Higginbotham makes Tennessee buy

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.