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Higginbotham, a Fort Worth, Texas, insurance brokerage, has acquired Lipscomb & Pitts Insurance LLC of Memphis, Higginbotham said in a statement Monday.
Terms of the transaction were not disclosed.
Lipscomb & Pitts has 134 employees in Memphis, Nashville and Chattanooga, Tennessee; Jonesboro, Arkansas; and Hattiesburg, Mississippi.
Mat Lipscomb III and Johnny Pitts, the second-generation majority owners of the firm, will be managing partners with Higginbotham and continue leading their existing offices as Lipscomb & Pitts Insurance.
Higginbotham Chairman and CEO Rusty Reid said in the statement that Lipscomb & Pitts is the largest Higginbotham acquisition among the broker’s 60 deals since it started in 2008.
Higginbotham is the 21st-largest broker of U.S. business, according to the most recent Business Insurance rankings.
For Higginbotham Insurance Group Inc., a concentrated effort to expand loss control and claims staffing in its Houston and Austin, Texas, offices couldn’t have come at a better time — occurring in the months after Hurricane Harvey devastated its second-largest region.