Ascension Insurance Inc., a Kansas City-based insurance and employee benefits agency focused on mid-market companies nationwide, has acquired Charlotte, N.C.-based First Charter Insurance Services Inc. from Fifth Third Bancorp. No financial terms were disclosed. Ascension Insurance is a portfolio company of Parthenon Capital and Century Capital Management.
Ascension Insurance, Inc. has announced the acquisition of the Charlotte-based First Charter Insurance Services, Inc, from Fifth Third Bankcorp, effective November 30, 2008. First Charter, which will be renamed Ascension Insurance Agency, Inc., is a full service insurance agency offering property and casualty, employee benefits services and personal lines. Located in North Carolina, one of the most desirable regional economies, First Charter is the state’s third largest domiciled insurance agency with 90 employees and four offices, and is licensed in 25 states. Headquartered in Kansas City, MO, Ascension Insurance, Inc., is a full-service insurance and employee benefits agency providing high-level brokerage and risk management services specifically to middle-market companies nationwide.
Ascension’s President and CEO, Leonard P. Kline, Jr. commented on the acquisition, “We are delighted that Clarkson B. McLean and his team at First Charter are joining Ascension. First Charter’s outstanding reputation for client-focused service, industry expertise and its dedicated staff makes the agency a very attractive addition to our growing network of top insurance agencies and employee benefits firms. We are pleased that they share our “Service First” philosophy as well as our mission to offer customized solutions, superior products and top-quality service to our clients.”
Clarkson B. McLean, president of First Charter commented, “We believe that joining Ascension will be a great advantage to our company, our employees and our customers. The Ascension business model allows us to continue to provide our customers with high-value services and products, while providing the new resources and expertise we need to increase market share. In an industry that is changing every day, our association with Ascension will allow us to maintain both our culture and the business agility we need to be successful in the long-term.”
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.
About Ascension Insurance, Inc.:
Based in Kansas City, Mo., Ascension Insurance, Inc. is led by President and CEO Leonard P. Kline, Jr. Ascension would presently be ranked within the Top 50 largest agencies, with over 320 employees and over 20 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.