BancorpSouth buying Louisiana-based insurance firm
by MBJ Staff
Published: April 10,2014
Tags: acquisition, BancorpSouth Bank, BancorpSouth Insurance Services Inc., bank, banking, Dan Rollins, definitive agreement, Dwayne David, finance, financial institution, insurance, Knox Insurance Group, merger, purchase, Randall Bonaventure, sale, sell
TUPELO — BancorpSouth Insurance Services Inc., a subsidiary of BancorpSouth Bank, has, signed a definitive agreement to acquire the assets of Lafayette, La.-based Knox Insurance Group, LLC.
The transaction is expected to close immediately. Financial terms of the pending transaction were not disclosed.
“The Knox acquisition gives us an opportunity to meaningfully expand our market share in Southwest Louisiana,” said Dan Rollins, CEO of BancorpSouth. “Knox has a strong track record of revenue growth as well as a number of large commercial relationships adding significant value to our current book of business.”
Knox was formed in 1972 and currently produces annual revenues of approximately $3 million. For the past 15 years, Knox operated under the leadership of current owners/brokers Dwayne David and Randall Bonaventure. Knox will continue to operate under their leadership in its current location in Lafayette. Knox has a diverse client base including agricultural processing, construction, energy, manufacturing, marine, medical, and transportation. Product specialties include, but are not limited to, workers’ compensation, business auto, property and casualty and general/umbrella liability.
David said, “We are delighted to join forces with BancorpSouth, an organization that has a tremendous amount of respect in our industry. The additional products and services that a company of this scale can provide will be an asset to both Randall and myself, as producers, and to our customer base.”
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