The insurer, which last year finalised a £185million takeover of Co-op’s insurance underwriting business, has partnered with investment management company, Pollen Street Capital who will join existing partner QIC to provide the £200million cash boost to the company.
The group says the investment will be used to deliver an ambitious and sustainable growth programme through a combination of organic and acquisitionâ€Âled expansion.
Founded in 2001, Markerstudy is the fifth largest motor insurance provider in the UK, and one of the largest privately owned insurance groups. With over 1.8 million policyholders, they are known for their investment in technology, underwriting expertise and sophisticated product development.
Speaking of the future, Kevin Spencer, Group CEO of Markerstudy said: “We have been working with the team at Pollen Street for over a year, during which time we have built a strong working relationship and a shared vision for our combined growth ambitions.
“This strategic partnership with Pollen Street and QIC is a powerful alliance and will facilitate our expansion as we move to the next exciting chapter in our evolution.”
Michael England, Partner at Pollen Street, added: “We are delighted to welcome Kevin and the team to the Pollen Street fold, and are excited about the future together.
“We have been impressed throughout our time working together with both their growth track record and their ambitions for the future.
“We focus our investments on opportunities where we can work with management teams to build leaders in European financial services, driving growth through a combination of the strongest customer propositions with data and technology led business models.
“Markerstudy fits squarely within this theme, marking our third investment in the insurance sector in the last three years and our second investment into Pollen Street IV.”
