The union adds a ninth state to Higginbotham’s footprint and gives the firm specialty expertise in group captive insurance, an alternative to self-insurance whereby a parent group or group of businesses creates an insurance company to provide coverage for itself. This strategy avoids the use of traditional insurance carriers and affords the ability to insure difficult risks and increase cash flow.
Knotts and his team will operate as Higginbotham and make the captive insurance service available companywide under the name Higginbotham Risk Strategies.
“We have built a reputation of innovation, aiming to educate our clients about alternative risk strategies in the insurance industry, and we saw a commitment from Higginbotham to build the practice into one of, if not the top, captive services in the nation,” said Knotts.
Higginbotham President and CEO Rusty Reid said, “We value client service beyond premiums. Mike has a similar loyalty to clients, keeping them ahead of the curve by offering outside-the-box methods of mitigating risk that put the best interests of clients at the forefront. We’re excited to make Higginbotham Risk Strategies available to all our clients.”
Higginbotham named Knotts a managing director, and he will continue leading the Bossier City team at 2250 Hospital Drive.