LONDON, June 30, 2015 /PRNewswire/ --
Markerstudy has announced that its bid to acquire Chaucer's UK motor business (including the business written under the Chaucer Direct brand and REIS) has been approved by the Financial Conduct Authority.
The transaction, completed on 30th June, will extend the Group's GWP to in excess of £900M and swell employee numbers by 430.
Chaucer's UK Motor, which is celebrating its 50th birthday this year, is headquartered in Whitstable, Kent and provides motor, commercial property and liability insurance to over 450,000 customers in the UK - via intermediaries and brokers, aggregators, and direct. Group Underwriting Director, Gary Humphreys, will lead the existing management team following completion of the transaction.
Kevin Spencer, Group CEO commented: "I'm delighted to have received regulatory approval so swiftly. The new business will sit comfortably beside Markerstudy and Zenith, and with this trio, we will provide even greater choice and expertise to our broker partners, old and new. We always enjoy a party, so we'll be combining our purchase with Chaucer UK Motor's 50th anniversary later this year!"
Notes to Editors:
About Markerstudy Group of Companies
Markerstudy Group of Companies (MSG) was named 11th at The Sunday Times 100 Best Companies to Work For 2015 and 2014.
Its insurance arm includes Gibraltar insurers, Markerstudy Insurance Company Limited, Zenith Insurance Plc and Ultimate Insurance Company Ltd plus UK appointed service providers, Markerstudy Limited and Zenith Insurance Management UK Limited, who provide distribution, claims and administrative support.
The Ultimate Insurance Solutions (UIS) Division includes Ultimate Pet Partners Limited, the UK administrative arm of the business and pet brands Purely Pets and Paws & Claws, BDML Connect Limited, the UK's largest affinity based insurance intermediary spanning the pet, motor, telematics and household insurance markets and Supercover Insurance Ltd, the leading specialist insurance broker and claims administrator.
The following brands operate within the Markerstudy Retail division: Caterer's Club, Mobilers, Equesure, Insurance Choice, Distinct Private Clients, Policy Shop, Insurance Factory Commercial, Insurance Shop, Lancaster Insurance Services, Sureterm Direct and Insurance Factory, all of which offer value and choice to a wide range of customers.
MSG has recently acquired Chaucer Insurance Services Limited including use of Chaucer Insurance and Chaucer Direct brands increasing the offer of products and services in the motor insurance market.
MSG also includes Auto Windscreens and Vision Vehicle Solutions Limited.
SOURCE Markerstudy Group