Ladenburg Thalmann Annuity Insurance Services (LTAIS), part of Ladenburg Thalmann Financial Services, has acquired certain assets of Kestler Financial Group’s (KFG) insurance distribution business.
KFG is a Virginia-based independent distribution firm, which was set up in 1993 by father and son Tom and Jason Kestler. The firm serves as a distributor of annuities, life insurance, long term care insurance and disability insurance.
The deal includes acquisition of the rights to the KFG brand. Financial terms of the transaction were not disclosed.
Ladenburg president and CEO Richard Lampen said: “This is a significant step forward in our strategic vision for LTAIS and the entire Ladenburg insurance and annuity platform, especially with respect to reinforcing our leadership position in the independent financial advice space at a time when insurance and annuity solutions are becoming increasingly important to individuals and families across the country.”
Ladenburg expects the deal to benefit its insurance and annuity platform, which includes LTAIS and Ladenburg subsidiary Highland Capital Brokerage.
KFG employees will remain based at their existing Leesburg headquarters.
As part of the deal, Jason Kestler will join the Highland executive management team and become president of the Kestler Financial Group Division within LTAIS.
“It’s very clear to us that LTAIS, Highland Capital and Ladenburg share the Kestler team’s longstanding focus on adviser service, and that becoming part of the Ladenburg family of companies will amplify our ability to assist advisers in growing their practices in an area that is crucial to millions of households, business owners and individuals across the country who are seeking to maximise their financial security over the long run,” Jason Kestler stated.