Duncan, Fraser & Bridges Insurance Agency Inc. announced the purchase of Edmond, Deaton & Stephens in a move it said will add $10 million to its premium volume.
Pampa, Texas-based Duncan Fraser is a member of Combined Agents of America, LLC (CAA).
Edmond, Deaton & Stephens was formed in 1992. The agency focuses primarily on commercial, industrial, manufacturing and contractors' products, including builders' risk insurance. Personal lines insurance comprises approximately 20 percent of the business.
Edmond Deaton president Jeff Edmond will continue with the agency as vice president and serve on the board of directors of the new organization. The agency will maintain its name and office in Amarillo, Texas, but will operate as a division of Duncan, Fraser & Bridges.
"Our goal is to double the agency every three years for the next nine years," said Bill Bridges, executive vice president for Duncan, Fraser, in a statement.
Mr. Bridges said the transaction move opens the Amarillo market to his firm and provides Edmond, Deaton & Stephens' clients with access to CAA contracts.
Duncan, Fraser, founded in 1925, is an independent agency that represents most oil and gas markets that write insurance in Texas. The company has additional offices in Borger and Amarillo, Texas. Plans call for the production office in Amarillo to move into the Edmond, Deaton & Stephens building.
Founded in 1997, CAA is a managing general agency comprised of 33 independent insurance agencies located throughout the state. CAA is based in Austin, Texas.
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