly Bankers Insurance) co-sponsored the Virginia Craft Brewers Guild's 2024 Virginia Craft Beer Cup Awards Gala.
• Rivers AgencyminorStrategic or Co-development PartnerCreative agency partner that collaborated with Bearing Insurance to develop the new brand identity, which earned the Award of Distinction at the Communicator Awards.
• Insurance Agencies (M&A Partners)coreStrategic or Co-development PartnerBearing Insurance pursues strategic partnerships with high-performing independent insurance agencies for growth through acquisition and succession planning, offering permanence, flexibility, and capital while preserving local relationships and culture.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Marsh McLennan: Global professional services and insurance brokerage firm with extensive commercial lines capabilities. Comparable as a much larger incumbent competing in the same commercial insurance and risk management segments Bearing serves.
• USI Insurance Services: Large national insurance brokerage and consulting firm with significant Mid-Atlantic presence, offering commercial, personal, and employee benefits through regional offices. Comparable as a much larger scaled peer competing for similar client segments.
• Acrisure: Fast-growing, PE-backed insurance brokerage built on aggressive M&A across personal, commercial, and benefits. Directly comparable as a roll-up competitor bidding for the same independent agencies Bearing targets.
• Arthur J. Gallagher & Co. Global insurance brokerage and risk management firm operating a large retail agency network across commercial, personal, and benefits lines. Relevant incumbent competing for both producer talent and acquisition targets in the Mid-Atlantic.
• Brown & Brown Insurance: Large national insurance brokerage and agency offering personal, commercial, employee benefits, and specialty lines through a decentralized branch model. Comparable as a much larger, diversified independent-agency competitor pursuing acquisitions.

Direct peers

• Hilb Group & Affiliates: Mid-Atlantic-based independent insurance agency and brokerage with a heavy M&A roll-up strategy across personal, commercial, and benefits lines. Directly comparable to Bearing Insurance in geographic footprint, product mix, and acquisition-driven growth model.
• Pritchard & Jerden: Independent insurance agency based in Virginia serving commercial and personal clients with multiple carrier access. Closely comparable as a same-state, similarly-scaled agency operating in overlapping Mid-Atlantic markets.
• Keystone Insurers Group: Independent insurance agency alliance/network serving the Mid-Atlantic and Southeast through member agencies with multi-carrier access. Comparable as a peer-owned network of independent agencies covering similar personal/commercial lines.
• Correll Insurance Group: Regional independent insurance agency in Virginia and the Carolinas offering personal, commercial, and group benefits through multiple carriers. Closely comparable geography, product portfolio, and independent agency structure.
• Rich & Cartmill: Independent insurance agency headquartered in the Mid-Atlantic serving Virginia and surrounding states across personal, commercial, and benefits lines. Operates with similar multi-branch, multi-carrier agency model and bank-affiliated heritage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@BearingInsurance
• Facebookfacebook.com/bearinginsurance
• LinkedInlinkedin.com/company/bearing-insurance
• Xx.com/bearingins

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A

Investments

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

Frequently asked questions about Bearing Insurance