NEW ORLEANS — Hartwig Moss Insurance Agency is purchasing Latter & Blum’s stake in their joint venture insurance business for an undisclosed price. The deal was finalized just before Latter & Blum announced it was being acquired by Compass, a publicly traded real estate brokerage based in New York City.
Since 1991, Hartwig Moss has partnered with Latter & Blum to operate Latter & Blum Insurance Services. The real estate brokerage provides referrals, and the insurance agency manages and runs the day-to-day aspects of the business, which is focused on personal lines of insurance, including homeowners, auto, flood and umbrella policies.
Compass initially intended to purchase Latter & Blum’s half of the business, but Robby Moss, president and CEO of Hartwig Moss, approached Latter & Blum Chairman Bob Merrick with an alternate plan.
“During the Compass due diligence process, we had a couple of calls,” said Moss. “I met with Bob and I told him that I didn’t think we should sell the insurance division to them. He pulled it out of the deal at my request, and then yesterday we came to an agreement on a purchase price.”
Starting next week, Latter & Blum Insurance Services will officially become part of Hartwig Moss Insurance Agency. The deal moves 6,500 customers and 7,700 policies with a premium volume just under 17 million completely under the banner of Hartwig Moss, which is the city’s oldest independent, family-owned insurance agency.
Moss said the former joint venture will now become “fully integrated with Hartwig Moss Insurance Agency, ensuring that all client service staff and sales agents are retained and that all customers continue to be served by local ownership committed to their communities.”
“We’re putting together notices to policyholders and our insurance companies letting them know,” said Moss. “The good news is that their sales agents and all the account managers that they’ve worked with will remain unchanged.”
A little over a dozen Hartwig Moss employees manage the Latter & Blum policies. Overall, Hartwig Moss has just over 60 employees operating out of its Canal Street headquarters and remotely.
Moss said his company, which reported $9.9 million in revenue for 2023, is “doubling down on remaining local” despite industry trends otherwise.
“There has been a wave of consolidation in the independent insurance agency industry over the past several years, with momentum picking up in spite of higher interest rates,” he said. “Valuations remain elevated, and selling to publicly traded companies, private equity firms or other out-of-state acquirers becomes a viable mechanism for cashing out retiring owners.”
Hartwig Moss Insurance Agency was founded in 1871, and is led by the fifth generation of the Moss family.
“We are looking forward to the sixth generation of the Moss family to join the firm and ensure its continued commitment to the communities we serve for many years to come,” said Moss, whose son is a junior in college and has expressed interest in joining the family business.
