The Ardonagh Group has confirmed that it has completed the merger between its personal lines broking business Atlanta Group and Markerstudy.
If you recall, it was in September last year that the merger was first announced.
The deal will see both Atlanta Group and Markerstudy merge to create a new platform in the UK insurance market.
The combined business is set to provide a wide variety of insurance products to millions of consumers, including home and motor insurance, and will employ around 7,300 people across the UK.
A party related to Ardonagh will retain a substantial minority equity stake in the combined business.
Atlanta Group founder and Chief Executive Officer of Markerstudy Distribution, Ian Donaldson, commented: “I am hugely energised to start our journey to create a major new player in the UK insurance landscape. 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 8 million+ customers now shared across our leading and specialist brands.”
Adding: “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.”
Group Chief Executive David Ross, said: “We’re proud to have supported Ian and his team to reach this milestone. Autonet joined us as a digital van insurance specialist with £130 million in premium, 550 people and exceptional leadership. 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.”
