Madison Benefits Group, a Houston-based employee benefits brokerage and consulting firm, said it has been acquired by Fort Worth, Texas-based Higginbotham & Associates, a national insurance brokerage firm. Financial terms were not announced.
The new partnership, Madison said, expands its current service offerings by adding personal and commercial property and casualty coverage lines and risk management services to its portfolio.
Beth Madison, president and founder of Madison Benefits, said the partnership “further increases our ability to add capacity for our clients. It solidifies Madison's position in the marketplace as the 'go-to-firm' for Texas employers.”
The alliance, Madison said, forms one of the largest independent brokerage firms in Texas, with a combined staff of more than 310 employees and 11 statewide offices.
Under the terms of the agreement, the company will continue doing business under the name “Madison Benefits Group.” As part of the deal, senior management from Madison Benefits will become principal shareholders in the newly formed entity and current staff will play a vital role in the company's continued growth.
“This is a complementary pairing of companies that share similar values and a common entrepreneurial spirit,” said Rusty Reid, president and chief executive officer of Higginbotham & Associates. “We chose to partner with Madison for its unparalleled reputation in the employee benefits arena.”
Higginbotham & Associates for 60 years has provided businesses and individuals a single source solution for comprehensive financial and insurance services.
According to the announcement of the Madison acquisition, Higginbotham “is aggressively expanding its operations throughout Texas by joining forces with insurance firms that have strong footholds in their local markets,” and Madison Benefits Group is the second partnership that Higginbotham has launched this year.
For more information about Madison Benefits, visit www.madisonbenefits.net. For more information about Higginbotham & Associates, visit www.higginbotham.net.
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