Hibbs-Hallmark & Co. Acquires Assets of Lambert Fenchurch from Richard Kerr

July 10, 2000

Hibbs-Hallmark & Co. of Tyler has assumed the assets and client base of the former Lambert Fenchurch of Texas from Richard Kerr Acquisitions for an undisclosed amount.

Kerr acquired the Texas retail insurance operation from the London-based international insurance broker June 9 after Kerr resigned his position as chairman and chief executive to become chief executive of MarketScout.com. The e-commerce entity links insurance agents with other specialty agents who are able to offer programs.

Hibbs-Hallmark & Co. is comprised of a variety of diversified operations including retail insurance brokerage, third-party administration for both group health insurance and self-funded workers’ compensation, loss control, benefits administration, premium finance, drug and alcohol testing and other risk-management services. The company employs 150 people statewide and is owned internally by a dozen different shareholders, as well as an employee stock ownership plan retirement program.

One of the corporate entities is Platinum Safety and Claims Services, a national third-party administrator providing services to Fortune 1000 clients. Platinum has been jointly owned by Hibbs-Hallmark and Lambert Fenchurch since its formation in 1997. Kerr has also purchased Lambert’s interest in Platinum.

“Our experience in this successful venture has enabled us to be good friends as well as professional business partners,” said Billy E. Hibbs Jr., president of Hibbs-Hallmark.

The merger will allow Hibbs-Hallmark to significantly expand its client territory by including offices in North Dallas, Arlington and a brokerage relationship in Ft. Worth. It will also increase the revenues of Hibbs-Hallmark by approximately 25 percent according to Hibbs. He estimated the book at roughly $5 million.

“These clients are almost exclusively larger commercial property and casualty customers who can benefit from our diversified portfolio of insurance products and services. We intend to bring a great deal of value to these relationships.”

Topics Mergers & Acquisitions Agencies

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