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Ascension Insurance Inc. Acquires Providence Insurance Agency
Kansas City, MO (July 21, 2010) . . . Ascension Insurance Inc. announces the acquisition of Providence Insurance Agency, located in Charlotte and Raleigh, North Carolina. Ascension is a nationwide insurance brokerage and consulting firm specializing in risk management, property & casualty, and employee benefits solutions for businesses and individuals. The acquisition is part of Ascension's strategy to expand risk management, property & casualty and employee benefits capabilities nationwide, and to provide middle-market businesses and organizations with premier insurance expertise and resources. Ascension is headquartered in Kansas City, MO, and has 35 offices throughout the U.S.
Ascension's President and CEO, Leonard P. Kline, Jr., commented, "We are very pleased to welcome John Gastineau and Providence into the Ascension family of companies. Providence shares our mission of delivering deep expertise and a consultative approach to our clients, in the areas of personal lines and business insurance coverage."
Clarkson McLean, President of Ascension Insurance Agency, Inc., the company's North Carolina operation, added, "We were particularly impressed with Providence's specialized expertise in the personal lines 'affinity' group market, and we see a great opportunity to expand that capability with the additional resources available through the Ascension group companies."
John Gastineau, AAI, CIC of Providence, commented, "At Providence, our objective is always to maximize premium value and cost containment for our clients. Joining Ascension will allow us to access national resources and local expertise that will help our clients to be more productive and competitive, while retaining the personalized service and advice they value."
Founded in 1981, Providence Insurance Agency provides risk management, property & casualty, and employee benefits solutions for businesses as well as individuals throughout the Southeast. The firm provides special programs for large employers, associations, financial institutions, manufacturers and contractors, as well as personal lines affinity group insurance programs.
About Ascension Insurance, Inc.
Based in Kansas City, MO, Ascension Insurance, Inc. is led by President and CEO Leonard P. Kline, Jr. Ascension is ranked within the top 30 largest agencies by revenue size, with more than 440 employees and 35 locations nationwide. Ascension's corporate mission is to create a premier insurance agency that offers superior risk management and benefits consulting services while providing a rewarding professional environment that preserves the expertise and culture that made each operational center successful. Ascension is a privately held corporation. Together with its private equity partners, Parthenon Capital and Century Capital Management, Ascension Insurance, Inc. expects to grow to $200 million in revenue over the next four years.