BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2015

BUSINESS COMBINATIONS [Abstract]

BUSINESS COMBINATIONS

(2)  BUSINESS COMBINATIONS

On April 10, 2014, the Company purchased certain assets of Knox Insurance Group, LLC (“Knox”), an independent insurance agency located in Lafayette, Louisiana.  Consideration paid to complete this transaction consisted of cash paid to Knox shareholders in the aggregate amount of $7.0 million. The provisions of the related purchase agreement also provide for additional aggregate consideration of up to $2.4 million in cash to be paid in three annual installments if certain performance criteria are met.  As of December 31, 2015, the Company has paid approximately $352,000 in cash under this agreement.  This acquisition was not material to the financial position or results of operations of the Company.

On December 18, 2013, the Company announced the purchase of certain assets of GEM Insurance Agencies, LP (“GEM”), an independent insurance agency located in Houston, Texas. Consideration paid to complete this transaction consisted of cash paid to GEM in the aggregate amount of $20.7 million.  The provisions of the related purchase agreement also provide for additional aggregate consideration of up to $6.2 million in cash to be paid in three annual installments if certain performance criteria are met. As of December 31, 2015, the Company has paid $3.0million in cash under this agreement.  This acquisition was not material to the financial position or results of operations of the Company.