AUSTIN, Texas, Nov. 30 /PRNewswire/ -- Frost Insurance, the insurance agency subsidiary of Frost, today announced it has acquired Prime Benefits, Inc., an independent Austin-based insurance agency that specializes in providing employee benefits to businesses, effective December 1.
Making the announcement were Dick Evans, chairman and CEO of Cullen/Frost Bankers, Inc., parent company of Frost, and Lee Cameron and Jack Joyce, principals of Prime Benefits, Inc.
"We continue to build our Frost team to bring the best banking, investment and insurance services to our customers in all markets we serve, and Prime Benefits is certainly a great asset to Frost going forward," said Evans. "This acquisition reinforces our commitment to building a first-class insurance brokerage operation statewide."
"Two great teams are coming together and the real benefit is to customers in this market who are looking for depth of service and experience for employee benefits as well as property and casualty," said Marvin Rickabaugh, Austin region president for Frost. "This acquisition strengthens our ability to meet all the financial, investment and insurance needs of our customers."
According to Dennis Northington, Austin market president for Frost Insurance, "Partnering with this strong Austin-based agency will strengthen our employee benefits offerings. Their focus on helping business owners is a great fit for Frost and will allow us to expand the benefits services we can offer our business customers in Austin."
"In joining with Frost Insurance, we will become a full-service insurance agency," said Lee Cameron. "Since starting our business, we have had a strategic focus on profitable growth by offering a full-range of employee benefits to our business clients. Now we will be able to provide them with additional insurance products, including property and casualty and retirement services. Both Frost and Prime Benefits are home-grown Texas companies, and we are delighted to become a part of this great Frost organization."
"The Frost culture is a great match with our approach to doing business, both from a client and employee perspective," said Jack Joyce. "We are excited about the opportunity to offer our clients additional capabilities and benefits. At the same time, we look forward to expanding our employee benefits services to existing Frost clients."
Prime Benefits offers group employee benefits plans -- including medical and dental, life, long-term care and disability insurance -- primarily for businesses. Each of the Prime Benefits partners, Lee Cameron and Jack Joyce, has more than 20 years of experience in employee benefits. The company and its ten employees will be fully integrated into Frost Insurance and plan to move to the Frost Insurance offices in the Frost Bank Tower in Austin in December.
Prime Benefits, Inc. is the eighth acquisition made by Frost Insurance. Earlier acquisitions include: Professional Insurance Agents, Inc. in 1999; Houston-based Wayland Hancock Insurance Agency, Inc. in 2000; Austin-based Nieman Hanks Puryear and Nieman Hanks Puryear Benefits in 2000; Fort Worth-based AIS Insurance and Risk Management in 2001, Victoria-based Jentsch Financial Group in 2002; Fort-Worth-based Brokers Insurance Designs in 2003; and Dallas-based The Sammons Group in 2004.
Frost Insurance, the insurance subsidiary of Frost, ranks among the top 40 in bank-owned agencies in insurance revenue in the nation, providing a full range of property and casualty, group employee benefits, estate planning and business succession and personal insurance needs throughout Texas. Frost is the banking operation of Cullen/Frost Bankers, Inc. , a $13.2 billion financial holding company, headquartered in San Antonio, with more than 100 financial centers across Texas. Frost provides an array of business and consumer banking products, investment and brokerage services, insurance products and investment banking services. Founded in 1868, Frost is one of the largest Texas-based banking organizations, with a legacy of helping Texans with their financial needs during three centuries.
