Leading international law firm Herbert Smith Freehills has advised The Ardonagh Group on the merger between Markerstudy Group and Atlanta Group, Ardonagh's personal lines broking business, to create a major new player in the UK insurance market.
Atlanta manages c.£1 billion of gross written premium (GWP) on behalf of 2.6 million customers in the UK. It distributes a broad suite of products through household insurance brands including Swinton, van specialist Autonet and motorcycle experts Carole Nash. Ardonagh is the UK's largest independent insurance distribution platform and a top 20 broker globally.
The combined business will provide a wide range of insurance products to millions of consumers, including home and motor insurance, and will employ around 7,300 people across the UK. It will transact over £3 billion in annual GWP.
The transaction, which is subject to customary conditions (including regulatory approvals), values Atlanta at £1.2 billion and will be funded by a new investment led by Pollen Street Capital and Bain Capital Special Situations.
The Herbert Smith Freehills team was led by Corporate partners Barney Hinnigan and Shaun Lee.
Shaun Lee commented: "We are delighted to have helped Ardonagh on this transformational transaction for the Atlanta Group. It has been a pleasure working alongside the teams from across the two businesses, and we look forward to seeing them flourish in combination."