Kansas City, Mo. — Ascension Insurance Inc. has signed an agreement to acquire the assets of a California-based Pan American Underwriters Inc., Fresno. PAU is a wholly owned subsidiary of PAULA Financial. Pending a favorable vote by shareholders, the asset sale is expected to close in February.

Headquartered in Kansas City, Mo., Ascension is a full-service insurance and employee benefits agency that provides high-level brokerage and risk management services specifically to middle-market companies nationwide. PAU offers property/casualty and benefits products, and has been serving the risk management needs of agribusiness employers in the West since 1946.

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.

Source: PR Newswire

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