For the first time in seven years, Rangers Ballpark in Arlington has a new name.

Globe Life, an insurance company based in McKinney, a suburb north of Dallas, has reached agreement with the Texas Rangers on a 10-year naming-rights deal, meaning the stadium now will be called Globe Life Park in Arlington.

"This agreement makes us a stronger organization -- on the field and in our community," Rangers co-chairmen Ray Davis and Bob Simpson said in a joint statement. "It will give us increased flexibility and help us remain competitive from both short-term and long-term perspectives."

The deal was announced at a news conference on Wednesday, along with a new logo that will be displayed throughout the park and on top of the dugouts.