HFW Advises Markerstudy On £185m Acquisition Of Co-Op Insurance Underwriting Business
Global, sector-focused law firm HFW has continued its run of insurance M&A deals with advice to Markerstudy on its £185 million acquisition of the Co-op's insurance underwriting business, CIS General Insurance Limited.
As part of the deal, which is expected to complete in Q2 2019, subject to PRA and FCA approval, Markerstudy entered into a 13-year agreement with the Co-op to distribute motor and home insurance products. The two companies will also work together to develop new insurance products.
HFW's team advising Markerstudy was led by partners Ashwani Kochhar and Carol-Ann Burton, and also included senior associate Will Reddie and associates Nazim Alom, Felicity Burling and Lizzie Gray. Carol-Ann joined HFW in September to further enhance the firm's transactional and regulatory insurance practice.
The Co-op was advised by Allen & Overy.
The transaction continues HFW's run of insurance M&A work. The firm previously advised the sellers of a majority stake in Miles Smith Insurance Group to private equity firm Pollen Street Capital, Coverys on its acquisition of the R&Q Lloyd's Managing Agency, and private equity firm Livingbridge on the insurance law and regulatory aspects of the management buyout of Coversure Insurance Services Group. HFW also acted on the acquisitions of CORGI Homeplan and CETA Insurance.
Insurance and reinsurance is one of HFW's six core sectors globally, with a specialist team of 23 partners and more than 75 lawyers across the Americas, Europe, the Middle East and Asia-Pacific.
The firm's market-leading practice offers a comprehensive range of dispute resolution, transactional and regulatory legal services to clients across the industry, including insurance and reinsurance companies; policyholders; captives and mutuals; brokers and other intermediaries; managing agencies and MGAs; TPAs and other service providers.
HFW is a leading global law firm in the aerospace, commodities, construction, energy, insurance and shipping sectors. The firm has more than 600 lawyers, including 170 partners, based in offices across the Americas, Europe, the Middle East, Asia and Australia. HFW prides itself on its deep industry expertise and its entrepreneurial, creative and collaborative culture.
About Markerstudy Group
Markerstudy Group of Companies (MSG) is a privately-owned UK organisation headquartered in Kent and employing over 3,000 employees. Established in 2001, it has been recognised as a Best Company to Work For in the UK at The Sunday Times Best Companies Awards for five consecutive years and was a Top 5 company in 2017 in the Best Big Companies category.
In 2018 it developed the largest MGA in the UK, Markerstudy Insurance Services Limited (MISL), supporting over 1,000 broker partners and more than 1.5 million policyholders with a wide variety of insurance products.
The group’s portfolio includes the Markerstudy Retail and Affinity division which operates BDML Connect Limited, one of the UK’s largest affinity based insurance intermediaries for pet insurance. The Group also includes Auto Windscreens, VisionTrack, Vision Vehicle Solutions Limited, as well as Markerstudy Direct Limited, operating brands Geoffrey Insurance Services and Zenith Direct.
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