Markerstudy, a leading omni-channel insurance group, has acquired Lloyd’s broker Clegg Gifford, subject to regulatory approval.
Formed in 1968 as a general insurance broker, Clegg Gifford later evolved into a Lloyd’s broker and specialist in the UK motor trade market segments. Recently crowned ‘Independent broker of the year’ at the Insurance Times Awards, the deal will see one of the UK’s largest family-owned independent brokers join Markerstudy, a digitally-led insurance group that manages £1.2bn GWP and provides specialist and mainstream insurance products to three million customers.
Kevin Spencer, Markerstudy Group CEO said:
We are closing our 20th year of trading with our 35th acquisition. This purchase represents a significant investment for us into the SME space and supports our ambitious growth targets. Following our acquisition of Brightside, we have developed the commercial business substantially and access to the Lloyd’s market is integral to our expansion strategy.
We warmly welcome Toby Clegg and his team to Markerstudy. Toby will continue as CEO of Clegg Gifford, whilst his father and company founder, Roy Clegg, will retire on completion of the deal.
Markerstudy’s motto is ‘fortune favours the bold’ and they’ve blazed a trail for many years. To really capture the huge array of opportunities in this industry you need bold thinking, scale and broad shoulders. Joining the Markerstudy family enables us to push forward to the next level; we bring our Lloyd’s pedigree alongside the reinsurance facilities we hold and a national client base which will serve as the springboard for further development. It truly is a game changing prospect for Clegg Gifford and we are very excited by the future.
Michael England, partner at Pollen Street, said:
We are thrilled to welcome Clegg Gifford to Markerstudy. As Markerstudy continues its rapid growth this acquisition brings access to the Lloyd’s market alongside a national client base. Clegg Gifford has a strong reputation spanning over 50 years and I am excited for the next phase of their growth as part of Markerstudy Group.
Markerstudy was advised by KBW and Slaughter and May. Clegg Gifford was advised by BCLP.
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