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Preservation Capital Partners Ltd., a financial services-focused private equity firm, has completed its strategic investment in U.S. construction-focused managing general agent Cove Programs Insurance Services LLC after receiving all necessary regulatory approvals, Preservation Capital said in a statement Monday.
Cove will continue to operate under its own brand alongside cyber and specialty lines MGA Ascent Underwriting, in which Preservation Capital acquired an interest last year, the statement said.
“Uniting at a corporate level allows us to realize the many synergies between our two entirely complementary businesses,” Kevin Hastings, CEO of the combined group, said in the statement.
The deal was announced in February.
Chubb Ltd. is providing expanded insurance coverage thorough its Private Equity+ offering to address the unique risks private equity firms face, the insurer announced Wednesday.