Preservation Capital finalises investment in MGA Cove Programs

Private equity firm Preservation Capital Partners has finalised its investment in US construction-focused MGA Cove Programs.

The company said this deal has created one of the largest independently-owned specialty lines MGAs, managing more than $200 million gross written premiums. It builds on Preservation Capital’s investment in cyber and specialty lines MGA Ascent Underwriting last year.

Cove and Ascent will continue to operate under their own brands but the business and senior management will merge.

Kevin Hastings, chief executive of the combined group, said: “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.”

David Umbers, executive chairman of the combined group, said: “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.”