Bankers Insurance, a Virginia-based independent insurance agency, has acquired substantially all of the assets and assumed certain liabilities of brokerage firm, Gateway Insurance Services from Hampton Roads Bankshares.

The insurance broker paid for the acquisition with cash and by offering a membership unit to Hampton Roads Bankshares, the holding company of Bank of Hampton Roads.

Gateway Insurance Services offers property and casualty insurance services and has five offices in eastern North Carolina and one office in eastern Virginia.

The Gateway’s services include life, health, disability, and long-term care insurance for groups and individuals.

According to Bankers Insurance the addition of Gateway Insurance Services brings strong resources and additional growth opportunities to the agency.

In connection to this acquisition, Bankers Insurance has appointed Suzette Ward as regional vice president of eastern North Carolina.

Bankers Insurance president & CEO Marshall Fleming said the firm is excited to be expanding into the eastern North Carolina area and look forward to partnering with the Bank of Hampton Roads.