Fort Worth-based independent insurance agency Higginbotham & Associates has acquired Capital Benefits Group of Austin. No price was given for the transaction. Higginbotham provides property/casualty insurance and employee benefit services, and Capital Benefits provides employee benefit consulting. Combined, the firms employ 75 insurance and administrative professionals in Austin.
“Every firm that joins our group brings more diverse experience and extra brainpower to develop innovative solutions for clients,” said Higginbotham President/CEO Rusty Reid in a news release. “Before we enter a new partnership, we make sure that our personalities and operating philosophies complement each other. The combined strength of our group not only makes Higginbotham the largest insurance firm in Austin, but it has the potential of catapulting us to the top for all of Texas.”
Higginbotham was established in 1948 and has 19 offices with 543 total employees. The firm entered the Austin market in 2004 by opening what was then its fifth office. Its local presence grew when William Gammon Insurance, led by Managing Directors William Gammon, III and Matt Berry Sr., merged in 2011. Capital Benefits Group was founded in 2008 by Troy Ahrens and Brian Penny, and also has an office in San Antonio.