BancorpSouth Insurance Services (BXSI) has signed an agreement to purchase the assets of Houston, Texas-based GEM Insurance Agencies, for an undisclosed sum.
BancorpSouth CEO Dan Rollins said the GEM acquisition gives the firm an opportunity to enhance its presence significantly and expand its platform in a high-growth market.
"GEM’s growth strategy, operating structure, and customer-based focus are similar to our operations in Houston and across our footprint. We are extremely excited to welcome the GEM team to the BancorpSouth family," Rollins added.
Following completion of the transaction, which is anticipated to conclude before year end, the integrated business will generate nearly $11m in annual revenues. It will operate under the leadership of Ed Schreiber, the current president of GEM.
Under the terms of the deal, BXSI’s existing Houston office will relocate into GEM’s current office located at 3355 West Alabama Street in Houston.
BXSI president Markham McKnight commented, "Their core property/casualty business complements our current specialties while giving us the opportunity to significantly increase our health insurance and voluntary employee benefit offerings."
Operating as a subsidiary of BancorpSouth Bank, insurance brokerage firm BXSI currently manages 29 offices with over 500 associates serving clients across the country.