Making its first foray into the Dallas market, San Antonio-based Frost Insurance Agency, a subsidiary of Frost National Bank, acquired the assets of The Sammons Group Inc., a full-service independent insurance agency, from the estate of the company’s founder, Charles D. Sammons. The transaction was effective Aug. 1.
Making the joint announcement were Dick Evans, chairman and CEO of Cullen/Frost Bankers Inc., the parent company of Frost Bank, and Jim T. Hair, CPA, a trustee of the estate representing the Sammons family. Charles Sammons passed away in February 2004.
“This is a strategic acquisition for Frost Insurance Agency, and we are very pleased to welcome the staff of this outstanding Dallas agency to the Frost family,” Evans said. “With its strong performance history and client-focused approach, The Sammons Group is a great fit with our organization, reinforcing our commitment to building a first-class statewide insurance brokerage operation.”
“For more than two decades, Sammons Insurance Group has been consulting with Dallas clients to understand and manage risk in their businesses and personal affairs,” said Mike Delabano, Fort Worth region president for Frost Insurance Agency. “Partnering with Sammons Insurance Group strengthens our capabilities to provide outstanding commercial and personal lines of insurance and personalized service in the Dallas market.”
“I am delighted to see the agency that Charlie Sammons built partnering with such a great organization,” said Jim T. Hair, CPA, a trustee for the estate. “Frost is a Texas financial institution with deep roots and an exceptional history of service to fellow Texans. That culture of service and commitment to quality extends to Frost Insurance Agency and I feel confident that our people and customers will be well taken care of as a part of Frost Insurance Agency.”
Hair continued, “On behalf of the Sammons family, I want to express my deep appreciation to the staff—especially the management team of J.D. Matthews, Debbie Ivie and Ken North—for their perseverance and loyalty during these difficult few months.”
The Sammons Group was founded in Dallas in 1981 by Charles Sammons, who built it into a full-service agency with 32 employees. The agency provides commercial property and casualty insurance, as well as personal lines, life insurance and employee benefits. Using a consultative approach, the agency helps to identify a client’s needs and find efficient solutions to risk. In addition to the company’s headquarters in Dallas, the agency has an office in Lancaster, operating under the name GlennMarco Insurance Agency.
Representing the Sammons family in the transaction was Paul Vredenburg, senior vice president of Ohio-based Marsh, Berry & Company Inc., a management consulting firm for the financial services industry, specializing in consulting services for independent insurance agency owners and brokers.
The Sammons Group Inc. is the seventh acquisition made by Frost Insurance Agency. Earlier acquisitions include: Professional Insurance Agents Inc. (Victoria, San Antonio, New Braunfels and Refugio) in 1999; Wayland Hancock Insurance Agency Inc. (Houston) and Nieman Hanks Puryear and Nieman Hanks Puryear Benefits (Austin) in 2000; AIS Insurance and Risk Management (Fort Worth) in 2001; Jentsch Financial Group (Victoria) in 2002; and Brokers Insurance Designs (Fort Worth) in 2003.
Frost Insurance Agency provides a full range of property and casualty, group employee benefits, estate planning and business succession and personal insurance needs throughout Texas. Frost Bank is the banking operation of Cullen/Frost Bankers Inc.
Topics Mergers & Acquisitions
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