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Ascent-Cove rebrands to Optio, adds Ian Beaton as Non-Exec Director

23rd September 2019 - Author: Charlie Wood

Cyber and specialty lines managing general agent Ascent Underwriting and US construction-focused MGA Cove Programs are to be rebranded under the single name Optio.

handshakeThe rebrand aligns with a move to larger premises later this month as Optio looks to build a tech-focused business and set new standards in the insurance market.

Concurrently, the group has appointed Ian Beaton as a Non-Executive Director, effective immediately.

Beaton is the Founder and Chief Executive Officer of Ark Syndicate Management, a firm that holds non-executive positions in Innova Re Investment Solutions and Mercury Capital.

His skill and expertise are expected to be of significant value in the ongoing expansion of Optio, formerly Ascent-Cove.

Commenting on his appointment, Beaton said, “It is vital for capital to align with expertise, a goal met efficiently through the MGA structure. Both Ascent and Cove have consistently outperformed in their chosen niches based on their focussed knowledge and intent capital support.

“Their combination to form Optio capitalises on this alignment to create one of the largest independently-owned specialty MGAs. Optio has enormous potential, and I look forward to working with Kevin, chairman David Umbers and the team to help realise it.”

Optio CEO Kevin Hastings added, “We are absolutely delighted to welcome Ian to Optio. This aligns with moving to larger premises under our new name, which will enable us to take full advantage of our combined strengths as a single entity.

“Ian’s commercial dexterity has allowed him to navigate the complexities of the Lloyd’s markets for the past 15 years with great success. We look forward to working with him and his invaluable input into the development of Optio.”

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