Private equity firm Preservation Capital Partners has completed its acquisition of Ascent Underwriting, the London-based cyber and specialty lines MGA, after obtaining UK regulatory approval.
Ascent’s management team will retain a significant shareholding in the company and will continue to manage the business.
Further terms of the transaction were not disclosed.
Headquartered in London, 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, said Ascent Underwriting in a statement.
Ascent recently announced the first of several new products, including its Allied Health professional liability product. Growth will also be achieved via the acquisition of specialist MGAs and through selective team hires, Ascent said.
The investment will allow Ascent to accelerate growth, meet growing global demand for cyber insurance, and to further develop its proprietary OPTIO quote-and-bind platform, while expanding its global distribution and in-house talent base. (Brokers can access and bind modular products via the OPTIO platform, which enables them to provide clients with cover that suits their individual needs).
“Since launching, Ascent has built a market-leading distribution platform to deliver cyber and specialty line products to customers globally,” said David Umbers, chief executive of Ascent, which was founded in 2013 by Umbers and Gareth Tungatt.
“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,” he added.
A mid-market private equity firm specializing in the financial services sector, Preservation Capital focuses on partnering with market-leading companies with proven and resilient business models that have demonstrated strong growth. It is backed by a number of ultra-high net worth family offices and institutional investors.
Ascent was advised by Oakwell Capital, Boodle Hatfield and Gibson Booth. Preservation Capital Partners was advised by Aon Securities, Norton Rose and Alvarez & Marsal.
Source: Ascent Underwriting
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