Private equity firm takes stake in construction MGA

Preservation Capital Partners Ltd., a financial services-focused private equity firm, on Tuesday said it has invested in U.S. construction-focused managing general agency Cove Programs Insurance Services LLC.

Terms of the transaction, which remains subject to regulatory approvals, were not disclosed, London-based Preservation Capital said in a statement.

Preservation Capital added that it intends to combine Cove’s operations with those of insurtech, cyber and specialty lines MGA Ascent Underwriting, in which the private equity firm has an existing stake.

The combined entity will manage in excess of $200 million gross written premiums, the statement said, adding Ascent and Cove will continue to operate under their respective brands.