British insurance company Markerstudy Group has received £200m investment led by Pollen Street Capital.
The company’s existing founder team and Qatar Insurance Corporation (QIC) will also participate in the transaction.
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Markerstudy plans to use the infusion to support the rollout of a ‘sustainable growth programme’, which combines expansion through organic growth and acquisitions.
Notably, last month, the insurer purchased Co-op’s insurance underwriting business.
Established in 2001, Markerstudy is said to be the fifth-largest motor insurance provider in the UK.
It is also considered to be one of the largest privately owned insurance groups, and the largest Managing General Agent in the country.
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By GlobalDataCommenting on the development, Markerstudy Group CEO Kevin Spencer said: “We have been working with the team at Pollen Street for over a year, during which time we have built a strong working relationship and a shared vision for our combined growth ambitions.
“This strategic partnership with Pollen Street and QIC is a powerful alliance and will facilitate our expansion as we move to the next exciting chapter in our evolution.”
Pollen Street partner Michael England said: “We focus our investments on opportunities where we can work with management teams to build leaders in European financial services, driving growth through a combination of the strongest customer propositions with data and technology led business models.
“Markerstudy fits squarely within this theme, marking our third investment in the insurance sector in the last three years and our second investment into Pollen Street IV.”
QIC Global CEO Mike Straaten added: “We are thrilled to be invited to make this strategic investment, which underlines our commitment to the relationship and our position in the UK motor market. This remains a key strategic pillar for QIC Global.
“Kevin and the team have demonstrated a track record of robust underwriting and innovation and we are delighted to continue this relationship alongside the existing team and Pollen Street.”
Recently, insurtech Hippo raised $350m from Mitsui Sumitomo Insurance Company, a subsidiary of MS&AD Insurance Group Holdings.
