’The opportunities ahead are exciting as we soon welcome over 2,000 colleagues from Atlanta,’ says chief executive
Markerstudy’s £1.2bn merger with Ardonagh’s personal lines broker Atlanta has been approved by the FCA.
The acquisition was first announced on 15 September 2023 and was funded by an investment led by Pollen Street Capital and Bain Capital Special Situations.
It received regulatory approval after the Competition and Markets Authority (CMA) gave a green light to the deal back in March 2024.
The combined business will be known as Markerstudy and provide multiple insurance products, including home and motor insurance, and will employ around 7,000 people across the UK.
It will also aim to transact over £3bn in annual gross written premium (GWP).
Kevin Spencer, chief executive of Markerstudy, said: “This is a momentous milestone in Markerstudy’s history and one that I’m truly proud of.
“The opportunities ahead are exciting as we soon welcome over 2,000 colleagues from Atlanta.”
Focus
As part of the deal, Ardonagh will receive a combination of cash and a minority equity stake in the combined business, in addition to two seats on the board of directors.
Read: Markerstudy to rebrand broking and distribution portfolio
Read: Markerstudy to exit short-term market
Explore more M&A-related content here or discover other news stories here
Atlanta executives including Ian Donaldson, Craig Ball and Emma Rawlinson will join the Markerstudy management team as senior executives of the combined group.
“Our focus for the coming months will be on integration, alongside harnessing the skills, capabilities and experience of our combined groups to enhance our customer proposition, whilst delivering good customer outcomes and creating significant growth potential,” Spencer said.
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet