Co-operative Group Limited Sale of CIS General Insurance Limited (3132H)
December 02 2020 - 8:45AM
UK Regulatory
TIDM42TF
RNS Number : 3132H
Co-operative Group Limited
02 December 2020
Co-op sells insurance underwriting business
Co-operative Group Limited (the Co-op) has today (Wednesday 2
December 2020) 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 GBP185m 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 GBP185
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."
For more information please contact:
Russ Brady / russ.brady@coop.co.uk / 07880 784 442
Tom Cooledge / tom.cooledge@coop.co.uk / 07773 097060
About Co-op Insurance:
Co-op Insurance is part of the Co-op, one of the world's largest
consumer co-operatives with interests across food, funerals,
insurance, legal services and health. It has a clear purpose of
championing a better way of doing business for you and your
communities.
Owned by millions of UK consumers, the Co-op operates 2,600 food
stores, over 1,000 funeral homes and it provides products to over
5,100 other stores, including those run by independent co-operative
societies and through its wholesale business, Nisa Retail Limited.
It has more than 63,000 colleagues and an annual revenue of over
GBP10 billion.
About Markerstudy Group:
Markerstudy Group of Companies is a privately-owned UK
organisation headquartered in Kent and employing over 3,500
employees. Established in 2001, it has been recognised as a Best
Company to Work For in the UK by The Sunday Times Best Companies
Awards and holds the Investors in People Gold award.
As the UK's largest MGA, Markerstudy Insurance Services Limited,
supports over 1,000 broker partners and more than 1.8 million
policyholders with a wide variety of insurance products.
In 2020 the group became the 5th largest motor insurance
provider after completing the purchase of the Co-op Insurance
underwriting business and commencing a 13-year partnership to
provide home and motor insurance products under the Co-op brand,
increasing customers by an estimated 1.3 million.
The group's portfolio also includes the Markerstudy Retail and
Affinity division which operates Insurance Factory Limited, one of
the UK's largest affinity based insurance intermediaries for pet
insurance; along with Auto Windscreens, VisionTrack, Vision Vehicle
Solutions Limited, and Markerstudy Direct Limited, operating brands
Geoffrey Insurance Services and Zenith Direct.
About Blackstone Credit:
Blackstone Credit is one of the world's largest credit-focused
asset managers, with $135 billion in AUM. It seeks to generate
attractive risk-adjusted returns for its clients by investing
across the entire corporate credit market, from public debt to
private loans. Its flexible capital supports a wide range of
companies across sectors and geographies, enabling businesses to
expand, invest, and navigate changing market environments.
About TwinFocus:
Headquartered in Boston with its European office in London,
TwinFocus oversees more than $7.5 billion of assets and provides
diversified investment solutions that include exclusive access to
unique direct investments in private equity and real estate.
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END
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