ARLINGTON (CBSDFW.COM) — The Texas Rangers and Globe Life And Accident Insurance Company have entered a 10-year agreement for the naming rights to the team’s ballpark.

The venue, formerly known as Rangers Ballpark in Arlington, will become “Globe Life Park in Arlington” effective immediately. The terms of the deal were not disclosed.

“Globe Life is the perfect partner–a Texas-based company that has been helping families with their insurance needs for more than 60 years,” commented Rangers Co-Chairmen Ray Davis and Bob Simpson. “This agreement makes us a stronger organization–on the field and in our community. It will give us increased flexibility and help us remain competitive from both short-term and long-term perspectives.”

The Globe Life And Accident Insurance Company has executive offices in Oklahoma City, but the company is a wholly owned subsidiary of Torchmark Corporation, which is based in McKinney.

The company, which provides life and health insurance nationwide, currently has approximately 3.9 million policy holders representing more than $60 billion in insurance.

The home of the Rangers opened in 1994 as the Ballpark in Arlington, but was temporarily named Ameriquest Field from 2004-07. The name was again changed when Ameriquest Mortgage was shut down.

Only nine MLB stadiums currently do not have a naming sponsor, including Angel Stadium of Anaheim.

(©2014 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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