Markerstudy Group Limited, a portfolio company of Pollen Street Capital, has announced the acquisition of BGL Insurance (BGLi) from BGL Group. BGLi is a leading digital distributor of insurance and household financial services. Founded in 2001, Markerstudy is amongst the largest motor insurance providers in the UK, one of the largest privately owned UK insurance groups, and the largest Managing General Agent in the UK.
Markerstudy is known for its investment in technology, underwriting expertise and sophisticated product development. The combination, which is subject to regulatory approval, creates a business with close to six million customers and one of the fastest growing participants in the UK general insurance sector.
Slaughter and May is also advising on the debt and equity financing aspects of the acquisition of BGL Insurance and its unrelated purchase of Clegg Gifford & Co. Unitranche debt facilities for the transactions were arranged, and are to be provided by, CVC Credit. The firm is working closely with teams led by Pollen Street Capital partner, Michael England, and Markerstudy’s General Counsel, Chris Payne.