American Hallmark, TBIC
American Hallmark Insurance Co. of Texas, a subsidiary of Ft. Worth-based Hallmark Financial Services Inc., announced in late March that it is acquiring TBIC Holding Corp., and subsidiaries Texas Builders Insurance Co. and TBIC Risk Management Inc.
The estimated initial base purchase price is $1.7 million, net of approximately $0.4 million holdback payable four calendar quarters following closing, and up to $3 million contingent consideration payable four years after closing. The transaction will be funded from working capital.
TBIC is an Austin, Texas-based insurance company that writes small and middle market workers’ compensation in Texas.
TBIC formed in 1987 as a stock property/ casualty insurance company providing workers’ compensation insurance to segments of the highway construction industry that could not obtain coverage in the standard market. TBIC now offers workers’ comp insurance to a broad range of risks.
TBIC writes annual premiums of approximately $5 million of low-hazard business produced through independent agents.
INSURICA, Guaranty Insurance Services
Oklahoma City-based, privately held independent insurance agency INSURICA has acquired Guaranty Insurance Services, headquartered in Plano, Texas.
INSURICA President and CEO Mike Ross said the acquisition significantly expands the agency’s market reach and nearly doubles the company’s revenue to more than $75 million.
The transaction increases INSURICA’s staff size from 245 employees to 465. The number of office locations expands from 12 to 27, with an increased presence in Texas and California, in addition to the company’s locations in Oklahoma, Arkansas, Arizona, Oregon and Kansas.
Both Guaranty and INSURICA specialize in construction, education, energy, hospitality, ministries, municipalities and technology. Ross said the combined companies have additional expertise in areas such as staffing, environmental, healthcare and transportation, as well as real estate, professional services, and agribusiness and wineries.
Insurance Network of Texas
Insurance Network of Texas, headquartered in Giddings, Texas, opened a new location in Rockwall, Texas. The new office is the company’s ninth location.
Insurance Network of Texas is an independent insurance agency that offers personal and commercial insurance. The company is a full-service provider of insurance and risk management services. It offers a broad menu of insurance products and services including personal, property and casualty, farm and ranch, commercial, employee benefits, and specialty lines, including ocean cargo, auto dealer, aircraft and oilfield floaters.
The agency first opened its doors in 1949 as the Hannes Insurance Agency. In 1994, the company changed its name to better suit its statewide scope of business and became Insurance Network of Texas. Today, the company has more than 150 employees at nine locations to service its growing client base.
Frost Insurance, Clark Benefit Group
Frost Insurance Agency Inc., the insurance subsidiary of Frost, acquired Clark Benefit Group, an independent, San Antonio-based insurance agency that specializes in providing employee benefits to small- and mid-size businesses. The acquisition was effective May 1, 2011.
Founded in 1986 by Dave Clark, Clark Benefit Group serves the San Antonio community with employee benefit programs and services for businesses and individuals. The agency and its three employees will relocate to the San Antonio offices of Frost Insurance at 3611 Paesanos Parkway.
Clark Benefit Group Inc. is the 11th acquisition made by Frost Insurance.
Founded in 1868, Frost is the banking operation of San Antonio-based Cullen/Frost Bankers Inc.
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