Co-operative Group Limited (the Co-op) has today entered into a 13-year partnership agreement with Markerstudy Group, for motor and home insurance products, and has sold its underwriting business for proceeds of £185m to Soteria Finance Holdings Limited – a company owned by Markerstudy Group, TwinFocus and funds managed by Blackstone Credit.
Co-op CEO Steve Murrells:
“We’re pleased to announce that the sale of our underwriting business has now successfully completed for proceeds of £185 million.
“From the outset we have been clear of our intention to significantly grow our insurance footprint and the completion of this deal coincides with the start of a 13-year partnership for Co-op Insurance and Markerstudy Group, enabling us to now deliver upon our ambitious expansion plans, to meet more of our members’ insurance needs, more of the time.”
Markerstudy Group of Companies was established in 2001 and is a privately-owned UK organisation headquartered in Kent and employing more than 3,500 staff.