BancorpSouth buying Louisiana-based insurance firm

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News,Business,Finance and Banking,Louisiana,Insurance Industry,Mergers and Acquisitions

TUPELO, Miss. (AP) — BancorpSouth Insurance Services Inc., a subsidiary of BancorpSouth Bank, has agreed to acquire the assets of Lafayette, La.-based Knox Insurance Group LLC.

Financial terms of the pending transaction were not disclosed.

BancorpSouth officials say in a news release with the acquisition the company will expand its market share in Southwest Louisiana.

Knox Insurance Group was formed in 1972 and currently produces annual revenues of about $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 workers' compensation, business auto, property and casualty and general/umbrella liability.

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