Markerstudy Group’s chief executive says the business has been observing Brightside with interest for years
Markerstudy Group has acquired Brightside Group from private equity investor AnaCap Financial Partners in its first purchase this year.
For Markerstudy, the acquisition adds in excess of £125m gross written premium (GWP) to the business.
Kevin Spencer, Markerstudy Group’s chief executive, said: “We were in the running for Brightside seven years ago but lost out to AnaCap. In the intervening years, we’ve observed the business with interest and developed an excellent working relationship with the team.
“Due to our multifaceted operation, Brightside presents us with the opportunity to expand our product range, and further develop our broking businesses.
”Coincidentally, both Markerstudy and Brightside were founded in 2001 and, similar to our early strategy, Brightside specialises in providing niche insurance across a wide range of personal lines and commercial products.”
The deal is subject to regulatory approval. Markerstudy was advised on the transaction by HFW, while AnaCap was advised by KBW and Proskauer Rose.
This news follows Markerstudy’s purchase of Co-op Insurance’s underwriting business in December 2020, as well as investment from Pollen Street Capital and Qatar Insurance Company in January this year.
Brendan McCafferty, chief executive of Brightside Group, said: “We are delighted to be joining Spencer and the Markerstudy Group, a business we have been close to and [have] respected for a long time.
”We are excited about the opportunities this will create for the business and our people and look forward to supporting their strategy for growth.”