Preservation Capital has made a strategic investment in US construction-focused MGA Cove Programs

19 February 2019

Preservation Capital Partners ("Preservation Capital"), the financial services-focused private equity firm which last year acquired an interest in the insurTech-driven cyber and specialty lines MGA Ascent Underwriting ("Ascent"), has made a strategic investment in US construction-focused MGA Cove Programs ("Cove").

Together the business will manage in excess of $200 million GWP, making it one of the largest independently owned emerging risk and specialty lines MGAs. Ascent and Cove will continue to operate under their respective market-leading brands. Each is a pioneer in speciality product development and distribution within their respective markets, supported by best-in-class underwriting and claims teams. However, senior management will come together to drive forward the continued creation of value for brokers, markets, and clients through product innovation and technology.

“ Joining with Cove will give us important critical mass. Like Ascent, Cove Programs are innovators; by driving forward together we will have greater breadth and resources to serve our brokers and clients. It will also extend each companies' distribution, both inwards and outwards.

We are excited by the combination and growth opportunity that lies ahead of us, and together will focus on continued organic growth with the objective of significantly scaling the business. ”

David Umbers, who is to become Executive Chairman of the combined group.

“ We are uniting at a corporate level, however there will be no change in who does what from day to day. Instead we will realise synergies between our two entirely complementary businesses. Together we have no business overlap; only opportunity.

For example, Cove's clients include over 60 top US homebuilders and 70 top commercial general contractors. Ascent's cyber insurance products will be extremely valuable to them. ”

Kevin Hastings, who is to become Chief Executive of the combined group.

“ Ascent has made significant progress since our initial investment just over a year ago, particularly in the areas of product development and distribution.

Cove is an extremely impressive business with a focus on highly specialised niches generating superior underwriting and insurance placement results.

The companies have highly respected brands, the loyalty of brokers and customers, and incredibly experienced management teams supported by industry-leading specialists. Together they comprise a very strong business possessing all the ingredients for controlled, successful growth focused on generating superior underwriting results while serving the broad needs of their brokers and clients. ”

Jatender Aujla, a Partner of Preservation Capital.

Terms of the transaction, which remains subject to regulatory approvals, are not disclosed.


  • star Ascent is a specialist cyber-focused managing general agent underwriting on behalf of a number of Lloyd's syndicates.
  • star It provides innovative insurance solutions face-to-face, and via a proprietary electronic underwriting platform.
  • star Ascent believes that all insurance products should be complemented by value-added solutions, and therefore partners with other professionals, including risk assessors, forensic experts, and proactive claims management companies, to assist clients in making informed choices and ensuring the claims process is smooth and efficient.
  • star Ascent was advised by Boodle Hatfield.


  • star Cove, formed in 2011, is a provider of specialty insurance products.
  • star It comprises Cove Program Underwriting Limited, a London-based managing general agent and approved Lloyd's coverholder with underwriting authority on all its programs, backed by highly rated insurers.
  • star Cove Programs Insurance Services LLC, a California-based surplus lines intermediary, is licensed in each state in which it operates.
  • star Cove also owns Bay Risk Services Limited, a Lloyd's Broker specialised in placing and managing delegated authorities for profitable coverholders.
  • star Cove was advised by Aon Securities, RPC, PKF Littlejohn and Deloitte.

About Preservation Capital

  • star Preservation Capital Partners is a mid-market private equity firm specialising in the financial services sector.
  • star It focuses on partnering with market-leading companies with proven and resilient business models that have demonstrated strong growth.
  • star Preservation Capital is backed by a number of family offices and institutional investors.
  • star Preservation Capital Partners was advised by Proskauer Rose, Alvarez & Marsal and John Burns Consulting.

Previous Press Releases


Ascent to launch Transactional Risk proposition with Alex Smith hire

Ascent announces the appointment of Alex Smith as Head of Transactional Risk, effective February 2019… Read More


Ascent appoints Caspar Stops as Head of Cyber

Ascent Underwriting today announces the appointment of Caspar Stops as head of cyber and is due to start at the end of November… Read More


Ascent enhances coverage with new CyberPro wording

Ascent announces the launch of its new CyberPro wording which has been designed to ensure continued enhancements of coverage… Read More