Gibraltar motor specialist buys Oxford broker.
Markerstudy Group has set its sights on becoming a top 50 broker after acquiring Thames City Insurance Brokers, a £15m GWP intermediary based in Oxford.
The Gibraltar-based motor insurance specialist is planning to expand to £300m GWP following its 11th acquisition.
The deal brings its distribution arm to just below £50m GWP. Its underwriting arm controls about £60m.
Kevin Spencer, chief executive of Markerstudy, said the group had four more acquisitions in the pipeline.
“One is considerably bigger than this one,” he said. “We are also close to completing a deal that will take us outside of motor. We are trying to get to £300m GWP, £150m in each arm.”
Thames City, which was founded in 1964 by Eric Ward, specialises in non-standard private car business and has 61 staff.
“This is a very exciting time for us as we push on to become a top 50 UK broker,” added Spencer.
“Our assurance of continuity and security for his loyal colleagues was Eric’s greatest concern. We look forward to welcoming the team.”