TUPELO – Renasant Corp. has sold the assets of Renasant Insurance, Inc. to Sunstar Insurance Group LLC, effective July 1.
Financial terms of the agreement were not disclosed.
Memphis-based Sunstar is an insurance broker, risk management consultant and provider of employee benefits coverages and other human capital solutions With more than $1.2 billion in premiums placed, Sunstar is ranked as the 33rd largest independent insurance agency in the country. Sunstar’s 700+ partners and employees operate from more than 50 offices in six states across the Southeast and Lower Midwest. The acquisition of Renasant Insurance represents Sunstar’s strategic entry into Mississippi.
Renasant Insurance will rebrand itself as Sunstar Insurance Services. All current Renasant Insurance leadership and employees have joined Sunstar, and all Renasant Insurance locations will remain open following this transaction.
“This transaction provides a great opportunity for both our customers and employees to continue with Sunstar and build on the legacy of Renasant Insurance,” said Renasant CEO Mitch Waycaster. “By joining Sunstar, our insurance customers will have access to an enhanced suite of products and services, and our employees will now benefit from Sunstar’s specialized resources and expertise.”
As part of the transaction, Renasant will maintain a strategic relationship with Sunstar, providing the opportunity for banking customers across Renasant’s geographic footprint to gain access to the insurance and employee benefits products and services offered by Sunstar.
“Even with our new name, you’ll still be served by the same leadership, same people and same regional service,” said Bill Dalton, Sunstar Insurance Services President and former President of Renasant Insurance. “We’ve served this community for more than 25 years, and we are here to help protect what matters most so our customers can prosper in life and business. We believe now, more than ever, we are positioned to help our customers achieve great success.”
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.