Union Adds Group Captive Insurance Product to Higginbotham's Lineup
FORT WORTH, Texas, March 3, 2021 /PRNewswire/ -- Higginbotham, an independent insurance and financial services firm based in Texas and ranked as one of the largest in the U.S., has partnered with Mike Knotts, an insurance agency owner and broker in Bossier City, LA, to establish its first brick-and-mortar in the state. Knotts, who opened his first agency in 1996, leads a team of 20 commercial insurance and employee benefits professionals that includes expertise in managing group captive insurance programs focused primarily in the transportation industry.
The union adds a ninth state to Higginbotham's footprint and gives the firm specialty expertise in group captive insurance, an alternative to self-insurance whereby a parent group or group of businesses creates an insurance company to provide coverage for itself. This strategy avoids the use of traditional insurance carriers and affords the ability to insure difficult risks and increase cash flow.
Knotts and his team will operate as Higginbotham and make the captive insurance service available companywide under the name Higginbotham Risk Strategies.
"We have built a reputation of innovation, aiming to educate our clients about alternative risk strategies in the insurance industry, and we saw a commitment from Higginbotham to build the practice into one of, if not the top, captive services in the nation," said Knotts.
Higginbotham President and CEO Rusty Reid said, "We value client service beyond premiums. Mike has a similar loyalty to clients, keeping them ahead of the curve by offering outside-the-box methods of mitigating risk that put the best interests of clients at the forefront. We're excited to make Higginbotham Risk Strategies available to all our clients."
Higginbotham named Knotts a managing director, and he will continue leading the Bossier City team at 2250 Hospital Drive.
Higginbotham is a single source for insurance and financial services that brokers business and personal insurance, employee benefits, retirement plans, executive benefits and life insurance. It supplements coverage with in-house risk management, benefit plan administration and human resources services. The firm was founded in 1948 and is headquartered in Fort Worth, Texas, with more than 45 offices in nine states serving domestic and international customers. Higginbotham ranks by revenue as the nation's 21st largest independent insurance brokerage firm, making it the largest Texas-based broker (Business Insurance, July 2020). Visit www.higginbotham.net for more information.
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