Ascent has agreed that Preservation Capital Partners will take a substantial stake in the business subject to regulatory approval.

November 2017

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.

“ 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. ”

David Umbers, CEO.

“ 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. ”

Jatender Aujla, Partner of Preservation Capital.


  • star 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.
  • star Ascent was advised by Oakwell Capital, Boodle Hatfield and Gibson Booth.

About Preservation Capital Partners

  • star Preservation Capital Partners is a mid-market private equity firm specialising in the financial services sector. It 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.
  • star Preservation Capital Partners was advised by Aon Securities, Norton Rose and Alvarez & Marsal.

Previous Press Releases


Ascent Announces Nil Deductible/ Zero Excess

We are delighted to announce that with immediate effect, we will be providing nil deductible/ zero excess to SME clients on our CyberPro US, Canada, UK, Ireland and Australia products.… Read More


Cyber risk management: the basics

Nearly all companies today are, in effect, high-tech companies. It's true by virtue of the way in which they trade and transact their services: reliance on technology, databases, and remote connections is heavy.… Read More


Ascent hire supports healthcare expansion

Ascent has appointed Ben Wilson as healthcare underwriter with immediate effect… Read More