2007 | Press Release

Jul 13, 2007 – Guaranty Insurance Acquires Hilliard Box Insurance

Guaranty Insurance Services, Inc.
Acquires Hilliard Box Insurance
(Austin, Texas ñ July 13, 2007)

Guaranty Insurance Services, Inc., the second largest
insurance agency in Texas, announced that it has acquired Hilliard Box Insurance (HBI)
in Tyler, Texas. This move gives Guaranty Insurance its first presence in Tyler.
With thirty-one total employees and annual revenues of $4.5 million, HBI is a significant
addition Guaranty Insurance. “We have wanted to be in this area of the state for a long
time and I donít think we could have found a better partner than Hilliard Box. With our
growing bank operations in Tyler, the timing is perfect,” said Guaranty Insurance
Services’ CEO Hal Shults.
“We are excited to be able to offer our current and future customers the expanded
services and markets that Guaranty will make available to them. We are also very
impressed with the reputation and commitment that Guaranty brings to the table. In so
many ways, we feel that HBI is a perfect fit with Guaranty,” said Mike Hilliard of HBI.
While Guaranty Insurance will give HBI the ability to offer more to their customers, the
customers will receive the same experience as always. HBI’s employees will stay the
same, their service will stay the same, and the agencyís graphic look will stay the same.
HBIís Dennis Box commented, “This opportunity was too great to forego, and weíre
looking forward to keeping our identity, but with the added visibility and services
Guaranty can offer.”
This acquisition continues Guaranty Insuranceís growth trend of recent years. In
February 2002, Guaranty Insurance bought James Econn and Company Insurance of Los
Angeles, CA. In February 2004, Guaranty acquired TCT Insurance Group, one of the
largest agencies in the Dallas-Ft. Worth Metroplex. And in February 2005, Guaranty
Insurance made its largest acquisition to date, Walter Mortensen Insurance of the
Bakersfield, CA Central Valley region, doubling the agencyís size in California.
Guaranty Insurance Services, with revenues in excess of $60 million, is the 34th largest
insurance agency in the United States1
. Today, it includes offices in Texas’ major
metropolitan areas, as well as offices in California’s Los Angeles and Central Valley
regions. Its core business includes retail property and casualty insurance, risk
management, and life and health insurance. Guaranty Insurance Services, Inc. is a
member of the Guaranty Financial Services family of companies, which includes
Guaranty Bank.
Guaranty Bank, with more than $16 billion in assets, operates a network of more than
150 banking centers throughout California and Texas. Guaranty Bank and its affiliates
are owned by Temple-Inland Inc. which operates four business segments: corrugated
packaging, forest products, real estate and financial services. Temple-Inlandís 2.0 million
acres of forestland are certified as managed in compliance with ISO 14001 and in
accordance with the Sustainable Forestry InitiativeÆ (SFI) Standard of the Sustainable
Forestry Board to ensure forest management is conducted in a scientifically sound and
environmentally sensitive manner. Temple-Inland’s common stock (TIN) is traded on the
New York Stock Exchange and NYSE Arca Inc. Temple-Inland’s address on the World
Wide Web is www.templeinland.com. Guaranty Bank is a member of the FDIC and an
Equal Housing Lender.
Mystic Capital Advisors Group, LLC provided transaction advisory services to Guaranty
Insurance.
[1] ì100 Largest Brokers of U.S. Businessî Business Insurance
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