Private equity firm Preservation Capital Partners has completed its acquisition of cyber and specialty lines managing general agent (MGA)
Ascent Underwriting.
Approved by the Financial Conduct Authority, the purchase will see Ascent’s current management team retain a significant shareholding as well as continue to manage the business during its succeeding growth stages. It was not revealed how much the MGA was snapped up for.
Ascent, using the additional capital from Preservation Capital Partners, will develop new business lines and complementary products as part of its growth ambitions. Its recently launched allied health professional liability product is the first of several new offerings.
In addition, specialist MGAs will also be acquired. Allowing accelerated growth for Ascent, the investment will enable it to meet consistently rising demand for cyber insurance worldwide.
“Since launching, Ascent has built a market-leading distribution platform to deliver cyber and specialty line products to customers globally,” said Ascent chief executive David Umbers. “On the back of that, we have grown rapidly to become a successful and well-regarded MGA.
“Our independence is important, and we are pleased it will be maintained through this deal with Preservation Capital, which is providing investment to support our strategic expansion plans.”
Backed by a number of ultra-high net worth family offices and institutional investors, Preservation Capital Partners taps market-leading companies with resilient business models that have demonstrated strong growth.
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