Preservation Capital backs Ascent Underwriting

Preservation will provide an undisclosed amount of growth capital to support Ascent's extension of its business lines and complementary products, mostly through acquisitions of emerging risk and specialist MGAs. unquote" understands Preservation is prepared to put up to a further £100m behind Ascent's expansion plans.

Ascent seeks to exploit rising demand for cyberinsurance cover globally, and will aim to expand abroad. The firm's management will remain in place and continue to own a significant shareholding.

Swiss asset manager Unigestion was the sole institutional co-investor in the deal.

Preservation was launched in early 2017 and raises money from high-net-worth individuals and family offices on a deal-by-deal basis. It targets financial services firms in the lower-mid-market.

Company
Founded in 2013 by David Umbers and Gareth Tungatt, Ascent is an insurance MGA in the Lloyd's market and is based in London. In the year to April 2017, Ascent made gross profit of £4.4m, up from £3m the year before, and currently has 15 staff.

People
Preservation Capital Partners – Jatender Aujla (partner).
Ascent Underwriting – David Umbers (chief executive).

Advisers
Equity – Alvarez & Marsal (financial due diligence); Aon Securities (corporate finance); Norton Rose Fulbright (legal).
Vendor – Oakwell Capital (corporate finance); Boodle Hatfield (legal); Gibson Booth (financial due diligence).

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• Topics
• Expansion
• Financials
• UK / Ireland
• United Kingdom