BancorpSouth acquires Texas insurance company

Published 8:35 pm Tuesday, February 5, 2008

BancorpSouth Insurance Services Inc., a subsidiary of BancorpSouth Bank, said Monday it has signed a deal to buy JMG/IC Insurance Agency Inc. of Nacogdoches, Texas.

Terms of the deal were not disclosed.

“This acquisition provides a strong addition to our growing Texas franchise. It provides us with the opportunity to continue expanding our successful insurance brokerage business with a highly regarded insurance agency,” BancorpSouth Chairman and CEO Aubrey Patterson said in a statement.

Sign up for our daily email newsletter

Get the latest news sent to your inbox

Joe Max Green, chairman of JMG/IC Insurance Agency, said the company will be able to expand its services to its customers and remain competitive.

JMG/IC was founded in 1962 and has written premiums of more than $100 million. The company operates in Itasca, Ill.; and in Houston, Livingston, Tyler, Henderson and Athens in Texas.

The agency’s major lines of business include, commercial, group, personal, surety, life and health insurance products.

BancorpSouth Bank is a wholly owned subsidiary of BancorpSouth Inc. with $13.2 billion in assets. It is headquartered in Tupelo, Miss., with branches in Alabama, Arkansas, Florida, Louisiana, Missouri, Tennessee and Texas.

On the Net: