Lovitt & Touche joins global broker
When you have a successful business in Tucson that continues to expand over the span of 108 years, you’re bound to have suitors. The question becomes: What firm is going to make an offer you can’t refuse?
For Lovitt & Touché, one of Arizona’s largest independent insurance agencies, the right match was New York-based Marsh & McLennan Agency, a subsidiary of Marsh, the world’s leading global insurance broker and risk management adviser.
“We’re still going to be focused in our region, but we’re hoping to considerably grow from where we are,” says Steven Touche, President of Lovitt & Touche.
Acquisition by March this spring brings Lovitt & Touché opportunities that will quickly expand the business, yet leave intact its hallmark personal service. “All of our clients – when we reached out to them – the first question was, ‘Are the people who are serving our account going to be the same?’ ” said Lovitt & Touché President Steven Touché. “In all cases, yeah, they are. Nothing is changing.”
Founded in 1911, Lovitt & Touché brought 181 employees to MMA from its offices – one each in Tucson, Phoenix and Las Vegas. The firm operates as Lovitt & Touché, a Marsh & McLennan Agency company. Charlie Touché remains CEO of Lovitt & Touché and will report to the chairman of MMA’s West region. Steven Touché – who has more than 30 years of insurance industry experience – will continue as president of Lovitt & Touché.
Keeping all of its employees and retaining its personal service model were important points as Lovitt & Touché looked for a partner. “All of us have seen private equity buy a company and they start tearing apart the employee base,” Steven said. “Nothing’s changing – but we got tons of enhancements.”
MMA brings a slew of specialty programs that meet the needs unique to certain industries, such as nonprofits, construction and healthcare. It also gives Lovitt & Touché access to larger resources of actuaries, underwriters and legal staff. Additionally, technology that a large company can invest in will help manage client accounts. “Prior to this acquisition, we were the leading broker in Arizona,” Charlie said. “Now, we are a part of a dynamic national organization aimed at revolutionizing the client experience.”
Steven said he foresees revenue doubling in the next five to seven years as the firm is now able to secure contracts with large companies. “In the past, we get to a certain size (of prospective client) and we didn’t have the specialty structure to handle, say, a 500-employee group,” he said. “We’re still going to be focused in our region, but we’re hoping to considerably grow from where we are.”
Paul Hering, chair of MMA’s West region, said Lovitt & Touché was the perfect fit for MMA. “Lovitt & Touché has had a longstanding reputation for exceptional client service and community involvement in Arizona – mirroring MMA’s own commitment to serving local businesses and communities,” Hering said. “We are eager to begin working with them as we enter a new market.”
Lovitt & Touché provides expertise on issues regarding commercial property, casualty, personal lines and employee health and benefits to businesses throughout Arizona and surrounding states. It has particular proficiency in the construction, real estate, nonprofit, healthcare and manufacturing industries.
“This new chapter in our company’s history allows us to strengthen our client-centric philosophy, and, as MMA’s only Arizona-based agency, Lovitt & Touché will expand on our established solutions, services and expertise to give our clients a broader array of capabilities to meet their business insurance, risk management and employee benefits needs,” Charlie said.
The partnership also allows Lovitt & Touché to solidify its presence in Tucson and the region. “This ensures that our agency is going to be around for many more years,” Steven said, “and that’s a good thing.”