Nashville, Tenn.-based Bankers Insurance Group bought Mann, Smith & Cummings of Clarksville from the Synaxis Group, also of Nashville. The purchase brings Bankers annual premium revenues to $20 million. Mann, Smith provides commercial insurance to small businesses and personal lines such as auto insurance to individuals.
David Cummings and Walton Smith will continue as executive vice presidents to run the 18-employee Mann, Smith agency.
The purchase allows Bankers Insurance to offer personal lines as well.
The acquisition is significant to Bankers Insurance’s because it plans to offer its products through banks in Kentucky and Georgia. In the Bluegrass state, the company recently began offering environmental insurance after an endorsement from the Kentucky Bankers Association.
“Since this agency is on the Kentucky border, it allows us a much easier entry into Kentucky,” Arnold said. He said the deal is the first step in expansion plans. Bankers sells more than 50 insurance products through 30 community banks.
Topics Mergers & Acquisitions Georgia
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