The Rangers Ballpark in Arlington has a new name.

Globe Life, an insurance company based in McKinney, a suburb of Dallas, has reached agreement with the Texas Rangers on a 10-year naming-rights deal. 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."