Markerstudy Completes Purchase of Ardonagh’s Personal Lines Broking Business

Markerstudy, the UK insurance group, has completed the purchase of the Ardonagh Group’s personal lines broking business, Atlanta Group, in a deal that was first announced in September 2023.

While financial details of the transaction were not disclosed, the Atlanta unit was valued at £1.2 billion ($1.5 billion). A party related to Ardonagh will retain a substantial minority equity stake in the combined business. (Ardonagh is a London-based independent insurance distribution platform, while Sevenoaks-England-based Markerstudy operates a managing general agent and broking specialist units).

On completion, the combined business, known as Markerstudy, will provide multiple insurance products to millions of consumers, including home and motor insurance, and will employ around 7,000 people across the UK. It will transact over £3 billion (US$4 billion) in annual gross written premium (GWP) and is backed by Pollen Street Capital, a London-based private equity firm.

“Our focus for the coming months will be on integration, alongside harnessing the skills, capabilities and experience of our combined groups to enhance our customer proposition, whilst delivering good customer outcomes and creating significant growth potential,” according to Kevin Spencer, chief executive of Markerstudy, in a June 3 statement, issued when the company announced that the deal had received UK regulatory approval.

“I am hugely energised to start our journey to create a major new player in the UK insurance landscape. With the formidable talent and expertise of our colleagues focused toward this new chapter, we look forward to delivering innovative solutions and service for the 8 million-plus customers now shared across our leading and specialist brands,” commented Ian Donaldson, Atlanta Group founder and chief executive officer of Markerstudy Distribution, the company’s broking specialist arm.

“Autonet joined us as a digital van insurance specialist [in 2017] with £130 million in premium, 550 people and exceptional leadership. It became Atlanta and now joins Markerstudy, adding £1 billion of premium across several product lines, more than 2,000 colleagues and the same exceptional leadership,” said David Ross, group chief executive of Ardonagh Group. “We’re delighted to remain part of the journey as a shareholder and to support Markerstudy’s growth in this new chapter.”

Source: Ardonagh Group and Markerstudy