Boodle Hatfield advise Ascent Underwriting on private equity investment
Law firm Boodle Hatfield has advised specialist cyber security Lloyd's Managing General Agent Ascent Underwriting on a private equity investment from Preservation Capital Partners.
The deal which is subject to FCA approvals was completed on 2 November and is the first investment made by Preservation Capital Partners, which also sees it take a significant stake in Ascent.
The undisclosed investment will help Ascent meet the strong growth in demand for cyber insurance cover globally and further develop Ascent’s proprietary OPTIO technology platform, while expanding its global distribution and in-house talent base.
Preservation Capital will provide significant growth capital to support Ascent’s growth ambitions through the development of new business lines and complementary products via the acquisition of emerging risk/specialist managing general agents and through selective team hires.
The Boodle Hatfield team was led by corporate & commercial partner Rahul Thakrar, with support from Fred Clark and Tom Broadhurst.
Rahul said: “Boodle Hatfield’s eight-strong Corporate team has a strong track record for supporting entrepreneurs and fast-growing businesses, particularly in the technology sector. We are thrilled to have been able to play a part in helping Ascent secure this investment and to be part of its success story.”
Jatender Aujla, a partner of Preservation Capital, said: “We have been impressed by the growth Ascent has experienced since its launch in 2013. It is now one of the leading cyber markets within the Lloyd’s insurance market. The management team has done a fantastic job in rapidly growing the business in an attractive end-market that is expected to experience significant growth over the next few years. The team has done this while maintaining exceptional underwriting performance. We see significant opportunity for further growth within cyber and in other emerging risk/specialty business lines and look forward to working with the management team to further build the business in its next stage of development.”
David Umbers, Chief executive of Ascent, said: “Since launching, Ascent has grown rapidly to become a successful and well-regarded MGA. Our independence is important, and we are pleased that our independence will be maintained through this deal with Preservation Capital who will provide us with investment to support our ambitious growth plans.”
Preservation Capital was advised by Norton Rose.