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Stephenson Harwood advises Ardonagh Group on merger deal with Markerstudy
Law firm Stephenson Harwood LLP has advised the management team of the personal lines broking business of The Ardonagh Group (Atlanta) on its merger with Markerstudy Group to create a major new player in the UK insurance industry.
The transaction values Atlanta at £1.2 billion and will be funded by a new investment led by Pollen Street Capital and Bain Capital Special Situations. The combined business will provide a wide range of insurance products to millions of consumers, including home and motor insurance, and will employ around 7,300 people across the UK.
With more than 2,100 employees across 12 locations, Atlanta manages c.£1 billion of gross written premium (GWP) on behalf of 2.6 million customers, while Markerstudy has over 5,200 employees, across 19 sites, and had a reported GWP of £2 billion in 2022.
The Stephenson Harwood team was led by partners Adam Crossley and Sam Gray, who were supported by associates Rajiv Kakkad and Isaac Paine.