BancorpSouth Insurance Services of Tupelo, Miss., has added another insurance agency as it seeks to expand in Missouri.
On Friday, the BancorpSouth Inc. unit said it closed its acquisition of Arthur J. Gallagher & Co.'s property and casualty insurance agency to complement its banking services in Missouri. The price was not disclosed.
The deal, announced Dec. 31, was made less than a year after the $13 billion-asset BancorpSouth Inc. acquired Signature Bank of Springfield, Mo.
BancorpSouth said that Arthur J. Gallagher will change its name to Southwest Missouri Insurance Group and will be a division of its insurance arm.
As of June 30, BancorpSouth ranked 12th among bank holding companies in insurance revenue, up from 19th a year earlier, according to data from Michael White Associates LLC and the American Bankers Insurance Association.
