Markerstudy to exit short-term market

Markerstudy has announced that it will be withdrawing from the short-term market.

In a statement sent to Insurance Times, the managing general agent (MGA) said it had identified this line of business as ”expensive to administer” following a review.

The move came despite an analysis from 360 Research Reports Insights, published 13 October 2023, highlighting that the short-term insurance market was “expected to witness significant growth in the coming years”.

Markerstudy said brokers had a “good choice of alternative providers” in this field.

“We are currently conducting our annual review of our product lines and broker strategy,” a spokesperson for the MGA said.

“As part of this process, we’ve identified that the short-term market, as a non-core product, for us is expensive to administer and we will be withdrawing from this line of business.

“There is an active competitive market for short period cover and the small number of brokers we were working with have a good choice of alternative providers to ensure their customers will not be affected.”

Expansion?

Meanwhile, Markerstudy also revealed that it was looking at the Northern Ireland market as part of expansion plans.

“We are considering the Northern Ireland market, when we will re-enter and in what product lines and distribution channels,” the firm said.