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Insurance Soars 42 Percent at Guaranty Bank

2006-04-26 13:07

  Guaranty Bank (Austin, TX) reported $66.8 million in insurance commissions and fees in 2005, up 42 percent from $47 million in 2004, according to the upcoming issue Singer's Annuity & Funds Report. This will likely place Guaranty among the top 20 'banks in insurance' when the publication assembles its rankings later this year.

  Guaranty Bank is the $16 billion (assets) thrift subsidiary of Temple-Inland, Inc., the Texas corrugated packaging and forest products firm. It operates some 140 banking centers in Texas and California.

  In February 2005, Guaranty Insurance Services Inc. (GIS), the bank's insurance unit——and the second-largest insurance agency in Texas——acquired Walter Mortensen Insurance of Bakersfield, California. The acquisition of $13.5 million (annual revenues) Walter Mortensen doubled the size of GIS's presence inCalifornia and clearly had an impact on overall 2005 numbers.

  Most insurance revenues came from commercial insurance activities. Had Guaranty Bank had $66.8 million in insurance brokerage revenues in 2004 (instead of 2005), it would have ranked 12th in Who's Who in Bank Insurance (2005 Edition), just behind New Jersey's Commerce Bancorp ($71.97 million).

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