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Business Observer Thursday, Jan. 6, 2022 4 months ago

Area insurance capital firm buys California business

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Executives with Westland Financial will remain at the helm of the business.

FORT MYERS — LTC Global, which provides capital to the insurance industry, recently acquired Westland Financial Services Inc., an independent life and health insurance agency headquartered in San Diego.

Financial terms of the deal weren’t disclosed. Westland Founder and President Gene Pastula, CEO Tim Morton and Vice President and General Manager Mark Mits will continue to manage the business, a press release states.

“Gene has built a very successful agency, and we feel fortunate to welcome Gene, Tim, Mark and their team as colleagues,” LTC Global CEO Daniel Schmedlen Jr. says in the release. “Westland’s business model complements our existing life, long term care and annuity businesses, particularly Pacific Southwest Financial, which has two offices in Southern California.

Westland operates a life insurance brokerage and consulting business in San Diego. The firm, the release states, identifies, designs and implements unique products and strategies to assist independent financial advisors, banks and credit unions to enable them to better serve their clients.

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.

 

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