Surrey Bank & Trust to sell SB&T Insurance to Mountcastle Insurance

TAGS

North Carolina-based Surrey Bank & Trust has agreed to divest , its fully-owned subsidiary, to for an undisclosed price.

SB&T Insurance is an independent insurance agency, which specializes in providing home, auto, and business insurance in Mount Airy and other communities in Surrey County, .

On the other hand, Mountcastle Insurance is a full-service independent agency based in Lexington, North Carolina.

The acquisition will be completed on or before 1 February 2021.

See also  AXA to divest Malaysian insurance business to Generali for €140m

According to , Senior Vice-President of SB&T Insurance, the deal will give the company’s customers access to a larger number of insurance carriers for existing lines of business, new insurance markets, along with increased depth in back-office servicing and support.

Tina Johnson said: “The alignment will benefit our customers and our community.

SB&T Insurance will continue its operations at its present Mount Airy location. Its entire staff will become employees of Mountcastle Insurance and there will not be any interruption in service or coverage in the transition.

See also  Larsen & Toubro to acquire B2B SaaS company Help Lightning for $2.5m

Mountcastle Insurance, which was founded in 1890, is among the oldest independent insurance agencies in North Carolina. Currently, the insurance agency has offices in Lexington and Winston-Salem.

Mountcastle Insurance is specialized in providing commercial and personal insurance and employee benefits.

Walt Rouse – co-owner of Mountcastle Insurance said: “Aligned values in customer service and commitment to the communities they serve.

See also  Monument Re to sell closed life insurer Robein Leven to Chesnara

“We look forward to rounding out the product offerings available to their existing customers and establishing new relationships in the community.”


Discover more from Business-News-Today.com

Subscribe to get the latest posts sent to your email.

CATEGORIES
TAGS
Share This