Preservation Capital has completed its acquisition of MGA Ascent
Ascent Underwriting, a specialist managing general agent underwriting on behalf of a number of Lloyd's Syndicates, has been acquired by mid-market private equity firm Preservation Capital Partners.
The financial details were not disclosed, but the company stated that this investment will allow Ascent to accelerate its growth, meet strongly growing global demand for cyber insurance, and to further develop its proprietary OPTIO quote-and-bind platform functionality, while expanding its global distribution.
Chief executive of Ascent, David Umbers, said: “Since launching, Ascent has built a market-leading distribution platform to deliver cyber and specialty line products to customers globally. 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, who are providing investment to support our strategic expansion plans.”
As part of the deal, the existing Ascent management team will retain a significant shareholding in the company, and continue to manage the business during its next stages of growth.
Preservation Capital Partners will provide significant additional capital to support Ascent’s ambitions to grow through the development of new business lines and complementary products. With the launch of its new Allied Health professional liability product, Ascent announced the first of several new products last week.
The company also stated that it aims to achieve growth via acquisition of specialist MGAs and through selective team hires.
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