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.
“ 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. ”
David Umbers, CEO.