Pittsburgh Brokerage Services Inc. has markets in three states.
LTC Global, which provides capital to the insurance industry, has acquired Pittsburgh Brokerage Services Inc., a life and health insurance brokerage serving brokers and clients throughout Pennsylvania, West Virginia and Eastern Ohio.
Financial terms of the deal weren't disclosed but Thomas Hall, who founded PBS more than 35 years ago, will continue to manage the business under Fort Myers-based LTC Global, according to a statement.
PBS is a Capitas Financial Inc. partner. It joins other Capitas Financial member agencies already a part of the LTC Global group: Pacific Southwest Financial and Insurance Services Inc., Smith Cos., and NorthCoast Brokerage Agency Inc. Hall is one of the original founding partners of Capitas Financial, a member-owned independent brokerage organization that supports firms and financial advisor relationships with "unbiased insurance and wealth management planning solutions," the release states.
"Tom’s reputation as a long-standing ethical partner, colleague and producer is what drew us to him,” LTC Global CEO Daniel Schmedlen Jr. says in the release. “We look forward to working with the PBS team and more closely integrating them with neighboring Capitas Financial Partner sister agencies, NorthCoast and Smith Cos. Our ability to share resources, particularly the advanced markets team, among these agencies is a big advantage in a very competitive market."
LTC Global provides capital to insurance agents and agencies through commission advance programs and renewal commission purchases. Through its agency subsidiaries, LTC Global is a national distributor of life and health insurance products and one of the largest independent distributors of long term care insurance.