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Higginbotham Insurance Group Inc. has acquired the commercial insurance branch of Extraco Banks, part of Extraco Corp., Higginbotham said in a statement Thursday.
Terms of the deal were not disclosed.
Extraco’s five employees in Waco, Temple and Hamilton, Texas, will continue doing business under the Higginbotham name, the statement said.
The firm provides commercial insurance including auto and property, general liability, workers compensation, umbrella liability, inland marine and data breach/cyber liability coverage, according to its website.
Higginbotham entered the Waco market in 2009, the statement said.
"Waco's economic development is building momentum, and Higginbotham is taking steps to grow with the needs of businesses in the area," Mike Simon, managing director of Higginbotham in Waco, said in the statement.
Higginbotham ranks by revenue as the nation's 27th largest independent insurance brokerage, according to Business Insurance’s latest ranking.
The number of broker mergers and acquisitions in the first quarter of 2019 rose by just one, to 151, over the number in first-quarter 2018, Optis Partners LLC said in a report Thursday.