City National Bank Sells Insurance Operations to Virginia Company

City National Bank has sold its insurance operations to a Virginia company.

City National’s parent, City Holding Company, says in a news release that the sale of CityInsurance to The Hilb Group in Richmond, Virginia, was effective Jan. 1.

Under the agreement, James Myers will remain president of CityInsurance. The insurer will continue to operate from City National’s West Virginia offices in the Charleston area and a branch in Beckley.

The Hilb Group is a middle market insurance broker with 12 offices in seven states.

City Holding President and CEO Charles Hageboeck says in the release that the company’s Board of Directors decided CityInsurance would be more successful under an organization dedicated solely to the insurance business.