Hancock Holding Co. has sold an insurance unit as part of a larger agreement with a Florida insurance company.

Fortegra Financial Corp. said late Thursday that it had purchased Magna Insurance Co. from the Gulfport, Miss., banking company on Dec. 29. The companies did not disclose a price.

Magna handles credit, annuity and mortgage life insurance. As part of the agreement, Fortegra extended a marketing agreement with Harrison Finance, another unit of the $20 billion-asset Hancock, for three additional years.

Hancock, which bought Magna in 2004 from the former Union Planters Corp., still owns several insurance-related businesses, including Hancock Insurance Agency and Whitney Insurance Agency Inc.

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