Specialty MGA Ascent Underwriting has partnered with cyber specialist agency ProWriters in a move to bolster its US distribution reach.
The partnership will see Ascent’s CyberPro 2.8 product go live on ProWriters’ Cyber IQ platform which provides an online quote comparison capability that allows agents and brokers to compare and access specialty insurance products from carriers.
The addition of Ascent’s cyber product will broaden the appeal of the Cyber IQ platform for brokers, while enhancing Ascent’s US distribution reach as part of its digital growth strategy.
Ascent will join Axis, Chubb, Hiscox, Tokio Marine HCC, CFC, At-Bay, Coalition, and Corvus on the Cyber IQ platform.
Commenting, Brian Thornton, CEO of ProWriters noted that Ascent’s cyber and tech E&O proposition has enjoyed “impressive growth” propelled by its underwriting expertise, broker focus and use of proprietary technology.
John Merchant, managing director, cyber & technology, North America said: “The combined strength of Cyber IQ and Optio Connect platforms will further enhance our distribution capabilities.
“Being added to ProWriters’ scalable Cyber IQ platform allows Ascent to easily deliver customized cyber insurance solutions. It also provides the option to quickly add enhancements and additional coverages including tech E&O,” Merchant added.
Ascent and stablemate US construction-focused MGA, Cove Programs, form part of the group parent company, Optio.
Both MGAs will continue to operate under their respective brands. However, senior management will come together to oversee the combined business.
Optio was launched in September last year after private equity firm Preservation Capital completed its investment in Cove – in a move to build out an MGA platform with more than $200mn GWP.