TUPELO, Miss., April 9, 2014 /PRNewswire/ -- BancorpSouth, Inc. (NYSE: BXS) announced today that BancorpSouth Insurance Services, Inc. ("BXSI"), a subsidiary of BancorpSouth Bank, headquartered in Tupelo, Mississippi, signed a definitive agreement to acquire the assets of Lafayette, Louisiana-based Knox Insurance Group, LLC ("Knox"). 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," commented 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 at 2014 West Pinhook Road #610 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.
Markham McKnight, President of BXSI, added, "We are excited about the opportunity to add Dwayne, Randall and their team to our existing agency platform. They operate a very customer-focused model similar to that of our agency and we are impressed by the book of business that they have been able to build. We are able to equip them with new product and service offerings benefiting both current and potential customers."David commented, "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." Bonaventure added, "I am thrilled about the possibilities that this new relationship provides. I am confident that the additional resources that will be at our disposal will even better position us to build on the success that we have had and the momentum that we have built over the last several years."