Preservation Capital Partners, the private equity firm that purchased cyber and specialty lines managing general agent (MGA) Ascent Underwriting last year, has completed its previously-announced strategic investment in Cove Programs, a US construction-focused MGA.
The completion of this deal means Preservation Capital now manages $200 million gross written premium (GWP), positioning it as one of the largest independently owned emerging risk and specialty lines managing general agent MGAs.
“We are excited to announce the completion of this transaction,” said David Umbers, Executive Chairman of the combined Group.
“Its swift conclusion now allows us to focus on seizing the tremendous opportunities to scale the combined business, and create additional value for our customers, brokers and capacity providers.”
Ascent and Cove will continue to operate under their respective brands. The businesses and senior management will however combine.
Kevin Hastings, Chief Executive of the combined group, added, “Uniting at a corporate level allows us to realise the many synergies between our two entirely complementary businesses.”
“Our combined resources and innovative class-leading expertise will help propel significant growth for the business.”