The buy was revealed on Companies House last week
Tradex Insurance Services was acquired as part of Markerstudy’s purchase of Lloyd’s broker Clegg Gifford in December 2021, a filing published on Companies House last week (5 January 2023) has revealed.
Read: Toby Clegg - Clegg Gifford to tap into ‘distribution heft’ of new parent Markerstudy
Read: Warren Downey - Specialist Risk Group is ‘quite romantic about M&A’
Not subscribed? Become a subscriber and access our premium content
Explore more M&A-related content here and discover more news content here
In the initial announcement of Markerstudy’s deal to purchase Clegg Gifford, it was not confirmed whether Tradex would be included as part of the deal.
Motor trade and taxi insurance firm Tradex, which was first established in 1992 as an underwriting agency before becoming an insurance company in 1995, is the sister company – alongside taxi insurance specialist Westminster Insurance – of Clegg Gifford and Co Ltd.
Markerstudy’s financial statement for the year up to 31 December 2021, which was signed off by the board of directors on 12 October 2022 and published last week on Companies House stated: “On 24 December 2021 the Markerstudy Group announced it had completed on the deal to acquire Lloyd’s broker Clegg Gifford subject to regulatory approval.
”Tradex Insurance Services is also being acquired as part of this same transaction. The group have received FCA approval for Clegg Gifford and are awaiting PRA approval for Tradex Insurance Services. The two transactions will need to complete at the same time and are expected to complete by end of October 2022”.
Insurance Times reported that Markerstudy’s acquisition of Clegg Gifford had received FCA approval for the change in control as of May 2022, but the transaction was still awaiting final completion.
Insurance Times has contacted Markerstudy for further comment.
No comments yet