HOUSTON, July 7, 2008 (PRIME NEWSWIRE) -- Bunker Hill Insurance Agency, Inc. and Shel-Ray Underwriters, Inc., both of Houston, Texas, announced today that their founders Ray L. Thomas and Sheldon I. Oster would retire, effective immediately. L.Byron Way, currently Executive VP, has been named President and Chief Operating Officer.
Southwest Insurance Partners, Inc. (SWIP) acquired Bunker Hill and Shel-Ray at the end of 2007, and as part of this transition, the two companies will be merged together with the combined entity, operating as Bunker Hill Insurance Agency, Inc.
Byron Way said, "Ray and Sheldon have successfully owned and operated Bunker Hill for almost 25 years, and their shoes will be very hard to fill." He added, "Bunker Hill has an exemplary underwriting reputation and will serve as the flagship underwriting agency for the SWIP group."
In other changes at Bunker Hill, current Financial Director Suzanne Hartmann-Linck will join the parent company as Controller, and Mary Beth Martin will become Controller at Bunker Hill. Also, a new branch office will be opened by year end in Austin, Texas to provide improved service to our producers and support expansion of business in Texas and contiguous states.
Bunker Hill is a national underwriting agency with a unique specialty program portfolio that has demonstrated long-term stability and underwriting success. It represents several carriers, which are A rated by A.M. Best Company, including its sister company Great Midwest Insurance Company.
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SWIP is a Texas holding company formed in 2007 to acquire operating companies and make strategic investments in the insurance industry. SWIP's investors include high net worth individuals and several highly rated insurance companies. Initial capitalization was $100 million and additional financing is available as needed for capital contributions to the group insurance companies and further acquisitions. SWIP also owns Southwest Risk, a P&C wholesale broker based in Dallas and is currently awaiting closing of its most recent acquisition, a Life & Health insurance company licensed in 48 states.
SLW International, LLC, a financial consulting company, is retained by the Company to assist in financing, acquisitions and future planning.