Andy Duncan

American National Insurance Co. is a financial services company, which engages in the provision of life insurance, annuities, health insurance, credit insurance, pension products and property, and casualty insurance for personal lines, agribusiness, and commercial exposures. It operates through the following business segments: Life, Annuity, Health, Property and Casualty, and Corporate and Other. The Life segment provides individual and group life insurance products, including whole life, term life, and universal life and credit life insurance. The Annuity segment offers fixed, indexed, and variable annuity products. The Health segment includes medicare supplement, supplemental insurance, medical expense, stop-loss and credit disability products. The Property and Casualty segment consists of personal lines, and credit-related property insurance products. The Corporate and Other segment comprirses of invested assets that are not used to support its insurance activities. The company was founded by William L. Moody Jr. in 1905 and is headquartered in Galveston, TX.

Kempner Capital Management, Inc. (KCM) is an independent registered investment advisor headquartered in Galveston, Texas. The firm was founded in 1982 by Harris L. “Shrub” Kempner, Jr. KCM provides investment advice to individual and institutional clients.

Securities Management & Research, Inc. (SMR) is a registered investment adviser and registered broker/dealer founded in 1964. The firm is a wholly-owned subsidiary of ONE Financial, Inc. Headquartered in Cedar Rapids, Iowa, SMR serves as the investment manager and advisor for the equity and fixed-income portfolios of ONE Financial, Inc. and its affiliated companies. They also serve as an investment advisor for registered investment companies, retirement plans, bank trust funds, non-profit foundations and private client portfolios throughout the US.