Motor insurer Markerstudy Group has entered into an agreement for a £200 million investment led by Pollen Street Capital.
The transaction will see Pollen Street partner with and make a substantial investment alongside the existing founder team, along with QIC who will also participate in the transaction as a strategic partner to Markerstudy.
The investment will allow the group to deliver a growth programme through a combination of organic and acquisition-led expansion and build on its development over the last 19 years, which culminated in the acquisition of the Co-op’s insurance underwriting business in December.
Speaking of the future, Kevin Spencer, Group CEO of Markerstudy commented: “We have been working with the team at Pollen Street for over a year, during which time we have built a strong working relationship and a shared vision for our combined growth ambitions.
“This strategic partnership with Pollen Street and QIC is a powerful alliance and will facilitate our expansion as we move to the next exciting chapter in our evolution.”
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.”
Mike van der Straaten, CEO of QIC Global added: “Since we acquired Markerstudy’s insurance carriers in 2018 we have built a hugely successful personal lines platform in partnership with Markerstudy.
“We are thrilled to be invited to make this strategic investment, which underlines our commitment to the relationship and our position in the UK motor market.
“This remains a key strategic pillar for QIC Global. 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.”