Insurance agency Ascension Insurance has acquired Belvedere Pacific Insurance Services in the US, a move that will help it to expand employee benefits business in California.
Terms of the deal have not been disclosed.
Established in 2008, Belvedere Pacific is a full-service employee benefits and insurance brokerage firm that provides wellness solutions, outsourcing and group insurance services to its customers in the California region.
Ascension Insurance president and CEO Joe Tatum said: "First and foremost, I believe this acquisition is beneficial to clients of both firms because it expands the depth and breadth of our employee benefits offerings."
Under the deal, Belvedere principal Michael Stallone joins the Ascension Western region benefits team as senior vice-president, who has around 25 years of employee benefits experience, serving a broad range of client industry verticals.
Michael said: "Joining with the Ascension team allows us to continue to offer the same great service to our valued clients in addition to having the in-house resources to analyze and respond quicker than ever to the rapidly evolving employee benefits environment – especially when it comes to complex areas such as healthcare reform and compliance."
With around 450 employees and 35 locations across the US, Ascension provides risk management and benefits consulting services to its customers.
Image: Ascension has purchased insurance brokerage firm Belvedere Pacific Insurance Services. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.