Posted 8/31/2011 01:48 pm
Updated 2 years ago
Life and Specialty Ventures of Little Rock has purchased a property on Chenal Parkway in west Little Rock for more than $17 million, it announced Wednesday.
The Chenal property includes a five-story office building with about 150,000 SF. The 8.5-acre property, the former Nuvell building, is located at 17500 Chenal Parkway at the corner of Arkansas Systems Drive.
LSV is a limited liability holding company that owns and operates USAble Life and Florida Combined Life, and has more than 300 employees in Arkansas and 500 nationwide. It offers groups and individuals ancillary insurance products including dental, life, disability and worksite.
The company generates more than $461 million in annual premium and has gross revenue of more than $478 million. Total insurance in force is more than $43 billion.
Ownership of LSV is shared by Arkansas Blue Cross and Blue Shield and five other Blue Cross and Blue Shield plans.
"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," Jason Mann, president and CEO, said in a news release.
"The opportunity to purchase this property gives us added flexibility as we expand our business," 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."
Earlier this year, LSV entered partnership agreements with BCBS plans in Pennsylvania and New Jersey, expanding its portfolio to 16 BCBS plans across the nation.
"LSV is a growing company that is making a significant investment in Little Rock with the purchase of the Chenal property," Jay Chesshir, president and CEO of the Little Rock Regional Chamber of Commerce, said. "This is the type of business growth we need to ensure continued growth for our regional economy."