- The combined business will have over £3bn in annual GWP
- Pollen Street invested in Markerstudy in 2021
- Ardonagh will receive cash and equity for Atlanta
The combined business will transact over £3 billion in annual gross written premium and employ 7,300 people across the UK, according to a release.
Atlanta is the personal lines broking business of the Ardonagh Group, a London-headquartered insurance group. It distributes via brands including Swinton, Autonet and Carole Nash and has 2.6 million customers.
Ardonagh will receive a combination of cash and a “substantial” minority equity stake in the merged business, the release said.
Markerstudy has around 6 million customers across the motor, pet, home and commercial sectors. It is based in Sevenoaks in England.
Michael England, partner at Pollen Street, said that “Markerstudy has developed rapidly, growing strongly since we invested in 2021”. He added: “In combining the two businesses we have an exceptional opportunity to support this major new platform.”
Fenchurch Advisory Partners is exclusive financial adviser to the Ardonagh Group.
Continuum Advisory Partners is exclusive financial adviser to Markerstudy and Pollen Street Capital.
Skadden, Arps, Slate, Meagher & Flom acted as advisers to the founders of Markerstudy.