TUPELO – BancorpSouth Insurance Services said Wednesday it is acquiring GEM insurance Agencies of Houston, Texas, for an undisclosed sum.
BancorpSouth Insurance, also known as BXSI, is the insurance subsidiary of financial holding company BancorpSouth Inc. It is the 33rd-largest insurance firm in the U.S., according to America by Business Insurance, with 29 offices and more than 500 employees.
The deal, expected to be completed by Dec. 31, is expected to add about $11 million in annual revenue.
During the third quarter, BancorpSouth posted insurance commission revenue of $23.8 million.
Ed Schreiber, GEM’s president, will continue to run its operations.
GEM was formed in 1954.
As a part of the transaction, BXSI’s existing Houston office will relocate to GEM’s office.