Markerstudy Group (Markerstudy) and Atlanta, a division of The Ardonagh Group, have received approval from the Financial Conduct Authority (FCA) to merge.
The approval, announced by Markerstudy on May 31, follows the Competition and Markets Authority’s (CMA) clearance on March 26, 2024.
The proposed merger was initially unveiled in September 2023.
The newly formed business will operate under the Markerstudy name, providing home and motor insurance products to millions across the UK.
The company will employ approximately 7,000 people and handle over £3 billion in annual gross written premium (GWP). Pollen Street Capital has backed the merger.
Commenting on the deal, Markerstudy chief executive Kevin Spencer said: “This is a momentous milestone in Markerstudy’s history and one that I’m truly proud of. The opportunities ahead are exciting as we soon welcome over 2,000 colleagues from Atlanta. 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 while delivering good customer outcomes and creating significant growth potential.”
A related party from Ardonagh will maintain a significant minority equity stake in the combined entity.
In a previous statement, Markerstudy and Atlanta confirmed that they are focusing on leveraging the UK’s personal lines market challenges for growth. The combined business aims to quickly exceed £3 billion in gross written premium (GWP).
Spencer outlined the company’s goal to become a comprehensive insurance provider.
“We would like to be a one-stop shop for insurance,” he said. “If something comes along, and it’s opportunistic, we can consider it, and that’s the beauty of the combination. We can operate really dynamically when something comes up.”
Ian Donaldson, CEO of Ardonagh Retail, emphasised the importance of expanding product and distribution diversity.
“That’s always been a passion of mine… to give that diversity of product and diversity of distribution, so you never relied on one or the other. This [deal] expands that, absolutely,” he said.
The merger is expected to benefit customers by offering a wider range of products, including from prominent brands like Swinton, Autonet, and Carole Nash.
