Markerstudy Group has restructured its broking operations with the launch of Markerstudy Retail, a personal lines broking arm, as the group marks its 25th year of trading.
The move splits what was formerly known as Markerstudy Distribution into two distinct areas: Markerstudy Retail, focused on personal lines customers, and Markerstudy Business, the commercial arm led by Ross Barrington. The changes are designed to sharpen operational clarity and strengthen customer outcomes across both divisions.
Emma Rawlinson (pictured), appointed CEO of Markerstudy Distribution in January 2025 following the departure of predecessor Ian Donaldson, will lead Markerstudy Retail.
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"In this, Markerstudy Group's 25th year, we are evolving and innovating. We're the UK's biggest independent broker and under my watch the focus is on clear strategy and objectives that put leadership, customer, governance, people and culture and sustainability front and centre," said Rawlinson.
The restructure is the latest step in organising a business that has grown substantially through M&A.
Markerstudy paid £820 million for Ardonagh's personal lines broking business Atlanta Group in a deal completed in May 2024, creating a combined entity that transacts £3 billion of gross written premium annually and employs around 7,300 people, with Ardonagh retaining a 23% stake.
Atlanta brought with it household insurance brands, including Swinton, van specialist Autonet and motorcycle experts Carole Nash, complementing Markerstudy's existing proposition across motor, pet, home and commercial lines. Markerstudy Retail will now bring those brands together alongside Budget, Marmalade, Jaunt and Healthy Pets, delivering products across car, motorcycle, home, van, pet, specialist and lifestyle lines through a combination of proprietary brands and strategic partnerships.
Rawlinson took the top distribution role in January 2025 when Donaldson returned to Ardonagh, eight months after the Atlanta acquisition completed.
The launch comes at a pivotal moment for UK personal lines distribution. The sector is navigating a post-hardening market in which premium income is under pressure while costs remain structurally elevated. Motor premiums fell again in Q3 2025, with home insurance prices down 13% year-on-year after steeper falls in the first half of the year, raising questions about how much further prices can fall before upward pressure returns.
That competitive squeeze has accelerated consolidation at the insurer level, with consequences for distribution. Aviva completed its £3.7 billion takeover of Direct Line Group in July 2025, while Ageas reached an agreement to acquire Esure for £1.3 billion in April 2025 - deals that are reshaping the supply side of the personal lines market and placing greater emphasis on distribution scale and relationships.
In that context, having a clearly defined retail broking operation carries strategic weight. The direct channel now accounts for 52% of personal lines distribution in the UK, and the race to own customer relationships digitally is intensifying. Markerstudy Retail's stated priority of unifying its digital operations across its portfolio of brands is a direct response to that pressure.
The internal restructure comes at a significant moment for the wider group. In November 2025, Pollen Street Group began early discussions with investment banks about a potential IPO for Markerstudy, with London being considered as a listing venue and a deal potentially valuing the business at more than £3 billion. The group reported revenue of £694 million in 2024, though it recorded a loss of £141.7 million.
Founded in 2001 by Kevin Spencer, who remains group CEO and a major shareholder, Markerstudy has grown from a motor insurance underwriter into one of the UK's most prominent personal lines platforms. A cleaner operating structure, with retail and commercial clearly delineated, strengthens that investor story whether or not a listing ultimately materialises.
"We are entering a new phase in our journey, and my senior team and I are united in our drive to putting our customers first. We have ambitious plans and I'm excited to be spearheading this transformation," said Rawlinson.
