Local insurance firm merges with S.C. peer

Nashville-based SouthPoint Risk has been acquired by a regional peer for an undisclosed sum in what is being termed a merger.

According to a release, the local agency is now part of Spartanburg, S.C.-based Correll Insurance Group.

In addition, Memphis-based Insight Risk Management was part of the merger, which has yielded a 425-employee, 42-office company now billed as one of the largest independent insurance agencies headquartered in the Southeast. The new company boasts nearly $80 million in annual revenues.

SouthPoint Risk and Insight Risk Management will maintain their respective brands as branches of Correll Insurance Group, the release notes.

In addition to Nashville, SouthPoint Risk operates locations in Clarksville, Dickson, Knoxville, Maryville, McMinnville and Russellville, Ky.

The release notes Correll has made 10 acquisitions in four states since 2020, with the firm now operating offices in South Carolina, North Carolina, Tennessee, Kentucky, Arkansas and Mississippi.

Correll and its branches specialize in providing services to the construction, agriculture, government, hospitality, entertainment, transportation, nonprofit, manufacturing, real estate, education and finance sectors.

"Correll Insurance Group gives us great opportunity, better capabilities and greater resources to serve our customers," Tracy Lomax, SouthPoint Risk president and CEO, said in the release. "Our team couldn't be more excited about this new chapter as well as the value this partnership has brought to everyone involved."

Jon Jensen serves as CEO of Correll Insurance Group, which was founded almost 90 years ago.