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.
Making the announcement were
, chairman and CEO of Cullen/Frost Bankers, Inc., parent company of
, managing director of Stone Partners, Inc.
"This is a strategic acquisition for
, 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
. "Stone Partners is a very reputable and well-managed company with a culture similar to ours, and we look forward to sharing other
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
, 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
's business customers."
"We are pleased to be joining
, which is a prestigious and highly regarded
-based organization," said
, managing director of Stone Partners. "This partnership will give us the opportunity to offer consulting, compensation and outsourcing services to
's existing business customers. At the same time, we will be introducing our clients to the broad range of banking, trust and insurance services
offers. We believe it is a great match."
Originally established as
& 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
Frost Insurance, the insurance subsidiary of
, 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
is the banking, investment and insurance operation of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company headquartered in
.5 billion in assets at
September 30, 2011
. One of 24 U.S. banks included in the KBW Bank Index,
provides a wide range of banking, investments and insurance services to businesses and individuals in the
, Rio Grande Valley and
regions. Founded in 1868,
has helped clients with their financial needs during three centuries.
SOURCE Frost Insurance