Lafayette-based Knox Insurance Group LLC’s assets are being acquired by BancorpSouth Insurance Services Inc., a subsidiary of BancorpSouth Bank in Tupelo, Miss.

Financial terms were not disclosed Wednesday, and the transaction was expected to be completed immediately.

Knox was formed in 1972 and produces annual revenue of about $3 million.

“The Knox acquisition gives us an opportunity to meaningfully expand our market share in southwest Louisiana,” said Dan Rollins, CEO of BancorpSouth. “Knox has a strong track record of revenue growth as well as a number of large commercial relationships adding significant value to our current book of business.”

Knox has a diverse client base, including agricultural processing, construction, energy, manufacturing, marine, medical and transportation customers. Product specialties include workers’ compensation, business auto, property and casualty, and general/umbrella liability.

For the past 15 years, Knox operated under the leadership of owners/brokers Dwayne David and Randall Bonaventure, who will continue to lead the business at 2014 West Pinhook Road #610 in Lafayette.

“They operate a very customer-focused model similar to that of our agency and we are impressed by the book of business that they have been able to build,” said Markham McKnight, president of BXSI. “We are able to equip them with new product and service offerings, benefiting both current and potential customers.”

BXSI ranks as the nation’s 33rd largest insurance firm, based on the latest rankings available for top insurance brokerage firms in America by Business Insurance. BXSI currently operates 29 offices, with more than 500 employees serving clients across the country.