RICHMOND, Va. The Virginia Bankers Insurance Center, a consortium of 67 community banks, has announced its third deal for an insurance agency in two months.
The consortium said last week that it intends to buy Welton, Duke & Hawks, a full-service, independent agency in Portsmouth, Va., and its affiliate, Valley Insurance Agencies, in Lexington, Va. The deal is expected to close in December.
The groups first acquisition deal, of Blue Ridge Insurance Group and its Ewald-Lester Life Agency subsidiary in Wytheville, was announced in August and just closed. Its deal to buy Insurance Partners of Virginia, announced in September, is scheduled to close next month.
Insurance Partners is a multiline agency based in Staunton and has offices in Front Royal, Harrisonburg, Stuarts Draft, Waynesboro, and Charlottesville. Terms for the deals were not available.
The consortium was established in July 1999 to help community banks in Virginia buy insurance agencies and market the products to their banking customers.