HOUSTON, Dec. 12, 2011 /PRNewswire/ -- Frost Insurance
today announced it will acquire Stone Partners, Inc., a human
resource consulting firm that specializes in compensation, benefits
and outsourcing services, effective on January 1, 2012. Stone Partners will operate as a
division of Frost Insurance.
(Logo: http://photos.prnewswire.com/prnh/20080728/LAM010LOGO)
Making the announcement were Dick
Evans, chairman and CEO of Cullen/Frost Bankers, Inc.,
parent company of Frost, and
Jim Stone, managing director of
Stone Partners, Inc.
"This is a strategic acquisition for Frost, as Stone Partners will introduce new
core services to our customers that will allow us to add value to
existing business relationships and expand to new business
opportunities," said Dick Evans.
"Stone Partners is a very reputable and well-managed company with a
culture similar to ours, and we look forward to sharing other
Frost services with its many
clients."
"With reform changing the way companies look at health care
purchasing, acquiring Stone Partners gives us the ability to
provide a full complement of HR consulting and advisory services
under the Frost brand," said
Bruce Burdett, president of Frost
Insurance. "It will be a great addition to our employee
benefits offerings while also bringing new services that we believe
will appeal to Frost's business
customers."
"We are pleased to be joining Frost, which is a prestigious and highly
regarded Texas-based
organization," said Jim Stone,
managing director of Stone Partners. "This partnership will give us
the opportunity to offer consulting, compensation and outsourcing
services to Frost's existing
business customers. At the same time, we will be introducing our
clients to the broad range of banking, trust and insurance services
Frost offers. We believe it is a
great match."
Originally established as J.E.
Stone & Associates in 1987, Stone Partners was founded
in 2000 to provide consulting services to employers and plan
participants throughout the United
States and the world. It offers actuarial services, benefit
administration, communications, compensation, managed payroll
administration, health and welfare, human resources management and
retirement services. The company has 25 employees and offices in
Houston, Dallas and Austin.
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, investment and insurance operation of Cullen/Frost
Bankers, Inc. (NYSE: CFR), a financial holding company
headquartered in San Antonio, with
$19.5 billion in assets at
September 30, 2011. 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.
Contact:
Renee Sabel
210.220.5416
SOURCE Frost Insurance