Markerstudy has announced the acquisition of BGL Insurance from BGL Group, a digital distributor of insurance and household financial services.
The transaction, which is subject to regulatory approval, is expected to complete during the first half of 2022.
Kevin Spencer, group CEO of Markerstudy, said: “As a leading distributor in the market, taking ownership of BGLi provides us with a unique opportunity to further accelerate and increase our growth potential.
“We have enjoyed a long and fruitful partnership with BGL Group, and this has strengthened in recent years with BGLi acting as an outsource partner to a number of Markerstudy brands. This is a fantastic springboard into 2022.”
Peter Thompson, CEO of BGL Insurance, added: “We are excited to become part of the Markerstudy Group. The partnership is a natural evolution for BGLi and brings together our leading digital distribution capabilities with the innovative underwriting capabilities of Markerstudy.
“The combination creates a business with close to six million customers and our complementary skills will enhance our customer proposition.”
Michael England, partner at Pollen Street, concluded: “We are hugely excited to announce this combination as BGLi’s digital and data capabilities are second to none and accelerate many aspects of Markerstudy’s digital agenda. Together BGLi and Markerstudy are one of the fastest growing players in UK general insurance.”
Markerstudy was advised by KBW, Slaughter and May, and Oliver Wyman while BGL Group was advised by Fenchurch Advisory Partners and Dentons.