Financial Benefit Services (FBS) and MGM Benefits Group, both employee benefits firms in Richardson, has joined Higginbotham, an independent insurance and financial services firm with offices in 10 states and ranked as one of the largest brokers in the U.S.
Financial Benefit Services is an independent employee benefits firm specializing in the public school market. MGM Benefits Group is an employee benefits firm serving as an agency for employers and as a managing general agency for brokers.
The deal gives MGM the ability to offer additional coverage lines and account services to its customers, primarily schools and universities, including commercial property and liability insurance and risk management support. Higginbotham is strategically growing to expand its footprint and increase its service capability by partnering with other independent agencies that have strong reputations in their local markets.
Higginbotham Chairman and CEO Rusty Reid said, “FBS is the leading benefits broker for public schools in Texas, opening the opportunity for Higginbotham to serve the commercial insurance needs of nearly half of the state’s public school market. Our partnership will enhance the relationships FBS has with its clients by adding the value that comes with a broker that can do it all.”
The agreement gives FBS the capacity to offer new lines of coverage and services through Higginbotham’s vast resources while still maintaining its approach to benefit solutions. President of FBS Kyle James said, “The core values at FBS will always remain consistent, focusing on providing exceptional customer service, operating with integrity and respect, while serving others above ourselves. With Higginbotham, FBS has found a long-term strategic partner with the same passion and focus on delivering exceptional employee benefit products and services.”
Higginbotham named Kyle James a managing director and chief operating officer of FBS, and he will continue leading FBS with Managing Director Coby James, Vice President of Client Services Cathy Alaniz and the existing FBS team.
Of the MGM deal, Reid said, “With the combined strengths of our firms, the schools and universities we serve will have one partner for their entire insurance program, whether it’s to cover their commercial exposures, their student exposures or their employees’ health and wellbeing. We’re honored to have MGM join our pursuit in serving those institutions that serve our community.”
MGM President Glenn Turchi added, “We continually look for ways to enhance the lives of our broker partners, group customers and their employees. With Higginbotham, we found a long-term strategic partner with the same passion and focus on providing top notch employee benefit products and delivering value with the additional coverages and services we now have access to.”
Turchi will continue leading the existing MGM team with Director of Marketing and Sales Support Leslie Benavides and Director of Sales Meghan Garrett.