A subsidiary of Frost National Bank said Thursday that it intends to buy Professional Insurance Agents Inc., Victoria, Tex. Terms of the deal were not disclosed.
The acquisition will allow Frost National, which is owned by $6.9 billion-asset Cullen/Frost Bankers Inc., to expand its year-old line of insurance products.
"We feel there is a demand in the marketplace to add insurance to our business mix," said Richard W. Evans Jr., chairman of Cullen/Frost. "The opportunity to acquire PIA-an outstanding insurance provider that has built a book of business in Texas-made perfect strategic sense."
Professional Insurance Agents specializes in corporate and personal property and casualty insurance. It has offices in four Texas cities: San Antonio, New Braunfels, Refugio, and Victoria.