Rains Insurance Inc. has acquired the operating assets of Chattanooga-based Sunbelt Group, marking the first acquisition of an independent insurance agency by Rains.
Rains, also an independent agency, is a subsidiary of Knoxville-based SmartBank, a commercial bank with operations in Tennessee, Alabama and part of Florida. Rains provides personal, commercial, life and health insurance. It has locations throughout the Southeast. Mark Slater is president.
Sunbelt, formed in 1984, is a full-service insurance agency providing personal and commercial property and casualty insurance, as well as life and health insurance. Sunbelt also has a department focused on the transportation industry.
Terms of the deal were not disclosed, but a company statement said the transaction was effective Sept. 1.
Topics Mergers & Acquisitions
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