Originally announced in September last year, the mega merger between Markerstudy and Atlanta Group has now finally been completed.
Ardonagh Group made the announcement earlier today, with a party related to the broking giant to retain a substantial minority equity stake within the combined business.
“I am hugely energised to start our journey to create a major new player in the UK insurance landscape,” said Atlanta Group founder and CEO of Markerstudy Distribution Ian Donaldson (pictured). “With the formidable talent and expertise of our colleagues focused toward this new chapter, we look forward to delivering innovative solutions and service for the eight million+ customers now shared across our leading and specialist brands.
“I also want to say a personal thank you to Ardonagh CEO David Ross and all the Ardonagh team. When I first met David back in 2016, we discovered we had a shared vision and dream of what could be achieved with the right people and a lot of hard work. The creation of Atlanta and merger with Markerstudy simply wouldn’t have been possible without their backing, and I’m pleased that they will still be involved as a shareholder.”
His enthusiasm was shared by Ross, who described himself as “proud” to achieve the milestone.
“Autonet joined us as a digital van insurance specialist with £130 million in premium, 550 people and exceptional leadership,” he said. “It became Atlanta and now joins Markerstudy, adding £1 billion of premium across several product lines, more than 2,000 colleagues and the same exceptional leadership. We’re delighted to remain part of the journey as a shareholder and to support Markerstudy’s growth in this new chapter.”
Speaking to Insurance Business in September last year, Markerstudy CEO Kevin Spencer outlined the ambition to be a “one-stop shop” for insurance. The combined business, he suggested, would also set its sights on further M&A.
“If something comes along, and it’s opportunistic, we can consider it, and that’s the beauty of the combination,” he said at the time. “We can operate really dynamically when something comes up.”
Donaldson, meanwhile, pinpointed the home and motor markets as presenting opportunities for growth.
“Given what’s going on at the moment, it’d be crazy not to be pushing hard in motor,” he said.
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