Ascension Insurance, Inc., announced today that it and its wholly owned subsidiary, Ascension Insurance Services, Inc., dba Pan American Insurance Agency, Inc., entered into a definitive agreement with Agro Insurance Agency of California, Inc., operating as Agro Crop Insurance Agency, to purchase its operations.
This transaction positions Ascension as one of the largest crop insurance writers in California. Agro Crop is an established brand in the agribusiness community. Formed in 1981, it was the first private crop insurance agency in the United States. Headquartered in West Sacramento, California, the agency has specialized solely in crop insurance since then, with a focus on almonds, grapes (both wine and table), prunes, citrus and avocado crops. Upon completion of the transition, Agro Crop will become part of Pan American’s Sacramento office.
“The Pan American team is a major force in the agribusiness space, and shares our passion for above and beyond service,” said Todd Martin, Vice President and Chief Operating Officer of Agro Crop Insurance Agency. “We’re excited to be joining Pan American to become part of the Ascension family, as it allows us to expand on the insurance products and services we can offer our clients.”
“While we’ve been friendly competitors over the years, we’ve had nothing but respect for the Agro Crop team,” said Pan American’s President, Steve Martin. “I’m thrilled we’re joining forces because of the deep expertise they’ll bring to the table and how closely our businesses and cultures align.”
Ascension’s Chief Executive Officer, Joe Tatum, remarked, “We’re delighted to welcome Agro Crop to the Ascension family. As a leading provider of crop insurance services for the agribusiness community, they’ll enable us to continue to deliver innovative, creative, and responsive solutions for our agribusiness clients—in California and beyond.”
About Ascension Insurance, Inc.
Ascension Insurance, Inc. is a premier insurance agency that offers superior risk-management and benefits-consulting services across the U.S. It is ranked within the top 50 largest agencies in the country by revenue, with approximately 500 employees in more than 30 locations nationwide. Ascension is a privately held corporation; alongside its private-equity partners, Parthenon Capital and Century Capital Management, the company expects to continue its strong growth trajectory through additional acquisitions and organic growth.