Texas, US-based financial services provider Higginbotham has acquired the business of Colt Risk Management Services (CRMS), a commercial insurance broker specializing in aviation risk, the company said.
Terms of the transaction were not disclosed.
CRMS came to Higginbotham from Colt International where it provided insurance services to aviation companies worldwide.
Higginbotham is fulfilling its mission to provide a single source solution for insurance by uniting with brokers that have industry expertise so it can serve a broad range of business sectors. Higginbotham has practice groups for more than 20 industries.
Higginbotham said aviation is a high-stakes industry that requires experience to properly cover its exposures. The experience CRMS brings to Higginbotham opens the door to a new market for the company.
Colt Risk Management Services serves more than 400 aviation companies globally and was the exclusive insurance services provider for Colt International from 2010 to 2018.
Higginbotham is a single source for insurance and financial services that brokers business insurance, employee benefits, retirement plans, executive benefits, life insurance and home/auto insurance from more than 250 regional and national carriers.