Higginbotham Uses Reputation To Open Doors
NUs 2002 winner boasts 20-percent annual expansion, mostly via organic growth
Three years after being named the first National Underwriter "Commercial Insurance Agency of the Year," Higginbotham & Associates continues on its ambitious course to be the premier insurance broker in Texas.
"We had a great 2003, and 2004 is shaping up quite nicely," said J. Russell "Rusty" Reid, president and chief executive officer of the Ft. Worth-based firm. "We are doing what we have always been doing, and reaping the rewards accordingly."
Undeterred by some challenges posed by the economyincluding a couple of major accounts disappearing because of bankruptciesthe agency exceeded its new business goals "by six fold," he said. With the Texas economy boominghe cited construction, manufacturing and energyHigginbotham "has seen a nice bounce" from the general economic rebound, he said.
"Higginbotham's greatest advantage has always been a very dynamic sales culture," observed Mr. Reid. "We don't spend a lot of time harping on, 'Oh my gosh, an account went out of business.' We focus on preserving those clients we have and adding to those accounts through cross-selling."
The firm boasts a 20-plus percent expansion rate in revenue, largely fueled by organic growth. Mr. Reid said he expects the firm to hit that mark again by the end of 2004 and continue that pace, easily, through 2005.
Despite the softening market, with revenues from renewals seeing some decline, mining new business opportunities continues to pay off, he noted. Whether it's concentrating on cross-selling or finding new clients, the focus on "the complete relationship initiative"to provide the insurance, risk management and financial services needs for clients, rounding out the relationshipstill drives Higginbotham's success.
That expansion drive also means growing operations in Dallas. The business there has doubled from last year, and is expected to double again next year. As of July 1, the firm opened an office in Austin, expanding into central Texas, and bringing the number of offices for the firm to six. More are expected in the future, with an eye toward San Antonio and Houston.
One thing that has changed since being named NU's "Agency of the Year" in 2002, he noted, is that Higginbotham today has a reputation that makes it easier to get its foot in a new client's door.
"Reputation is all we have in our business, and as we continue to do a good job for our clients, we leverage that into introductions to other clients," he noted. "There was a time when [our professionalism was known only in] Ft. Worth, but that word has spread beyond our little cow town."
Reproduced from National Underwriter Edition, October 7, 2004. Copyright 2004 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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