Ascension Insurance Inc. has acquired Belvedere Pacific Insurance Services Inc. Financial terms weren’t announced. Corte Madera, California-based Belvedere is an employee benefits and insurance brokerage firm. Ascension is a portfolio company of Parthenon Capital and Century Capital Management.
WALNUT CREEK, Calif., April 15, 2015 /PRNewswire/ — Ascension Insurance, Inc., has announced the acquisition of Belvedere Pacific Insurance Services, located in Corte Madera, California. Founded in 2008, Belvedere Pacific is a full-service employee benefits and insurance brokerage firm leveraging experience, latest technologies, wellness solutions, outsourcing, and group insurance to help its clients meet their employee benefit objectives.
This transaction strengthens Ascension’s existing employee benefits practice in California. With the acquisition of his firm, Principal Michael Stallone joins the Ascension Western Region Benefits team as Senior Vice President, effective March 30, 2015. Michael has more than 25 years of employee benefits experience, serving a broad range of client industry verticals, including special expertise in meeting the unique needs of technology and private equity clients. In his new role, he will support employee benefits business development efforts, while continuing to service the day-to-day needs of existing clients.
“Ascension is the perfect fit for Belvedere Pacific,” said Michael. “We’re united by a common culture based on a passion for putting the customer first. Joining with the Ascension team allows us to continue to offer the same great service to our valued clients in addition to having the in-house resources to analyze and respond quicker than ever to the rapidly evolving employee benefits environment – especially when it comes to complex areas such as healthcare reform and compliance. I look forward to working with the great people at Ascension.”
Ascension’s President and CEO, Joe Tatum remarked, “First and foremost, I believe this acquisition is beneficial to clients of both firms because it expands the depth and breadth of our employee benefits offerings. It also represents a wonderful opportunity for us to grow our operations in California and beyond. I couldn’t be more pleased to welcome Michael and Belvedere Pacific to the Ascension family.”
Keri Lopez, COO, Ascension Western Region Benefits, added, “We’re extremely excited to have Michael on board. He has been delivering outstanding employee benefits consulting, brokerage, and client relationship management services in the large account arena for many years. Our ongoing goal is to develop innovative and creative solutions for our clients in a dynamic marketplace, thereby further enhancing our client relationship management capabilities. With Michael and Belvedere Pacific, we continue to deliver on this commitment.”
About Ascension Insurance, Inc.
Ascension Insurance, Inc. is a premier insurance agency that offers superior risk management and benefits consulting services. It is ranked within the top 30 larges agencies by revenue, with more than 450 employees and 35 locations nationwide. Ascension is a privately held corporation; together with its private equity partners, Parthenon Capital and Century Capital Management, the company expects to grow to $200 million in revenue by 2017.