Timberline Acquires Financial Guardian

Timberline Insurance Services of Austin has acquired a significant portion of Houston-based Financial Guardian’s commercial business. The purchase marks what Timberline President Hal Shults said is another round of acquisitions for the 43-year-old company.

“We have wanted to grow in the Houston metro area for quite some time,” Shults said. “The business we acquired will be an excellent foundation for us to build upon. Our goal is to have $10 million in revenue in the Houston market by 2002, and this acquisition is a big step toward seeing that goal realized.”

In addition to the book of insurance business, the acquisition includes two office locations in the Houston area, one in the northwest part of Houston and a satellite office in The Woodlands. Timberline also acquired 17 producers and support staff in the transaction. But the company has no plans of stopping the acquisition process in Houston.

“We currently have three or four agencies we’re looking at,” Shults said. “We’re also looking to expand into California.”

Founded in 1957, Timberline is a member of the Temple-Inland family of companies. Between 1957 and 1992, Shults said the company functioned primarily as the risk manager for Temple-Inland. That changed with the company’s 1992 acquisition of Goodman-Watson in El Paso. Between 1992 and 1997, the company also acquired The First Agency of Baytown, Rubiola-Blair in San Antonio, Austin-headquartered Texas National and Insurance Marketplace of Austin, growing the company from a $15 million operation in 1992 (mostly annuity revenue) to forecasted revenues of more than $40 million this year and 250 statewide employees.

Topics Mergers & Acquisitions