LSV purchases West Little Rock building to meet expansion needs
Growing company signs agreements with two new partners
LITTLE ROCK (August 31, 2011) – Life and Specialty Ventures, LLC, today announced that it has purchased a West Little Rock office building on Chenal Parkway for more than $17 million to accommodate its growing business. The company recently entered new agreements with two Blue Cross and Blue Shield providers, adding to its expanding portfolio of national partnerships.
The purchase of the property, located at 17500 Chenal Parkway, gives LSV an opportunity to examine all options to plan for the best use of office space in Little Rock. LSV, which owns and operates USAble Life, has more than 300 employees at its home office in Little Rock.
“Our company has been growing significantly over the past several years and we are on a path to continue to attract new partners and add customers to our business,” said President and Chief Executive Officer Jason Mann. “The opportunity to purchase this property gives us added flexibility as we expand our business.”
In the past few months, LSV has entered into new partnership agreements with Blue Cross and Blue Shield (BCBS) plans in Pennsylvania and New Jersey, opening new markets for USAble Life’s products and services. This expands LSV’s product offerings through 16 BCBS plans across the nation, continuing the growth pattern the company has established over the past five years. Since 2007, LSV has more than doubled gross revenues, targeting $500 million by year-end 2011, while new sales growth over the same period has increased by 20 to 25 percent annually.
"LSV is continuing to attract new BCBS partners who are helping us expand our business so that our products and services reach new customers in new markets across the nation." Mann said. "The investment in the Chenal property gives us more options to accommodate the sustained growth of our business while also demonstrating our commitment to Little Rock as our corporate headquarters."
The Chenal property is a five-story office building with approximately 150,000 square feet. The 8.5-acre property has an on-site cafeteria and includes adjacent parking lots. It is located at the corner of Chenal Parkway and Arkansas Systems Drive.
"LSV is a growing company that is making a significant investment in Little Rock with the purchase of the Chenal property," said Jay Chesshir, president and chief executive officer of the Little Rock Regional Chamber of Commerce. "This is the type of business growth we need to ensure continued growth for our regional economy."
LSV and its companies are consistently recognized among the nation’s top financial performers in the insurance industry. For several years USAble Life has maintained an "A" excellent rating from A.M. Best. USAble Life also has achieved a “Ward’s 50” designation for each of the past five years, making it one of the top-performing life-health insurance companies in the nation.
About LSV
Life and Specialty Ventures, LLC, is a holding company based in Little Rock, Arkansas. The company owns and operates USAble Life and Florida Combined Life, and has more than 500 employees nationwide. LSV offers groups and individuals the opportunity to purchase ancillary insurance products including dental, life, disability and worksite. The company generates in excess of $461 million in annual premium and has gross revenues of more than $478 million. Total insurance in force is more than $43 billion. Ownership of LSV is shared by six Blue Cross and Blue Shield Plans: Arkansas Blue Cross and Blue Shield, Blue Cross and Blue Shield of Florida, Hawaii Medical Service Association, Blue Cross and Blue Shield of Tennessee, Blue Cross and Blue Shield of Massachusetts, and Highmark Blue Cross Blue Shield.