BGL Insurance’s Thompson steps down as chief executive

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Broker’s MGA owner plans to be a ‘major player’ in consolidation activity this year

Peter Thompson, chief executive of Markerstudy Group-owner intermediary BGL Insurance (BGLI) is stepping down from his post and exiting the business on 28 February 2023.

Thompson’s decision to leave BGLI was reached mutually after Markerstudy Group conducted a strategic review of its operations following its acquisition BGLI in May 2022. This deal was initially announced in January 2022.

Markerstudy Group’s chief executive, Kevin Spencer, will assume Thompson’s previous role on an interim basis, supported by BGLI’s executive team.

Peter Thompson 3

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Speaking on the news, Spencer said: “I would like to thank Peter for the vital role he has played in building BGLI into such a successful business and for his valuable support during the process of integrating it into the broader group. He goes with our very best wishes for the future.”

Thompson added: “I am immensely proud of the part I have played in building such a strong and successful business. After 15 years at BGLI, I have decided to move on, but I am pleased to be leaving it in such good hands.

“I’m confident Markerstudy will be excellent custodians for BGLI as it embarks on the next stage of its journey.”

Thompson started at BGLI in 2008. He was appointed chief executive in June 2021.

Being ‘better than usual’

Markerstudy Group has a number of plans for 2023, according to Spencer – including continued M&A activity and being a “major player” in the market’s next round of broker consolidation.

He said: “I am hugely excited by the opportunity for Markerstudy. It’s not just business as usual, but business better than usual.

“Key to our future growth plans is our IT infrastructure, where we are investing heavily to build a pre-eminent position in insurance distribution and complementary services.

“A number of exciting initiatives will be coming on stream during 2023 to provide market-leading end to end solutions to our customers and further build our market presence.

“Additionally, we have a continued appetite for acquisitions where they align to our strategic intent.

The market is continuing to consolidate and I am optimistic that Markerstudy will be a major player in the process during the next phase.”