BancorpSouth Insurance Services Inc., headquartered in Tupelo, Mississippi, has agreed to acquire the assets of The Securance Group, Inc., an independent property/casualty and life/health insurance agency headquartered in Brewton, Alabama.
The transaction is expected to close on July 2. Financial terms of the pending transaction were not disclosed.
BancorpSouth Chairman and CEO Aubrey Patterson said this acquisitions reflects the firm’s “long-term strategy to expand its insurance brokerage business.” He said the growth of its insurance business has been a key contributor to the expansion of 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 percent of total revenue for the year.
In addition to the agency’s Brewton, Alabama headquarters office, Securance Group also operates offices in Montgomery and in Troy.
BancorpSouth Insurance Services, a subsidiary of BancorpSouth Bank, currently currently serves the Birmingham and Mobile markets with 26 offices.