Ascent Underwriting (“Ascent”), the cyber and specialty lines MGA, has agreed that Preservation Capital Partners (“Preservation Capital”) will take a substantial stake in the business subject to regulatory approval.
The existing management team of Ascent will retain a significant shareholding in Ascent and will continue to manage the business in its next stage of growth. Further terms of the transaction are not disclosed.
Preservation Capital will provide significant capital to support Ascent’s growth ambitions through the development of new business lines and complementary products via the acquisition of emerging risk/specialist MGAs and through selective team hires.
The investment will assist Ascent to meet the strong growth in demand for cyber insurance cover globally and further develop Ascent’s proprietary OPTIO technology platform, while expanding its global distribution and in-house talent base.
Chief executive of Ascent, David Umbers, said: “Since launching, Ascent has grown rapidly to become a successful and well-regarded MGA. Our independence is important, and we are pleased that our independence will be maintained through this deal with Preservation Capital who will provide us with investment to support our ambitious growth plans.”
Partner of Preservation Capital, Jatender Aujla, said: “We have been impressed by the growth Ascent has experienced since its launch in 2013. It is now one of the leading cyber markets within the Lloyd’s insurance market. The management team of Ascent has done a fantastic job in rapidly growing the business in an attractive end market that is expected to experience significant growth over the next few years. The team has done this while maintaining exceptional underwriting performance. We see significant opportunity for further growth within cyber and in other emerging risk/specialty business lines and look forward to working with the management team to further build the business in its next stage of development.”
Ascent is a leading cyber and specialty focused MGA in the Lloyd’s market. The business was founded in 2013 by David Umbers and Gareth Tungatt and is now recognised as one of the leading MGAs in the Lloyd’s market.
About Preservation Capital Partners
Preservation Capital Partners is a mid-market private equity firm specialising 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. Preservation Capital 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.
Peter Rigby / Richard Adams
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