Michael E. Myers, 62, was named president of Southwest Insurance Agency, a wholly-owned subsidiary of SWS Group Inc., a Dallas-based financial services holding company.
He replaces Larry Schmitt, who in November left his post as president to pursue other opportunities, the company said.
A 34-year veteran of the insurance industry, Mr. Myers served as executive vice president of Southwest Insurance Agency for the past five years before his promotion. Prior to joining SWS Group, Mr. Myers was an executive with the New York-based outsourcing group BISYS.
In an interview, Mr. Myers said that Southwest Insurance, a retail insurance agency, generated $160 million in written premium in 2005 with a network of 450 insurance representatives.
As president, he said his role will be to see the continued growth of Southwest Insurance.
Mr. Myers is a former president of the Texas Association of Insurance and Financial Advisors (TAIFA). He is a member and past president of the Fort Worth Association of Insurance and Financial Advisors and a member of the TAIFA Political Action Committee.
SWS Group, according to its 10-K filing for the fiscal year ending June 2005, reported total revenues of $345.5 million and net income of $31.3 million.
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