Markerstudy to cut more than 700 jobs after Atlanta acquisition

Markerstudy has revealed that over 700 jobs will be cut following its acquisition of broking business Atlanta.

In a statement, Markerstudy said the deal had resulted in duplication in several roles and that around 750 employees will exit the business.

Staff will be supported throughout the process, which is set to go on through the course of 2025.

The move comes following the completion of the acquisition in June 2024.

A Markerstudy spokesperson said: “Around 750 employees will exit the business over a period of c.16 months. Following our acquisition of Atlanta, integration is underway and there is duplication in certain roles, with multiple offices servicing some areas of the country.

“Colleagues will be kept up to date and supported throughout the process, which will be carried out in phases to reduce impact and commercial risk.”

The deal

The acquisition was first announced on 15 September 2023 and was funded by an investment led by Pollen Street Capital and Bain Capital Special Situations.

The combined business will be known as Markerstudy and provide multiple products, including home and motor insurance.

It will also aim to transact over £3bn in annual gross written premium (GWP).

As part of the deal, Ardonagh will receive a combination of cash and a minority equity stake in the combined business.

Meanwhile, a party related to Ardonagh will retain a substantial minority equity stake in the combined business.