Preservation Capital Partners has completed its acquisition of cyber and specialty lines managing general agent (MGA), Ascent Underwriting, having received approval from the Financial Conduct Authority (FCA).
Under the transaction, the existing Ascent management team will retain a substantial shareholding in the company, and will continue to manage the business through its next growth stages.
Preservation Capital will offer substantial capital support to help Ascent achieve its ambitious growth plans, via the development of new business lines and complementary solutions.
Ascent’s Chief Executive Officer (CEO), David Umbers, commented; “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.”
The investment should help Ascent accelerate its growth plans and meet growing demand across the world for cyber solutions, as well as further develop its proprietary OPTIO quote-and-bind platform functionality, and expand its international distribution talent base.