Business Moves

American National Bank of Texas; Sleeper Sewell & Co.

The American National Bank of Texas of Terrell, Texas, has acquired Dallas-based insurance agency Sleeper, Sewell & Company.

Led by President and CEO Robert A. Hulsey, American National Bank has banking centers in the Dallas and Northeast Texas area. Founded in 1875, it is one of the oldest independently owned banks in Texas.

William E. Sleeper is president and CEO of Sleeper, Sewell, a 43-year old firm with 47 employees and $60 million in premiums. Sleeper described the move as an “alliance with a highly respected, diversified financial institution that has become a role model for Texas community banking.”

Duncan, Fraser & Bridges; Edmond, Deaton & Stephens

Duncan, Fraser & Bridges Insurance Agency Inc., a member of Combined Agents of America LLC (CAA), announced it has purchased Amarillo, Texas-based independent insurance agency, Edmond, Deaton & Stephens. According to Duncan, Fraser & Bridges, the purchase represents $10 million in additional premium volume.

“Our goal is to double the agency every three years for the next nine years,” said Bill Bridges, executive vice president for Duncan, Fraser & Bridges. “This move opens the Amarillo market to us and provides Edmond, Deaton & Stephens’ clients with access to CAA contracts.”

Edmond, Deaton & Stephens will maintain its familiar name and office in Amarillo, but will operate as a division of Duncan, Fraser & Bridges Insurance Agency, headquartered in Pampa.

In business since 1925, Duncan, Fraser & Bridges has additional offices in Borger and Amarillo, however, the production office in Amarillo will move into the Edmond, Deaton & Stephens building. Duncan, Fraser & Bridges has a deep oil and gas background and represents most oil and gas markets that write insurance in Texas.

Edmond, Deaton & Stephens formed in 1992. Its president, Jeff Edmond, will continue with the agency as vice president and serve on the board of directors of the new organization. Edmond, Deaton & Stephens focuses primarily on commercial, industrial, manufacturing and contractors’ products, including builders’ risk insurance. Personal lines insurance comprises approximately 20 percent of the business.

Hallmark, Aerospace Holdings

Fort Worth, Texas-based Hallmark Financial Services Inc. has completed its previously disclosed acquisition of Aerospace Holdings LLC.

According to Hallmark, Aerospace Holdings, through Aerospace Insurance Managers Inc. and other wholly owned subsidiaries, markets and services general aviation property and casualty insurance products, with a particular emphasis on private and small commercial aircraft.

Curtis Donnell, the founder and principal officer of Aerospace Holdings, has been retained to continue managing the operations of the acquired enterprise.

Hallmark funded the acquisition of Aerospace Holdings through a $12.5 million interim financing facility from Newcastle Partners L.P., an affiliate of Hallmark’s chairman and chief executive officer, Mark E. Schwarz. Hallmark intends to retire the bridge loan with the proceeds from a rights offering to its shareholders.