FORT WORTH, Texas, June 17, 2019 /PRNewswire/ -- Extraco Banks sold its commercial insurance operation to Higginbotham, the companies announced today. Extraco Insurance is a group of five property/casualty insurance professionals operating in Waco, Temple and Hamilton, Texas, for 19 years. They will continue doing business under the name of Higginbotham, a firm ranked as the largest independent insurance broker based in Texas with more than 30 offices across the state.
Higginbotham entered the Waco market in 2009 with the acquisition of another local insurance agency. Since then, the firm has executed on a growth strategy that continues today whereby it partners with independent insurance brokers that add scale to its operation. The addition of Extraco Insurance brings insurance professionals servicing more than 950 commercial clients that will strengthen Higginbotham's presence in the Waco region.
"Waco's economic development is building momentum, and Higginbotham is taking steps to grow with the needs of businesses in the area," said Mike Simon, managing director of Higginbotham in Waco. "We offer a single source solution that combines insurance with risk management services that the clients we're gaining from Extraco Insurance will see value in and help promote growth for Higginbotham not only in Waco, but now also in Bell and Hamilton counties."
The group will draw on the resources of Higginbotham's Waco office under Simon's leadership.
Higginbotham is a single source for insurance and financial services that brokers business insurance, employee benefits, retirement plans, executive benefits, life insurance and home/auto insurance from more than 250 regional and national carriers. It supplements coverage with in-house risk management and benefit plan administration services. The firm was founded in 1948 and is headquartered in Fort Worth, Texas, with more than 30 additional offices statewide and in Oklahoma and Georgia serving domestic and international customers. Higginbotham ranks by revenue as the nation's 27th largest independent insurance brokerage firm, making it the largest Texas-based broker (Business Insurance, July 2018). Visit www.higginbotham.net for more information.