Regions Insurance Acquires Galbreath Insurance Agency

Regions Insurance Group, a subsidiary of Regions Financial Corp., has through its subsidiary Rebsamen Insurance Inc. acquired the customer accounts of Memphis-based Galbreath Insurance Agency. In addition, Rebsamen has announced senior executive level promotions in its Little Rock, Ark., headquarters office.

Rebsamen purchased all of the commercial and personal insurance accounts of the Galbreath Agency. Terms of the transaction will not be disclosed. The agency’s principles, George Clarke Jr. and George Clarke Sr., and their staff have joined Rebsamen in its newly opened Memphis office at 6200 Poplar Avenue.

“The acquisition of the Galbreath client relationships gives us an entrance into the strategically important Memphis market,” said David L. “Casey” Bowlin, Regions Insurance Group president and CEO. “This city is significant to us because of the large market share it represents for Regions Bank, and because of its status as the headquarters location of both Regions Insurance Group and Regions’ brokerage and investment banking subsidiary, Morgan Keegan & Co. Inc.

“Regions’ customers in Memphis will benefit from the opportunity to purchase insurance and other risk management services from a nationally renown insurance firm in Rebsamen,” Bowlin said, noting that the new Rebsamen office is located in the former headquarters of Union Planters Corp., which merged with Regions in July 2004. “Clients of the agency will continue to be served locally by the experienced and expert team of professionals led by George Clarke Jr.”

W. Percy Galbreath, III, former owner of the agency, will not be affiliated with Rebsamen and will continue to operate his real estate business.

The Rebsamen promotions are the naming of James R. “Jim” Hill as president and chief operating officer and Joel R. “Jody” Styles to the post of senior vice president and general counsel. Both men have also been named to the Regions Insurance Group operating committee.

Hill, 56, was most recently senior vice president and sales manager for Rebsamen. Styles, 38, joined Rebsamen in 2004 as associate general counsel. Each will continue to be based in Rebsamen’s Little Rock office and report to Fred Stone, chairman and CEO of Rebsamen.

Hill has some 30 years’ experience in the insurance industry; while Styles previously worked as a senior adjuster for Hartford Insurance and risk manager for both Dillard’s Department Stores and KB Toys.

“These appointments have been made to strengthen the group’s management team, which will work with acquired agencies such as Galbreath to ensure the consistency and quality of products and client service across the Regions footprint,” Bowlin said. “Both Hill and Styles are insurance industry veterans with specialized areas of expertise.

“We are fortunate to have individuals of their caliber as members of our operating committee as we move forward with our future growth plans,” he said.

Topics Mergers & Acquisitions