Late last year Markerstudy Group took a strategic leap with its purchase of Co-op’s underwriting business, and the group is starting 2021 off on a similar keel. The business today revealed an agreement for a £200 million investment led by Pollen Street Capital (Pollen Street) which will see Pollen Street partner with the group and make a substantial investment alongside the existing founder team. It has been announced that QIC will also participate in the transaction as part of its ongoing commitment as a strategic partner to Markerstudy.
In a Press release, Markerstudy noted it will use the investment to deliver an “ambitious and sustainable growth programme”, combining organic and acquisition-led growth to build on the development it has undergone over the last 19 years. Founded in 2001, Markerstudy serves over 1.8 million policyholders and has grown through investment in technology, underwriting expertise and product development.
Group CEO of Markerstudy Kevin Spencer said the business has been working with Pollen Street for over a year, and the deal is the culmination of a strong working relationship and a shared vision for combined growth ambitions. He said the strategic partnership with Pollen Street and QIC is a powerful alliance which will facilitate the group’s continued expansion.
Meanwhile, Michael England, partner at Pollen Street, said: “We are delighted to welcome Kevin and the team to the Pollen Street fold, and are excited about the future together. We have been impressed throughout our time working together with both their growth track record and their ambitions for the future.
“We focus our investments on opportunities where we can work with management teams to build leaders in European financial services, driving growth through a combination of the strongest customer propositions with data and technology-led business models. Markerstudy fits squarely within this theme, marking our third investment in the insurance sector in the last three years and our second investment into Pollen Street IV.”
The CEO of QIC Global Mike van der Straaten stated that since the business acquired Markerstudy’s insurance carriers in 2018, this has resulted in the building of a successful personal lines platform.
“This remains a key strategic pillar for QIC Global,” he said. “Kevin and the team have demonstrated a track record of robust underwriting and innovation and we are delighted to continue this relationship alongside the existing team and Pollen Street.”
Markerstudy was advised by KBW, Slaughter and May and Oliver Wyman; Pollen Street by Alantra, Proskauer Rose, PwC, Alvarez & Marsal, Crosslake, and AON; and QIC by Jefferies and Hogan Lovells.
