Private equity firm Preservation Capital Partners has agreed to take a “substantial” stake in specialist managing general agent (MGA) Ascent Underwriting.

Ascent confirmed the current management team will continue to hold a significant shareholding in the company and will continue to manage the business in its next stage of expansion.

Further terms of the transaction are not disclosed.

The capital provided by Preservation Capital will be used to support Ascent's growth ambitions through the development of new business lines and complementary products via the acquisition of emerging risk/specialist MGAs and through selective team hires.

The investment will also assist Ascent to 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.

Ascent CEO David Umbers 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."

Meanwhile, Jatender Aujla, partner of Preservation Capital remarked: "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 of Ascent 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."