Subject to FCA approval, Markerstudy Group is acquiring four businesses from Capita Insurance Services, namely Lancaster Insurance Services, Sureterm Direct, BDML Connect Limited and Delta Underwriting.
BDML Connect, one of the largest personal lines intermediaries in the UK, with a large presence in the personal lines affinity intermediary market, has operations in Portsmouth and Colchester, and was acquired by Capita Insurance Services in 2005.
Established in 1984 and based in St Ives, Cambridgeshire, Lancaster was formed as the insurance division of the MG Owners Club. It rebranded in 1989 to Lancaster Insurance Services to cater for the growing demand for classic car insurance. Sureterm Direct formed in 1989 to focus on 4x4 and other segments of the non-standard motor market. Both businesses were acquired by Capita in 2008 and 2010, respectively, and merged into the Lancaster business.
With GWP circa £100m and 685 staff across three locations, this purchase is firmly in line with Markerstudy’s expansion strategy, delivering affinity, niche and broking business to the Group.
Kevin Spencer, Group CEO, comments “We’re not known for resting on our laurels. This exciting opportunity presented itself, and we acted quickly and decisively. I would like to thank our advisers from IMAS, Olly Laughton-Scott and James Simpson for their services in clinching the deal”.
The three companies of Lancaster, Sureterm Direct and BDML Connect will swell the Retail arm of the Markerstudy business, headed up by managing director, Russell Bence.
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