Ascension Insurance Inc said Oct. 4 that it agreed to buy four Greenpoint Insurance Group locations. First Community Bancshares Inc is the seller. Financial terms weren’t announced. The deal include Greenpoint’s operations in High Point and Lexington, North Carolina, as well as Greenpoint’s operations in Warrenton and Marshall, Virginia, where it operates as Carr & Hyde. Ascension is backed by Parthenon Capital and Century Capital Management.
WALNUT CREEK, Calif., Oct. 4, 2016 /PRNewswire/ — Ascension Insurance, Inc., announced today that it and its wholly owned subsidiary, Ascension Insurance Agency, Inc., entered into a definitive agreement with Greenpoint Insurance Group, Inc., and its parent, First Community Bancshares, Inc., purchasing Greenpoint’s operations in High Point and Lexington, North Carolina, as well as Greenpoint’s operations in Warrenton and Marshall, Virginia, where it operates as Carr & Hyde. Greenpoint and Carr & Hyde agents and other employees from the four locations are now part of the Ascension team. Going forward, First Community Bancshares, through its insurance subsidiary which operates under the First Community Insurance Services name, will retain and continue to develop its operations within First Community Bank branches located in North Carolina, Virginia, and throughout its footprint. This transaction strategically expands Ascension’s existing North Carolina operations and will be the company’s first acquisition in the state of Virginia.
The acquired Greenpoint offices in North Carolina and Carr & Hyde offices in Virginia are part of Ascension, effective immediately.
“Ascension is a great fit for us,” said Wayne Eastham, President of Greenpoint Insurance Group. “We’re united by our passion for putting the customer first. Joining Ascension allows Greenpoint and Carr & Hyde to further develop the superb service our clients have come to expect.”
“What I’ve learned about the Greenpoint and Carr & Hyde teams is how closely our company cultures align,” said Ascension’s Eastern Region Managing Director, Jon Cooper. “Like Ascension, they are thriving, dynamic organizations filled with folks who really care. I’m very excited to team with the best and see what we create together.”
Ascension’s Chief Executive Officer, Joe Tatum, remarked, “We’re delighted to have the Greenpoint and Carr & Hyde teams on board. They have both been delivering outstanding consulting, brokerage, and client-management services in their respective communities for many years. At Ascension, our ongoing goal is to develop innovative, creative, and responsive solutions for our clients in a dynamic marketplace. This deal will enable us to continue to deliver on this commitment as we grow our operations in North Carolina and make our inaugural move into Virginia. I couldn’t be more pleased to welcome both teams to the Ascension family.”
About Ascension Insurance, Inc.
Ascension Insurance, Inc. is a premier insurance agency that offers superior risk management and benefits consulting services. It has more than 400 employees in 31 locations nationwide. Ascension is a privately held corporation; together with its private equity partners, Parthenon Capital and Century Capital Management, the company expects to continue its strong trajectory through additional acquisitions and organic growth.