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Cyber and specialty lines MGA Ascent is looking to take the next step in its growth after securing a significant investment from Preservation Capital Partners.
The private equity firm will take a substantial stake in the business, subject to regulatory approval, though the existing management team of Ascent will retain what was described as a “significant shareholding.”
In a Press statement announcing the investment, Ascent outlined that the management team will remain in place and Preservation Capital will provide support in developing new business lines and complementary products via the acquisition of emerging risk and specialist MGAs.
“Since launching, Ascent has grown rapidly to become a successful and well-regarded MGA,” said Ascent chief executive David Umbers. “Our independence is important, and we are pleased that our independence will be maintained through this deal with Preservation Capital who will provide us with investment to support our ambitious growth plans.”
Speaking about the deal, Jatender Aujla, partner at Preservation Capital, noted that the firm has been “impressed by the growth Ascent has experienced since its launch.”
“The management team of Ascent has done a fantastic job in rapidly growing the business in an attractive end market that is expected to experience significant growth over the next few years,” he explained. “The team has done this while maintaining exceptional underwriting performance. We see significant opportunity for further growth within cyber and in other emerging risk/specialty business lines and look forward to working with the management team to further build the business in its next stage of development.”
Terms of the transaction were not disclosed.
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