Insurer said it was attracted to the growth opportunities offered by Supercover

Markerstudy has bought mobile insurance phone broker and claims administrator Supercover in a deal worth £20m.

Since it was established in 1995 to provide extended warranty and insurance cover to mobile phone customer, over the the last 20 years, Supercover’s has expanded its business model to include other portable electronic devices and gadgets. 

It now services more than 1.5m policyholders through 200 channel partners from its base in North West London.

Markerstudy head of retail Russell Bence said broker would come under Markerstudy’s retail arm.

“Our retail division is growing exponentially and we are constantly looking for ways to strengthen our offering,” he added.

“We were particularly attracted to the growth opportunities and scalable business platform offered by Supercover, a market-leader in its field. With our support, the Supercover story of success will continue. To incorporate this superior product into our existing array of customer benefits presents a hugely exciting proposition.”