Ascent announced the completion of its acquisition by Preservation Capital Partners, having obtained FCA approvalpublish date : Jan 2018
London, 24 January 2018: Ascent Underwriting ("Ascent"), the cyber and specialty lines MGA, today announced the completion of its acquisition by Preservation Capital Partners, having obtained FCA approval.
The existing Ascent management team will retain a significant shareholding in the company, and continue to manage the business during its next stages of growth. Further terms of the transaction were not disclosed.
Preservation Capital Partners will provide significant additional capital to support Ascent's ambitions to grow through the development of new business lines and complementary products. With the launch of its new Allied Health professional liability product, Ascent announced the first of several new products last week. Growth will also be achieved via the acquisition of specialist MGAs and through selective team hires.
The investment will allow Ascent to accelerate its growth, meet strongly growing global demand for cyber insurance, and to further develop its proprietary OPTIO quote-and-bind platform functionality, while expanding its global distribution and in-house talent base.
Chief executive of Ascent, David Umbers, said: "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.".
Ascent is a leading cyber and specialty focused MGA in the Lloyds market. The business was founded in 2013 by David Umbers and Gareth Tungatt, and is now one of the leading MGAs in the Lloyds market.
About Preservation Capital Partners
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.
Ascent was advised by Oakwell Capital, Boodle Hatfield and Gibson Booth. Preservation Capital Partners was advised by Aon Securities, Norton Rose and Alvarez & Marsal.