Ascension Insurance Adds On

Ascension Insurance Inc., a Kansas City-based insurance and employee benefits agency focused on mid-market companies nationwide, has acquired Employers Mutual of Stuart, Florida. No financial terms were disclosed. Ascension Insurance is a portfolio company of Parthenon Capital and Century Capital Management.

 

PRESS RELEASE

 

Ascension Insurance, Inc. has announced the acquisition of Employers Mutual, Inc. (EMI), based in Stuart, Florida, effective May 16, 2008. Headquartered in Kansas City, MO, Ascension is a nationwide insurance and employee benefits agency providing high-level brokerage and risk management services specifically to middle-market companies nationwide. Employers Mutual, Inc. is a leading provider of insurance solutions, specializing in self-funded workers compensation, property and liability, as well as providing brokerage services in the areas of Property and Casualty and Employee Benefits to the Florida marketplace.

Ascension’s President and CEO, Leonard P. Kline, Jr. commented on the acquisition, “We are very excited to welcome EMI and William McCreary to the Ascension family. Under his leadership, EMI has earned a reputation for providing exceptional value to its clients and business partners in the area of third-party claims and administration coupled with traditional insurance placements. In addition, EMI’s dedicated and experienced employees, supported by a commitment to innovation and advanced technologies, share Ascension’s mission to provide only superior products and services to our clients.”

“Ascension offers us expanded resources and expertise to reach new markets and grow our operations while retaining our commitment to outstanding client service,” commented William McCreary, Founder & CEO of EMI, “We are looking forward to working with Len Kline and his team, and we are pleased to report that all EMI employees will join Ascension at the close of this transaction.”

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 five years.

About Ascension Insurance, Inc.:

Ascension Insurance, Inc. is based in Kansas City, MO, and led by President and CEO Leonard P. Kline, Jr. 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.