Pine Bluff-based Simmons Bank has completed the sale of its property and casualty (P&C) insurance business to Sunstar Insurance Group LLC, an independent agency headquartered in Memphis, Tenn.
Most life, health and employee benefits insurance services were not included in the sale and will remain offerings within Simmons’ wealth management services, according to a news release from the bank.
Sunstar operates 11 offices in Tennessee, Missouri, Kansas and Helena, Ark. Longtime Arkansas insurance executive Andres “A.B.” Meadors will lead Sunstar’s operations as CEO of Arkansas and Tennessee.
Marliese Kerr will remain chief administration officer for Arkansas and Henry Jordan is president of Sunstar — First Delta Insurance in Helena.
“Sunstar has been doing some impressive things, quickly becoming a regional powerhouse to be reckoned with. I’m looking forward to being both a player and coach on this team,” Meadors said in a statement. He was previously a principal of Meadors Adams & Lee in Little Rock but sold his ownership interests last year. “Everybody loves a good comeback story, and it’s great to be back in the insurance industry.”
Sunstar was founded in 2012 and is now the 73rd largest P&C insurance agency in the U.S., according to trade magazine Insurance Journal.
“I am very excited about the closing of this acquisition, as it significantly expands our market presence
in Arkansas and Tennessee,” Sunstar founder David “Casey” Bowlin said in a statement. “Further, it brings the addition of Andrew Meadors to our senior executive leadership team. The Meadors name has meant great things in Arkansas insurance for generations. We couldn’t be more proud to have him on board with us.”
The acquisition, according to a news release, allows Sunstar to work hand in hand with key Simmons Bank personnel.
“We are always looking for opportunities to enhance the product and service offerings we can provide our clients,” Philip Tappan, Simmons Bank executive vice president for financial services, said in the release. “Sunstar Insurance Group is known for its integrity, trust and commitment to building long-term client relationships, and I am confident they will continue to meet the property and casualty insurance needs of current and future customers.”
Sunstar has more than $150 million in premiums, representing all major national insurance companies, and most of the regionally focused carriers as well, covering commercial lines, personal lines, employee benefits and surety bonds.