Coventry-based firm places £20m of GWP

Insurance group Markerstudy has bought Coventry-based personal lines broker The Policy Shop.

The Policy Shop has been running for 21 years. It places gross written premium of £20m and employs 70 staff.

The new acquisition will join Markerstudy’s retail division, which is headed by managing director Russell Bence.

Bence said: “We were approached earlier this year by Sean Byrne, founder and Managing Director of The Policy Shop.

“Our philosophy is well known; we are keen to assist our fellow brokers in the industry and we’re transparent about our acquisitive nature. I’m delighted that our discussions have been successful as this business offers genuine opportunity.”

The acquisition closely follows Markerstudy’s July purchase of mobile phone insurance broker Supercover.