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Preservation Capital completes Cove investment

Financial services-focused private equity firm Preservation Capital Partners (Preservation Capital) has completed its strategic investment in US construction-focused MGA Cove Programs (Cove) after receiving all necessary regulatory approvals.

Together with insurTech-driven cyber and specialty lines MGA Ascent Underwriting (Ascent), which Preservation Capital acquired an interest in last year, the deal has created one of the largest independently-owned specialty lines MGAs, managing more than USD200 million GWP.

Ascent and Cove will continue to operate under their respective market-leading brands. Each is a pioneer in speciality product development and distribution within their own markets, supported by best-in-class underwriting and claims teams. The businesses and senior management will however combine to drive the continued creation of value for brokers, markets, and clients through shared expertise, product innovation and technology.

David Umbers, executive chairman of the combined group, says: “We are excited to announce the completion of this transaction. 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.”

Kevin Hastings, chief executive of the combined group, says: “Uniting at a corporate level allows us to realise the many synergies between our two entirely complementary businesses. Our combined resources and innovative class-leading expertise will help propel significant growth for the business.”

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