Phoenix-based independent insurance agency Lovitt & Touché has been acquired by the New York-based Marsh & McLennan Agency LLC.
Marsh & McLennan Agency released a statement explaining the acquisition:
"Founded in 1911, Lovitt & Touché will add 181 colleagues to MMA from their Phoenix, Tucson, and Las Vegas, Nevada offices. Lovitt & Touché provides commercial property, casualty, personal lines, and employee health and benefits solutions and expertise to businesses throughout Arizona and surrounding states, with particular expertise in the construction, real estate, non-profit, healthcare, and manufacturing industries."
CEO of Lovitt & Touché since 1998, Charlie Touché will lead operations in Arizona for MMA and continue to operate as Lovitt & Touché, a Marsh & McLennan Agency LLC company.
CEO of MMA David Eslick commented on the acquisition, “Arizona is a thriving marketplace for businesses of all sizes, and we are proud to welcome Lovitt & Touché as we expand our national footprint.”
Exact terms of the acquisition were not disclosed.