BXS Insurance and Altera Payroll & Insurance Merge Expanding Client Services
TUPELO, Miss. -- March 3, 2022 – BXS Insurance, Inc. (“BXSI”) and Altera Payroll & Insurance, Inc., both wholly-owned subsidiaries of Cadence Bank (NYSE: CADE), formerly BancorpSouth Bank, today announced their merger. Effective March 1, 2022, Altera is a division of BXSI, expanding services available to BXSI’s clients.
Together, BXSI and Altera provide employers of all sizes with a holistic approach to services ranging from property and casualty insurance to group employee benefits, human resources and payroll solutions. With more than 38,000 total clients, BXSI and Altera share 1,600 payroll and human resources clients and a combined 2,100 group benefit plans.
“By joining forces, we are able to bring even more value to our clients, delivering not only a full array of insurance products and services but also employee benefits management and full-service technology that streamlines our clients’ human resources processes from the day an employee is hired to the day they retire,” said Markham McKight. “Our combined solutions and expertise let clients focus on what matters most – growing their business.”
Altera is the only Human Resources Information Systems (HRIS) provider of its kind to offer full-service banking, insurance and risk solutions, in partnership with Cadence Bank and BXSI, in addition to a full suite of human resources services. These services include payroll and taxes, time and labor, human resources management and consulting, data management, compliance, benefits administration, health insurance, and property and casualty insurance.
Altera President Derek Whitworth added: “At Altera, our value proposition emphasizes the importance of connection. We excel in connecting our services through an outstanding customer experience that begins with understanding our clients’ current processes and vendors. Connecting more deeply, we demonstrate how our integrated, best-in-class solutions help clients enhance their business goals and efficiency.”
About Cadence Bank
Cadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately $50 billion in assets and more than 400 branch locations across the South, Midwest and Texas. Cadence provides consumers, businesses and corporations with a full range of innovative banking and financial solutions. Services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, and personal and business insurance. Cadence is committed to a culture of respect, diversity and inclusion in both its workplace and communities. Cadence Bank, Member FDIC. Equal Housing Lender.
BXSI is the second largest bank-owned insurance broker in the nation and is consistently named among the top 40 largest brokers in the U.S based on total revenue. This large, nationally recognized firm has strategically grown to 30 offices across eight states. From small companies to organizations with more than 10,000 employees, BXSI delivers the highest standard in brokerage services. It has become an industry leader in commercial insurance, surety, employee benefits and private client brokerage services by investing in technology and human capital to expand service offerings and create a competitive advantage for clients.
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