Ardonagh’s £1.2bn personal lines broking business merges with Markerstudy

Ardonagh has sold its personal lines broking business Atlanta Group to Markerstudy.

A statement released today (15 September 2023) said the deal would see Markerstudy and Atlanta merge to create a “major new platform” in the personal lines market.

This will provide a range of insurance products to consumers, including home and motor insurance, and will employ around 7,300 people across the UK.

The combined business is also estimated to transact over £3bn in annual gross written premium (GWP).

Kevin Spencer, Markerstudy group chief executive, said: “As existing business partners, we have worked closely with Atlanta for a long time and so we know first-hand just how exceptional the business and its people are.

“There are few deals in the market with the potential to be truly transformational for all parties concerned and a combination with Atlanta has been a long-term ambition of ours.

“The strong alignment in our models and shared values and ambitions simply could not be ignored. I’ve never been more excited for the future.”

Transaction details

The transaction, which values Atlanta at £1.2bn, will be funded by a new investment led by Pollen Street Capital and Bain Capital Special Situations.

Ardonagh will receive a combination of cash and a minority equity stake in the combined business, in addition to two seats on the board of directors.

Atlanta executives including Ian Donaldson, Craig Ball and Emma Rawlinson will join the Markerstudy management team as senior executives of the combined group.

David Ross, chief executive of Ardonagh, said: “The Ardonagh strategy has always been to find and empower strong management teams and to back their ambitions with a clear and relentless focus on equity value creation.

“This combination with Markerstudy is an important step in the Atlanta journey and presents compelling opportunities for its customers and people.

“We are very proud of what the Atlanta team have achieved since joining our group in 2017 and look forward to continuing to work with Kevin, Ian and our new partners at Pollen Street to create a major new player in the UK insurance market.”