NU Online News Service, Aug. 12, 2003, 12:33 p.m. EDT – Hancock Holding Company, Gulfport, Miss., plans to acquire the ability to write life insurance in 14 more Southern and Midwestern states by buying Magna Insurance Company from Union Planters Corp., Memphis, Tenn.
Hancock, the parent of Hancock Bank, Hancock Investment Services Inc., Hancock Insurance Agency and Harrison Life Insurance Company, manages $4 billion in assets. Its Harrison Life subsidiary has licenses to write life insurance in Louisiana and Mississippi.
Magna has only $28 million in assets, but it has licenses to issue life insurance in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Missouri, North Carolina, South Carolina, Tennessee, Texas and Virginia.
Hancock says it hopes to complete the Magna deal by the end of the year and combine Magna with Harrison Life.
The price of the deal not immediately available.