BancorpSouth Insurance Services has acquired the property and casualty business of the Springfield, Missouri, office of Arthur Gallagher, Risk Management Services.

The agency will operate as the Southwest Missouri Insurance Group (SMI Group), a division of BancorpSouth Insurance Services. The SMI Group will continue to operate at its current Springfield location, under the management of SMI Group president Chris Stack and associates Jim Morris and Jim Sanders. The existing staff is expected to remain.

Aubrey Patterson, chairman and CEO of BancorpSouth, said: This acquisition provides our company with the opportunity to continue expanding our successful insurance brokerage business. We already have a strong presence in the Springfield and St Louis market areas through our existing commercial banking operations. This latest addition to our insurance line of business provides the opportunity to offer our clients in these market areas an even greater depth of financial services.