Markerstudy’s chief exec says the deal will provide ’digital distribution capabilities’ and ‘insurtech prowess’ for the pair
Markerstudy Group has today (3 May 2022) completed the acquisition of BGL Insurance and will now start to form plans for the integration of the business.
The BGL Insurance brand will be retained and there are currently no anticipated changes to the three locations of Peterborough, Sunderland, and Wakefield.
Peter Thompson will continue in his role as BGL Insurance’s chief executive.
The regulatory approval for change of control was received on the eve of Markerstudy’s 21st anniversary which is tomorrow on 4 May.
Kevin Spencer, Markerstudy Group’s chief executive, said: “This is an auspicious event in our history as we warmly welcome 1700 new colleagues to our group.
“Our partnership creates a business with more than six million customers and our complementary skills will enhance our customer proposition and create significant growth potential.”
Spencer added: “Together, we have operational strength and leading digital distribution capabilities, alongside underwriting, product and insurtech prowess. We are all very excited by the opportunities ahead”.
He explained that the leadership teams of both businesses will now be working closely together to identify synergies and prepare for integration, opening the doors for new opportunities for colleagues to develop their careers.
Spencer also noted that it was too early to say whether there will be any redundancies in the longer term.
Currently, the focus is very much on the challenging agenda for the rest of this financial year and attention is set to remain firmly on the day job.
Thompson, said: “The complementary skills and capabilities within our businesses, combined with the strength of the Markerstudy Group, truly represents a unique opportunity to accelerate and increase our growth potential – something I am very excited about.”