Through the transaction, Markerstudy claims to become the fifth largest motor insurance provider in the UK
British consumer co-operative Co-operative Group (the Co-op) has sold its insurance underwriting business to Markerstudy, TwinFocus and funds managed by Blackstone Credit for £185m.
The deal, which was announced in January 2019, also includes a 13-year partnership for motor and home insurance products. Through the partnership, Co-op Insurance claims to expand its ability to sell insurance products under the Co-op brand in the UK.
Additionally, Co-op Insurance will work with other insurance partners to develop new products and services to meet the needs of its 4.6 million members.
Co-op CEO Steve Murrells said: “We’re pleased to announce that the sale of our underwriting business has now successfully completed for proceeds of £185 million.
“From the outset we have been clear of our intention to significantly grow our insurance footprint and the completion of this deal coincides with the start of a 13-year partnership for Co-op Insurance and Markerstudy Group, enabling us to now deliver upon our ambitious expansion plans, to meet more of our members’ insurance needs more of the time.”
Through the transaction, Markerstudy claims to become the fifth largest motor insurance provider in the UK and also aims to strategically expand its footprint by selling targeted products to satisfy the needs of its own as well as the Co-op’s customers.
The deal is also expected to increase the company’s customers to nearly 1.3 million and increase its gross written premiums (GWP) to more than £500m.
Markerstudy Group CEO Kevin Spencer said: “We are delighted that this sale has completed and today we start our partnership with Co-op Insurance.
“With over 1.8 million customers currently, we have the expertise and the capability to continue to meet the existing needs of Co-op’s members and customers for the long term and to help develop a wider range of products.”