Leavitt Group’s sale of LA agency LISLA to Arthur J Gallagher (Gallagher) is an “exceptional situation and not part of a strategy”, the former has said.
Last week, Gallagher announced that it had struck a deal to buy LISLA, for an undisclosed sum, as it sought to build on its Southwest US capabilities. Now, Leavitt Group has signalled that the deal is unlikely to herald any sale spree on its part.
“Our mission is to build, serve, and perpetuate independent insurance agencies for the long-term as we partner with able, individual co-owners,” Eric Leavitt, chairman and CEO of Leavitt Group, said in a press release. “While we rarely sell an agency, this transaction aligned interests for all involved.
“Leavitt Group has enjoyed a wonderful relationship with LISLA’s co-owners Teri Frankel and Ken Blaich, and we part as friends with confidence of their continued success.”
Leavitt group works on a shared ownership model basis, and has majority ownership of nearly 100 independent insurance agencies across 27 states, with 200 locations.
“Leavitt Group is committed to its mission to build, serve, and perpetuate independent insurance agencies as partners with able individual co-owners,” the group said in the press release. “The
recent sale of one of Leavitt Group’s agencies, LISLA, is an exceptional situation and not part of a strategy, in whole or in part, to liquidate its ownership interests in its agencies.”
Commenting last week on the LISLA deal, Gallagher chairman, president, and CEO J. Patrick Gallagher, Jr said: “Leavitt is a highly regarded agency whose culture aligns with ours, and their expertise across a variety of niches will strengthen our capabilities in the region. I am very pleased to welcome Teri, Ken, and their associates to our growing, global team.”
