Financial services-focused private equity player Preservation Capital Partners has doubled down on its recent investment in insurtech underwriting company Ascent by picking up construction-focused underwriting specialist MGA Cove Programs.
The combined business will manage in excess of $200m of gross written premiums, making it one of the largest independently owned emerging risk and specialty lines managing general agents (MGAs).
Ascent and Cove will continue to operate under their respective market-leading brands following the deal.
Preservation Capital partner Jatender Aujla said, “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.”
Mid-market investor Preservation Capital specialises in financial services deals, tending to partner with companies boasting proven and resilient business models that have demonstrated strong growth.
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