Frost Insurance Acquires Clark Benefit Group in San Antonio

SAN ANTONIO, May 2, 2011 /PRNewswire/ -- Frost Insurance Agency, Inc., the insurance subsidiary of Frost, today announced it has acquired Clark Benefit Group, an independent San Antonio-based insurance agency that specializes in providing employee benefits to small and mid-size businesses, effective May 1, 2011.

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Making the announcement were Bruce Burdett, president of Frost Insurance, and Justin Clark, president of Clark Benefit Group.

"Clark Benefit Group will be a great addition to our San Antonio market as we continue to grow and deliver excellent employee benefit services in San Antonio," said Burdett. "We are committed to building an outstanding insurance operation statewide, and this acquisition expands our ability to meet our customers' benefit insurance needs."

"By joining the Frost Insurance organization, we will be able to offer our clients the broader resources that changes in health care will soon demand," said Clark. "Our clients will find that the Frost culture and service-oriented approach are very similar to ours, ensuring that they will find the same personal touch they are used to receiving."

"We are delighted to have the Clark Benefit Group join our firm, as it further expands our ability to meet the insurance needs of our customers in San Antonio," said Ron Lenss, San Antonio region president for Frost Insurance. "Clark's legacy of excellence is a great match with Frost."

Founded in 1986 by Dave Clark, Clark Benefit Group has been serving 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.

Frost Insurance, the insurance subsidiary of Frost, ranks 71st of the top 100 insurance firms in the U.S. and provides 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. (NYSE: CFR), a financial holding company with $17.9 billion in assets at March 31, 2011, headquartered in San Antonio, with more than 110 financial centers across Texas. One of 24 U.S. banks included in the KBW Bank Index, Frost provides a wide range of banking, investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries.