Markerstudy Holdings is delighted to announce the acquisition of Zenith Insurance plc, incorporating Link Insurance and the UK service company GHL Insurance Services Ltd from Guardian Holdings Ltd.
With a £300m GWP target for 2010, to include acquisitions and organic growth, this latest purchase secures for Markerstudy Group £140m GWP.
Kevin Spencer, Group CEO, comments "2010 will undoubtedly be an exhilarating year for us. Our intention is to operate both insurers separately, maintaining both brands. We believe in the vibrant UK retail sector and anticipate extending as much support to our broker clients as we have since 2001. Zenith provides us with another powerful weapon in our armoury and will enable us to compete with the larger insurers in the UK".
Jeff Mack, Group CEO of Guardian Holdings Ltd, states "the disposal of Zenith Insurance and GHL Insurance Services Ltd. is consistent with the Group's strategy of divesting non-core businesses, allowing the Group to focus on its main insurance operations including its investments at Lloyd's."
Formed in 2001, Markerstudy was the first insurer established in Gibraltar passporting into the UK.
The transaction is subject to regulatory approval from both the FSC in Gibraltar and the FSA in the UK. Aon Benfield Securities Limited acted as financial adviser to Markerstudy on the transaction. KPMG Corporate Finance acted as financial adviser to Guardian Holdings Ltd.