BancorpSouth expands

BancorpSouth announced today that BancorpSouth Insurance Services, a wholly-owned subsidiary of BancorpSouth Bank, acquired certain assets of Waguespack & Associates Insurance, Inc., an independent insurance agency in Gonzales that handles commercial and personal lines insurance.
Timothy A. Waguespack and Michael W. Waguespack established the agency in 1986 and Waguespack & Associates is now one of the largest independent insurance agencies in Ascension Parish and the surrounding area, currently producing annual revenues of approximately $3 million.
According to BXSI President Markham McKnight, Waguespack’s growth strategy and customer-based focus are similar to BXSI’s operating structure.
“We are excited to welcome Tim, Mike and their team to the BancorpSouth family,” said McKnight. “Their core property/casualty, life and health business complements our personal and business solutions, and we believe our new relationship will benefit both current and prospective clients.”
Tim Waguespack is president of the agency. He has been in the insurance industry since 1978. Michael Waguespack serves as vice president of the agency and has been in the insurance industry since 1979.
“We are excited to be a part of an organization that has a strong history and legacy in Louisiana dating back to 1882,” said Tim Waguespack. “Like Wright & Percy, which joined BXSI in 2003, Waguespack & Associates is evolving. Becoming part of BancorpSouth gives us the opportunity to provide our clients a wealth of new resources such as loss control, risk management resources, health care reform and an array of other specialty services. Working with a respected insurance team whose vision and philosophy regarding plan management and client service are in tune with our client service philosophy and practice will help to provide new market opportunities and growth for our team.”
“We expect our new relationship with BancorpSouth to give us the ability to expand our product offerings and capabilities with our current client base as well as provide us the tools to continue to win new business,” said Mike Waguespack. “As one of the nation’s most respected independent agencies, we have the utmost respect for Markham McKnight and the BXSI team.”