Ladenburg Thalmann acquires insurance brokerage

Ladenburg Thalmann Financial Services Inc. on Friday acquired insurance broker Highland Capital for $42 million.
Ladenburg, which owns such independent broker-dealer and advisory firms as Securities America Inc., Triad Advisors Inc. and Investacorp. Inc., made the deal with a combination of stock and cash. Shares of publicly-traded Ladenburg climbed 3.18% on Friday afternoon after the deal was announced.
The deal marks Ladenburg’s entrance into the wholesale life insurance company.
“We’re very excited about the transaction, “said Richard Lampen, Ladenburg’s president and chief executive. “It is part of a longer term effort on our part to expand Ladenburg into some complementary lines of business in the financial services industry.”
Highland provides life insurance, annuities and long-term care solutions. It has 10 regional offices and more than 280 employees.