Ascension Insurance Inc. Acquires Three Top California Insurance Agencies

Strategic acquisition expands employee benefits, commercial capabilities and adds student health insurance and administration

KANSAS CITY, MO - June 22, 2009 –  Ascension Insurance, Inc. has announced the acquisition of three insurance agencies in California, expanding its commercial and employee benefits capabilities on the West Coast and adding specializations in student health insurance, employee benefits for non-profit organizations and claims administration.  The companies include Renaissance Agencies, Inc., Santa Monica, Calif., which specializes in the development, placement and administrative support of student health insurance programs; Portal Group Holdings, Inc., Walnut Creek, Calif., an agency providing employee benefits, retirement services, and HR outsourcing to primarily non-profit organizations; and Personal Insurance Administrators, Inc. (PIA), Agoura Hills, Calif., a third-party administrator specializing in the administration of student health insurance programs, including accident & health, and various intercollegiate sports injury programs.

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, “The acquisitions of Renaissance Agencies, Portal Holdings and Personal Insurance Administrators represent a valuable opportunity for us to expand our West Coast operations and to fulfill our goal of providing the best quality expertise, markets and resources to the middle market.  Each organization brings unique capabilities to our growing portfolio of insurance agencies, as well as dedicated employees who share our mission to provide outstanding service to our customers in California and throughout the United States.”

Renaissance Agencies has specialized exclusively in college and university student health care for over 20 years.  It is California’s largest organization specializing in insurance of student health for colleges and universities.  Roy Landstrom, CEO of Renaissance Agencies, said, “Renaissance represents the best-in-class insurance programs for the student health insurance market.  It was important that we partnered with an agency that shared our commitment to responsive client service and deep expertise.  Ascension has a unique business model that allows us to maintain our culture and day-to-day business management, while providing the resources and expertise we need to achieve new growth.”

Portal Group Holdings Is the largest California provider of employee benefits, retirement services and HR outsourcing to the non-profit community.  According to Charles Yeomans, CEO of Portal Group Holdings, Inc., “Joining Ascension will be a great advantage for Portal and our clients.  We share a common philosophy of providing unparalleled customer service along with the widest selection of employee benefits and business insurance available to small and mid-size companies. Our association with Ascension enables us to access even greater resources and expertise, and we’re looking forward to bringing these resources to our customers.”

Personal Insurance Administrators (PIA) is a leading provider of administration services to colleges and universities, servicing approximately 100,000 domestic and international students enrolled in over 60 colleges and universities.  John Atikian, CEO of PIA, commented, “We were attracted by the opportunity to join Ascension and partner with them because it enables us to market our experience to a broader audience of clients.” 

About Ascension Insurance, Inc.

Based in Kansas City, Mo., Ascension Insurance, Inc. is led by President and CEO Leonard P. Kline, Jr.   Ascension is now ranked within the Top 35 largest agencies by revenue size, with over 400 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.  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.  To learn more, visit http://www.ascensionins.com

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Carol E. Macdonald
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Sarah DeFilippis
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