The Markerstudy Group, which has offices in Tunbridge Wells, and the Ardonagh Group’s personal lines broking business, Atlanta, have merged to create a major new insurance platform.
The combined business, which is subject to customary conditions (including regulatory approvals), will employ about 7,300 people across the UK. It will provide a wide range of insurance products to millions of consumers, including home and motor insurance, transacting more than £3billion in annual gross written premiums (GWP).
The transaction will be funded by new investment led by London-based Pollen Street Capital and Bain Capital Special Situations. Ardonagh and its related parties will receive a combination of cash and a substantial minority equity stake in the combined business, along with two seats on the board of directors of the combined business.
Key Atlanta executives, including Ian Donaldson, Craig Ball and Emma Rawlinson will join the Markerstudy management team as senior executives of the combined group.
Kevin Spencer, Markerstudy Group CEO, said: “As existing business partners, we have worked closely with Atlanta for a long time, and so we know first-hand just how exceptional the business and its people are. There are few deals in the market with the potential to be truly transformational for all parties concerned.
“A combination with Atlanta has been a long-term ambition of ours. The strong alignment in our models and shared values and ambitions simply could not be ignored. I’ve never been more excited for the future.”
Ian Donaldson, CEO of Ardonagh Retail, said: “This transaction is a huge testament to our people, and we look forward to working with Kevin and his team to continue innovating and providing great value to our customers.”
David Ross, CEO of The Ardonagh Group, said: “The Ardonagh strategy has always been to find and empower strong management teams, and to back their ambitions with a clear and relentless focus on equity value creation.
“This combination with Markerstudy is an important step in the Atlanta journey and presents compelling opportunities for its customers and people.
“We are very proud of what the Atlanta team have achieved since joining our Group in 2017 and look forward to continuing to work with Kevin, Ian and our new partners at Pollen Street to create a major new player in the UK insurance market.”
