BancorpSouth Insurance Services Inc., a subsidiary of BancorpSouth Bank, headquartered in Tupelo, Mississippi, announced today that it has signed a definitive agreement to acquire the assets of The Securance Group Inc., an independent property and casualty and life and health insurance agency headquartered in Brewton, Alabama.
The transaction is expected to close on July 2nd. Financial terms of the pending transaction were not disclosed.
BancorpSouth Chairman and CEO Aubrey Patterson said, “This agreement to acquire the assets of Securance Group reflects our long-term strategy to expand our successful insurance brokerage business, already among the banking industry’s largest. The growth of our insurance business has been a key contributor to the expansion of our fee-based revenues. Insurance commission revenue accounted for nearly one-third of noninterest revenue for 2011, which, in turn, increased to a record 38.4% of total revenue for the year. Our insurance services enable BancorpSouth to serve more of our clients’ needs, while diversifying and enhancing the stability of the Company’s total revenue.”
Yank Lovelace, President and CEO of The Securance Group, Inc. said, “This new relationship will enable us to continue bringing new resources to our clients, while complementing our agency’s growth and development as we work and share all of the unique talents and skills within BancorpSouth’s agency network.”
In addition to the agency’s Brewton, Alabama headquarters office, Securance Group also operates offices in Montgomery, the state’s capital, and in Troy, located in southeast Alabama. BancorpSouth Insurance Services, Inc. currently serves the Birmingham and Mobile, Alabama markets.
“Securance Group is a well-run, multi-lines agency, and we have the utmost respect for Yank and his management and staff. We look forward to the agency becoming part of the BancorpSouth family,” commented Markham McKnight, BancorpSouth Insurance Services, Inc. President.
James Threadgill, BancorpSouth’s Vice Chairman of Financial Services added, “While expanding our existing agency franchise, the pending Securance Group acquisition will also help solidify our Alabama market coverage by complementing our existing Mobile and Birmingham market areas.”
BancorpSouth Insurance Services, Inc. ranks as the nation’s 26th largest insurance firm based on the latest rankings available for top insurance brokerage firms in America by Business Insurance. BancorpSouth Insurance Services, Inc. currently operates approximately 26 offices, with over 500 associates serving clients across the country.