Higginbotham & Associates is the largest privately held middle-market insurance agency in Texas based on revenues and the 21st largest commercial broker in the U.S. based on the 2023 Business Insurance rankings.

Higginbotham, which is led by CEO Rusty Reid, offers P&C and employee benefits insurance coverages on behalf of middle-market clients.

INDUSTRY KNOWLEDGE & NETWORK

Stone Point has been an active investor in the insurance distribution sector for over eighteen years, including a number of successful investments in various sub-sectors of the industry, including several investments in retail insurance brokers, wholesale brokers and program administrators. Stone Point originally met the Higginbotham management team in 2007 when the company transitioned from an employee stock ownership plan (“ESOP”) to corporate ownership and maintained an active dialogue, ultimately culminating in Stone Point’s original investment in the company in 2009.

INTRODUCTION TO CLIENTS & PARTNERS

Stone Point introduced Higginbotham to PURE, to facilitate a distribution relationship for high-net worth products. Additionally, Stone Point has helped Higginbotham develop a strong institutional-investor following and broadened the company’s access to the capital markets.

M&A SOURCING

Stone Point has supported Higginbotham’s strategy of pursuing acquisitions to broaden its geographic reach and scale while complementing its strong organic revenue growth. Higginbotham has successfully acquired and integrated over 90 partnerships since Stone Point’s initial investment in 2009.

BUSINESS & PRODUCT DEVELOPMENT

Stone Point has been a valuable partner to Higginbotham and strengthened its market position through introductions to senior business leaders in the state of Texas.

EXECUTIVE RECRUITING & ALIGNMENT

Stone Point worked extensively with management to structure a minority stake investment that fosters Higginbotham’s strong culture predicated on independence and employee ownership. Stone Point re-energized Higginbotham’s management team with several incentive plans and management / employee co-investment structure.

CAPITAL RAISING & STRUCTURING

Since Trident VII’s investment in 2017, Stone Point has worked with management to complete several debt recapitalizations that generated over $350 million of distributions to shareholders.