Commenting on the deal, Markerstudy’s group CEO Kevin Spencer highlighted that taking ownership of BGLI will provide the group with a unique opportunity to further accelerate and increase its growth potential. Markerstudy has long enjoyed a fruitful partnership with BGL Group, he said, and this has developed in recent years with BCLI acting as an outsource partner to several Markerstudy brands. He noted that the news is a “fantastic springboard into 2022”.
Peter Thompson, CEO of BGL Insurance, added: “We are excited to become part of the Markerstudy Group. The partnership is a natural evolution for BGLi and brings together our leading digital distribution capabilities with the innovative underwriting capabilities of Markerstudy. The combination creates a business with close to six million customers and our complementary skills will enhance our customer proposition.”
Partner at Pollen Street, Michael England also discussed the acquisition and noted that the firm was very excited about the deal as BGLI’s digital and data capabilities are “second to none” and accelerate many aspects of Markerstudy’s digital agenda. He emphasised that together BGLI and Markerstudy will make up on the fastest growing players in UK general insurance.
Meanwhile, Consumer Intelligence CEO Ian Hughes noted that it is already widely known that 2022 will be a year of change for the insurance market and insured consumers. This is an exciting deal, which changes the landscape of the market, he said, and will likely be the first of many such deals to take place this year, as changes brought about by the FCA begin to shape the future of the market.