Higginbotham Acquires Colt Risk Management Services
Fort Worth-based Higginbotham announced that it has acquired Colt Risk Management Services (CRMS). CRMS is an independent insurance broker that specializes in aviation risk. As part of the merger, the CRMS staff has joined Higginbotham’s office in Friendswood, Texas.
John Springrose, president of CRMS, will serve as vice president of Higginbotham’s Friendswood location. Ryan Moss will continue to hold the position of managing partner of Higginbotham in Friendswood.
CRMS opened in 2010 in Houston and Atlanta. It serves more than 400 aviation companies globally. Higginbotham provides insurance and financial services from nearly 30 locations in Texas and Oklahoma. It is considered the 27th largest independent insurance brokerage firm in the United States and the largest Texas-based broker.
So far in 2018, Higginbotham Insurance Agency has recorded $2.8 million in surplus lines premium. In 2017, they reported more than $9 million, up from $6 million in 2016. The acquisition will allow Higginbotham to enter the aviation market in Texas, as it has not recorded aviation premium in the past three years. Currently, there has been $3.3 million in surplus lines aviation premium recorded in Texas, with $6.8 million in 2017.