Securance Group assets face acquisition
A Brewton insurance agency is spreading its wings this week by becoming a part of a national insurance services organization.
BancorpSouth Insurance Services, Inc., has signed an agreement to acquire the assets of The Securance Group, Inc., an independent property and casualty and life and health insurance agency headquartered in Brewton.
Yank Lovelace, President and CEO of The Securance Group, Inc. said the agreement will give his agency more flexibility with clients.
“This new relationship will enable us to continue bringing new resources to our clients,” Lovelace said. “All while complementing our agency’s growth and development as we work and share all of the unique talents and skills within BancorpSouth’s agency network.”
In addition to the agency’s Brewton headquarters office, Securance Group also operates offices in Montgomery and Troy.
BancorpSouth president, James Threadgill, said the acquisition is exciting for his company.
“Securance Group is a well-run, multi-lines agency, and we have the utmost respect for Yank and his management and staff,” Threadgill said. “We look forward to the agency becoming part of the BancorpSouth family. 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.”
BancorpSouth Insurance Services, Inc. currently serves the Birmingham and Mobile markets.
The transaction is expected to close on July 2nd. Financial terms of the pending transaction were not disclosed.
BancorpSouth Insurance Services, Inc. ranks as the nation’s 26th largest insurance firm based on the latest rankings available for top insurance brokerage firms in America by Business Insurance. BancorpSouth Insurance Services, Inc. currently operates approximately 26 offices, with over 500 associates serving clients across the country. A subsidiary of BancorpSouth Bank, BankcorpSouth Insurance Serivces, Inc., is headquartered in Tupelo, Miss.