Company News
Ascension Insurance, Inc. Celebrates 70th Anniversary of Pan American Business Unit
Walnut Creek, Calif., 08 February 2016 – This month marks the beginning of 70th anniversary celebrations for Pan American Insurance Agency, Ascension Insurance, Inc.’s long established business unit. Pan American was founded in 1946 by Armand C. Feichtmeir and his wife Peggy, in Los Angeles, shortly after the Second World War. Armand’s first sale was a fire policy through San Francisco based Fireman’s Fund with an annual premium of $6.00. In early 2008, Ascension Insurance, Inc. acquired Pan American’s assets. Pan American now has more than 15 locations in California and Arizona.
From its inception, Pan American has created a legacy of service and a reputation for delivering outstanding consulting, brokerage and client management services to agricultural, construction and general industry clients. Pan American’s innovative, creative and responsive solutions, particularly in the agricultural space, have had a positive and lasting impact on the industry.
Today, as part of Ascension Insurance, Inc., Pan American continues to adapt to the changing needs of its clients by consistently adding new offerings. Most recently, it has created a variety of exciting solutions that are reenergizing the insurance marketplace, such as Ascension Alternative Risk Insurance Solution (AARIS), a captive insurance product that provides an alternative to the traditional insurance market. This groundbreaking offering, which includes the very first Cayman PIC, is viewed as an immense value-add, not just to Ascension’s Agri-business partners, but to all clients across multiple industries with whom Ascension does business. Those companies that are using AARIS to self-insure a portion of their risks share Ascension and Pan American’s entrepreneurial spirit.
“We are extremely proud to have Pan American as part of the Ascension family,” said Ascension’s CEO, Joe Tatum. “Now in its seventieth year of continuous operations, Pan American is thriving, thanks to continued stewardship and innovations from leadership, as well as the loyalty of its many clients. Pan American is a fantastic business unit of Ascension now and will continue to be for decades to come.”
“We could not have come this far without the partnership of our clients and hard work of each member of the Pan American/Ascension team, past and present.” said Pan American’s President, Steve Martin. “Although the Pan American business unit has grown substantially over time, and we have accomplished a lot during our first 70 years, what matters most now is what we do next. The one constant throughout our history has been our relentless drive to empower countless businesses and individuals with innovative insurance solutions, and we intend to keep doing that for many more years to come.”
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 45 largest agencies by revenue, with more than 400 employees and 30 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 growth trajectory through additional acquisitions and organic growth.