Strickland Insurance Brokers Inc., a wholly owned subsidiary of Goldsboro, N.C.-based Strickland Insurance Group Inc., announced it has acquired the assets of Palmyra, Va.-based Tower Transportation Underwriters Inc.
Tower Transportation Underwriters is a managing general agency that has been servicing the needs of independent agents in Virginia and Delaware since 1963. Tower Transportation Underwriters, which has specialized in commercial and public transportation risks since its founding, will now become part of Strickland Insurance Brokers.
Strickland Insurance Group said Tower Transportation Underwriters fits exceptionally well with Strickland Insurance Brokers’ growth strategy in the mid-Atlantic. “This acquisition further enhances Strickland Insurance Brokers’ footprint and we look forward to building on Tower’s excellent agent and carrier relationships,” Strickland Insurance Group President Robbie Strickland said.
Stamford, Conn.-based Philo Smith Capital Corp. served as Strickland Insurance Brokers’ exclusive consultant for this transaction.
Strickland Insurance Brokers is an MGA and wholesale broker representing over 20 different insurance companies. It offers property, general liability, commercial auto liability, physical damage, cargo, professional liability, environmental liability and select personal lines products to over 1,200 retail agents in the eastern U.S.
Strickland Insurance Group is also the parent company of Atlantic Casualty, which is authorized to write business on a non-admitted basis in 49 states and the District of Columbia, and operates as an admitted carrier in North Carolina. Its product lines include commercial auto, commercial general liability, inland marine, and commercial property. Its products are sold exclusively through over 100 wholesale agents.