TUPELO — BancorpSouth Insurance Services Inc., a subsidiary of BancorpSouth Bank, has signed a definitive agreement to acquire the assets of The Securance Group Inc., an independent property and casualty and life and health insurance agency headquartered in Brewton, Ala.
The transaction is expected to close July 2. Financial terms of the pending transaction were not disclosed.
BancorpSouth chairman and CEO Aubrey Patterson said, “This agreement to acquire the assets of Securance Group reflects our long-term strategy to expand our successful insurance brokerage business, already among the banking industry’s largest. The growth of our insurance business has been a key contributor to the expansion of our 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% of total revenue for the year. Our insurance services enable BancorpSouth to serve more of our clients’ needs, while diversifying and enhancing the stability of the Company’s total revenue.”
In addition to the agency’s Brewton, Ala., headquarters, Securance Group also operates offices in Montgomery and Troy.
BancorpSouth Insurance currently serves the Birmingham and Mobile, Ala., markets.
James Threadgill, BancorpSouth’s vice chairman of financial services, said, “While expanding our existing agency franchise, the pending Securance Group acquisition will also help solidify our Alabama market coverage by complementing our existing Mobile and Birmingham market areas.”