Life of the South Receives Investment from Summit Partners
Life of the South Corporation (LOTS) announced that Summit Partners, a private equity and venture capital firm, has purchased approximately 85 percent of the issued and outstanding shares in the company.
Jacksonville, Fla. and BOSTON — Life of the South Corporation (LOTS) announced that Summit Partners, a private equity and venture capital firm, has purchased approximately 85 percent of the issued and outstanding shares in the company. The LOTS senior management group will hold approximately 15 percent of the shares and continue the operations of the company, with no change in location, personnel, or business model. The transaction has been valued at more than $100 million.
The transaction provides LOTS with access to capital to continue its strong growth. Since 2003, the company has doubled its net written premium and entered major new ventures in the direct and database marketing arena. In addition, the company has expanded its licenses and now holds life and property and casualty licenses in 40 states.
The transaction will provide liquidity for the founding shareholders and their families, and also allow the company to expand its presence in the market.
“This intermediate step allows us to accomplish many of the company’s long-term strategic objectives,” said Houston. “We have chosen to work with Summit Partners based on the firm’s track record of industry success, its philosophy of supporting management teams, and our shared vision for Life of the South.” Houston added that he will now retire with the close of the transaction, as will Lloyd Shaw, long-term President of Life of the South Insurance Company.
As a result of the transaction, K. Ned Hamil, president and CEO, will become chairman of the board, while Richard S. Kahlbaugh, COO, will succeed Mr. Hamil as president and CEO. Executive Vice President W. Dale Bullard will lead the credit division of the company and serve as president of its insurance companies. Robert S. Fullington will continue to lead the company’s mass marketing and technology business as president of LOTSolutions Inc.
“Life of the South is a market leader in the insurance services industry, with a proven track record across multiple lines of business. We are pleased to partner with LOTS and help its experienced management team continue to extend this leadership position,” said J.J. Kardwell, a principal with Summit Partners, who will join the company's newly formed board of directors. Summit’s John Carroll and Vasant Kamath will also join the Board.
More Digital

Fixed-Ops Automation Can Help Dealerships Stand Out
Technology turns everyday service repairs into lasting customer loyalty and dealer profitability.
Read More →
AI and the Auto Dealer
These are risks you can’t ignore as the technology becomes more and more of a presence in the auto retail environment.
Read More →
Data Drives Success
Dealerships that make decisions based on data rather than gut instinct or experience have a leg up on their competitors, according to a recent survey.
Read More →
AI: Facilitator, Not Fixer, in F&I
The dealerships that thrive in the years ahead will be those that embrace technology while continuing to invest in the people who make customer interactions count.
Read More →
Simple But Effective Hacking Surges
Data from the past year at U.S. auto dealerships finds that email and identity phishing are growing threat sources that can dispense with malware by exploiting trust.
Read More →
The Future of Car Dealerships
Artificial intelligence is reshaping the service-drive experience and will help retailers stay competitive.
Read More →
Structure Leads to Optimized Auto Listings
As the average car-buying journey has shifted to a blend of digital and retail, a dealership’s vehicle listings must be optimized to answer shoppers’ questions clearly and accurately.
Read More →
Real Intelligence
AI, though it presents many opportunities for productivity, efficiency and more, isn’t a one-for-one stand-in for people. It can augment human capital but not replace it altogether.
Read More →
Zurich Launches Advisor IQ for F&I Manager Coaching
The new platform uses real transaction data and artificial intelligence-driven insights to help car dealerships improve consistency and performance.
Read More →
F&I in the Digital Age
Digital retailing has not made the F&I manager obsolete. If anything, it has revealed how valuable the role can become when technology is used correctly.
Read More →