PAULA Financial recently entered into a definitive agreement to sell the assets of its California-based insurance agency, Pan American Underwriters, to Ascension Insurance Inc. of Kansas City. The transaction is subject to PFCO shareholder approval. A special shareholder meeting is scheduled for Feb. 20 in Los Angeles. Sandler O’Neill & Partners, L.P. provided a fairness opinion to PFCO in connection with the transaction. Assuming a favorable vote by the shareholders, the asset sale is expected to close by the end of February. Ascension is a newly formed company seeking to become a leading insurance broker offering property and casualty, risk management, and employee benefits products and services to middle-market companies nationally. Ascension is targeting existing agencies for acquisition as part of its strategy to achieve this goal. The acquisition of Pan American Underwriters is one of the first acquisitions announced by Ascension.
Monday, February 18, 2008
Paula Financial, Ascension Talk Deal
PAULA Financial recently entered into a definitive agreement to sell the assets of its California-based insurance agency, Pan American Underwriters, to Ascension Insurance Inc. of Kansas City. The transaction is subject to PFCO shareholder approval. A special shareholder meeting is scheduled for Feb. 20 in Los Angeles. Sandler O’Neill & Partners, L.P. provided a fairness opinion to PFCO in connection with the transaction. Assuming a favorable vote by the shareholders, the asset sale is expected to close by the end of February. Ascension is a newly formed company seeking to become a leading insurance broker offering property and casualty, risk management, and employee benefits products and services to middle-market companies nationally. Ascension is targeting existing agencies for acquisition as part of its strategy to achieve this goal. The acquisition of Pan American Underwriters is one of the first acquisitions announced by Ascension.
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