Texas-based insurance brokerage firm Higginbotham has acquired the business of Colt Risk Management Services (CRMS), a commercial property/casualty insurance broker, for an undisclosed price.
CRMS’s personnel moved to Higginbotham’s office in Friendswood, Texas, giving it a combined staff of nearly 40 insurance and employee benefit professionals serving businesses and individuals.
CRMS is an independent commercial insurance broker specializing in aviation risk. It came to Higginbotham from Colt International where it provided insurance services to aviation companies worldwide.
Higginbotham is headquartered in Fort Worth, Texas, and ranked by revenue as the largest independent insurance broker based in the state. It operates 29 offices in Texas and Oklahoma City and entered Friendswood in 2010 through a merger.
The firm is fulfilling its mission to provide a single source solution for insurance by uniting with brokers that have industry expertise so it can serve a broad range of business sectors. Higginbotham has practice groups for more than 20 industries.
Higginbotham managing partner Ryan Moss said: “Aviation is a high-stakes industry that requires experience to properly cover its exposures.
“The experience CRMS brings to Higginbotham opens the door to a new market for us, and CRMS’s reputation is notable in the aviation industry.”
CRMS president John Springrose said: “Higginbotham’s team atmosphere was especially appealing to me. Everyone supports each other to achieve the highest customer satisfaction.
“Our clients will continue doing business with us, but now we have teams dedicated to risk management and employee benefits that expand what we can do for them.”
CRMS will operate under the Higginbotham name at 306 W. Parkwood Ave. with Moss as managing partner and Springrose as vice president.
Source: Company Press Release.