Private equity firm Preservation Capital Partners has announced the successful completion of a strategic investment in Cove Programs, a construction-focused managing general agent.
Together with cyber and specialty lines MGA Ascent Underwriting, which Preservation Capital acquired last year, the deal creates one of the largest independently owned specialty lines MGAs, managing more than $200 million in gross written premium. Ascent and Cove will continue to operate under their respective brands, Preservation Capital said. However, the businesses and senior management will combine.
“We are excited to announce the completion of this transaction,” said David Umbers, executive chairman of the combined group. “Its swift conclusion now allows us to focus on seizing the tremendous opportunities to scale the combined business and create additional value for our customers, brokers and capacity providers.”
“Uniting at a corporate level allows us to realise the many synergies between our two entirely complementary businesses,” said Kevin Hastings, chief executive of the combined group. “Our combined resources and innovative, class-leading expertise will help propel significant growth for the business.”