Markerstudy is consolidating its UK business units into a single ‘super’ managing general agent.
The firm said it was simplifying what had been until now a complex operating structure in the UK.
It will see Markerstudy, Zenith and Zenith Marque, brought under the brand Markerstudy Insurance Services Limited - or ‘MISL’.
“We had quite a complex structure arising out of the acquisitions we had made over the years,” Gary Humphreys, group underwriting director at Markerstudy, told Post.
“We had separate service companies for Markerstudy Insurance Company, Zenith Insurance Company and when we bought Chaucer we inherited a separate service company for that business.
“With the move to the MGA, we’ve brought everything into one super MGA in the UK.”
The deal follows the acquisition of Markerstudy’s Gibraltar-based insurance business by Qatar Re in January.
Humphreys, pictured, said there was no redundancy program, beyond those roles lost in the course of “normal business”. The key efficiencies would come through IT system improvements, but he declined to give a number on savings.
He said the firm would be reissuing new, standardised terms of business agreement with more than 2000 brokers it worked with.
“With the different companies there were different Tobas,” he said. “We’re now having one master agreement for every broker we deal with.
“We’re not looking to reduce broker numbers as a result of it. We’d like to think it will be a swift turnaround, but these things inevitably take time when you’ve got over 2000 intermediaries to deal with.”
Humphreys said the new structure would enable MISL to look at acquisitions. He said the firm had a pipeline of at least two firms. He said the business was looking to expand into non-traditional markets, and was looking at both MGAs and brokers.
“We have a couple of things we’re looking at the moment,” he said. “A dream acquisition for us would be anything that gives us access to markets we don’t penetrate too deeply.
“We are heavily biased toward motor at the moment, so we would be certainly interested in anything that isn’t motor.”
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