Miami-based Ladenburg Thalmann Financial Services said Friday that it has acquired Highland Capital Brokerage, an insurance brokerage firm that sells life insurance, annuities and long-term care insurance to investment and insurance providers.
Ladenburg said it paid $42 million for the Birmingham, Alabama-based company, through a combination of cash and stock. Highland’s chief executive and senior management team will continue to operate Highland as a standalone business.
Ladenburg Thalmann, a publicly-traded diversified financial services company also owns subsidiaries Securities America, Triad Advisors, Investacorp, Premier Trust, Ladenburg Thalmann Asset Management and the 135-year-old NYSE member investment bank, Ladenburg Thalmann & Co. The company’s principal shareholder and chairman is is Dr. Phillip Frost.