Atlanta-based Ascension Insurance Inc. has acquired Modern Services Insurance Agency, also in Atlanta.
Modern Services Insurance Agency specializes in risk management and insurance for non-profit firms, as well as churches and private religious schools.
The firm will become part of Ascension’s Georgia operation, located in Johns Creek, expanding Ascension’s non-profit capabilities throughout the Southeast.
The acquisition is part of Ascension’s strategy to expand its market share in these specialized markets, according to Joe Tatum, president and chief executive officer.
Ascension Insurance, a privately held corporation, is headquartered in Kansas City, Missouri. Together with its private equity partners, Parthenon Capital and Century Capital Management, Ascension said it expects to grow to $200 million in revenue by 2017.
Topics Mergers & Acquisitions
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