Frost Acquires Sammons Group
NU Online News Service, Aug. 6, 11:30 a.m. EDT?Frost Insurance Agency has acquired The Sammons Group Inc., an independent insurance agency, from the estate of the company's founder, Charles D. Sammons, following his death in February.[@@]
Terms of the deal were not released.
The Sammons Group was founded in Dallas in 1981 by Mr. Sammons, who built it into a full-service agency with 32 employees. The agency provides commercial property-casualty, personal lines, life insurance and employee benefits.
In addition to the agency's Dallas headquarters, it has a second office in Lancaster, Texas, operating under the name GlennMarco Insurance Agency.
The Sammons Group Inc. is the seventh acquisition made by Frost Insurance Agency, a subsidiary of Frost Bank, the banking operation of Cullen/Frost Bankers Inc., a $9.6 billion financial holding company headquartered in San Antonio, Texas.
Earlier acquisitions include Professional Insurance Agents Inc., in Victoria, San Antonio, New Braunfels and Refugio, Texas, in 1999; Wayland Hancock Insurance Agency Inc., in Houston, and Nieman Hanks Puryear and Nieman Hanks Puryear Benefits, both of Austin, Texas, in 2000; AIS Insurance and Risk Management of Fort Worth, Texas, in 2001; Jentsch Financial Group of Victoria in 2002; and Brokers Insurance Designs of Fort Worth in 2003.
Additional information is available at www.frostbank.com.
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