Wednesday December 2, 2020
Markerstudy Group has today (2nd December) completed on its purchase of the Co-op Insurance underwriting business (CISGIL), commencing a 13-year partnership to provide home and motor insurance products under the Co-op brand.
Advising Markerstudy in the transaction, and a shareholder in the CISGIL joint venture, TwinFocus arranged financing with Blackstone Credit for proceeds of £185 million, and acts as an investment advisor to the Markerstudy Group. Headquartered in Boston, with its European office in London, TwinFocus overseas more than $7.5 billion of assets and provides diversified investment solutions.
As the UK’s largest MGA, with over 1.8 million policyholders, Markerstudy will become the 5th largest motor insurance provider and has ambitions to strategically expand its footprint through the delivery of targeted products to satisfy the needs of its own, as well as the Co-op’s, customer base.
Kevin Spencer, Group CEO of Markerstudy said: “This is our biggest acquisition to date and provides us with an unparalleled opportunity for growth. The 13-year agreement gives us access to the Co-op’s 4.6 million active members who will benefit from our investment in technology, underwriting expertise and sophisticated product development. I am delighted to have concluded the deal this side of Christmas. It’s wonderful to have positive news to share with our loyal staff after such a challenging year.”
Charles Offord, Managing Director of Co-op Insurance Services Limited said: “We’re pleased that this sale has now completed and our 13-year partnership with Markerstudy to create and sell compelling insurance products can now commence.”
As a result of this agreement, Markerstudy’s customer numbers will increase by around 1.3 million, and GWP will be boosted by more than £500 million.
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Notes to editors:
Markerstudy Group of Companies is a privately-owned UK organisation headquartered in Kent and employing over 3,500 employees. Established in 2001, it has been recognised as a Best Company to Work For in the UK by The Sunday Times Best Companies Awards and holds the Investors in People Gold award.
As the UK’s largest MGA, Markerstudy Insurance Services Limited, supports over 1,000 broker partners and more than 1.8 million policyholders with a wide variety of insurance products.
In 2020 the group became the 5th largest motor insurance provider after completing the purchase of the Co-op Insurance underwriting business and commencing a 13-year partnership to provide home and motor insurance products under the Co-op brand, increasing customers by an estimated 1.3 million.
The group’s portfolio also includes the Markerstudy Retail and Affinity division which operates Insurance Factory Limited, one of the UK’s largest affinity based insurance intermediaries for pet insurance; along with Auto Windscreens, VisionTrack, Vision Vehicle Solutions Limited, and Markerstudy Direct Limited, operating brands Geoffrey Insurance Services and Zenith Direct.
TwinFocus is a premier boutique multifamily office for global ultra-high net worth families, entrepreneurs and professional investors. Headquartered in Boston, with its European office in London, TwinFocus oversees more than $7.5 billion of assets and provides diversified investment solutions that include exclusive access to unique direct investments in private equity and real estate. TwinFocus acts as financial advisor to Markerstudy’s principals and the investment portfolio underpinning policies issued by Markerstudy’s MIL subsidiary.
Blackstone Credit is one of the world’s largest credit-focused asset managers, with $135 billion in AUM. It seeks to generate attractive risk-adjusted returns for its clients by investing across the entire corporate credit market, from public debt to private loans. Its capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments.