The Co-op has sold its underwriting business to Markerstudy, TwinFocus and funds managed by Blackstone Credit for proceeds of £185 million.
With over 150 years’ experience of creating and selling insurance products and strong ambitions to significantly grow the Co-op’s insurance footprint, the deal includes a 13-year partnership agreement with Markerstudy. This partnership will enable Co-op Insurance to significantly expand its ability to offer home and motor insurance to more people across the UK.
In addition, Co-op Insurance will work with other insurance partners with the expertise to create compelling products and services in a Co-op way to meet its 4.6 million members’ needs.
This year alone, Co-op Insurance has launched a market leading Over 50s Life Insurance product with Royal London, awarded 5 stars by Fairer Finance. Furthermore, the insurance distributor has exciting plans to increase its presence in the young driver market, after first pioneering black box technology nine years ago.
Charles Offord, Managing Director of Co-op Insurance Services Limited said: “We’re pleased that this sale has now completed and our 13-year partnership with Markerstudy, to create and sell compelling insurance products and services, can now commence.
“We’ve been in insurance for over 150 years and have ambitious plans to ensure we can significantly grow our insurance footprint and fulfil our promise to meet more of our 4.6 million members’ insurance needs more of the time.”
Kevin Spencer, Group CEO of Markerstudy said: “We are delighted that this sale has completed and today we start our partnership with Co-op Insurance.
“With over 1.8 million customers currently, we have the expertise and the capability to continue to meet the existing needs of Co-op’s members and customers for the long term and to help develop a wider range of products.”