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.
