BancorpSouth Insurance Services, Inc., a subsidiary of BancorpSouth Bank, headquartered in Tupelo, Miss., has agreed to acquire the Nacogdoches, Texas — based JMG/IC Insurance Agency, Inc.
The effective date of the transaction will be Jan. 1, 2008. Financial terms of the acquisition were not disclosed.
BancorpSouth Chairman and CEO Aubrey Patterson said this acquisition provides a “strong addition” to the firm’s growing Texas franchise.
JMG/IC was founded in 1962 and now reports written premiums in excess of $100 million.
The agency also operates affiliated branches and divisions in Itasca, Illinois, a Chicago suburb, and in Houston, Livingston, Tyler, Henderson and Athens, Texas.
The agency’s major lines of business include, commercial, group, personal, surety, life and health insurance products.
At Sept. 30, 2007, BancorpSouth Bank, parent company of BancorpSouth Insurance Services, Inc., ranked sixth nationally among banks in insurance brokerage fee income according to the Michael White/Symetra Bank Fee Income Report 2007.
BancorpSouth Bank is a wholly-owned subsidiary of BancorpSouth, Inc. , a financial services company with approximately $13.2 billion in assets. BancorpSouth Bank operates approximately 290 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas.
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