Case Study: Ultimate Insurance Company
- Deal size:
- Company Sales
- Insurance Services
- Deal completed:
- March 2015
Meridian Corporate Finance (“Meridian”) advised the shareholders of Ultimate Insurance Company (“UIC”) and Ultimate Pet Partners (“UPP”), the UK administrative arm of Ultimate HC Ltd, holding company for the Ultimate Group on their disposal to insurance holdings underwriter Markerstudy Limited.
Commenting on the deal, Kent-based Markerstudy said “The completion of this deal adds in excess of £30m GWP and affords us a hugely exciting opportunity, with specialist underwriting capability to the intermediary market and a direct route to market of numerous products, including the Purely Pets Insurance brand.
The UIC operation will be overseen by Gary Humphreys, Markerstudy Group Underwriting Director, whilst UPP will join the Markerstudy retail division, headed by Managing Director, Russell Bence.
Russell said “I am delighted that Brian Lambert and Paul Hampshire are joining us. Originally from the BDML stable, and coincidentally already ‘at home’ in the Connect Centre, Portsmouth, we welcome them to the group.
With our existing credentials and enormous expertise in the pet arena, this acquisition will create one of the largest and most dynamic pet facilities”.
UIC was established in 2009 and is a niche personal lines insurer offering specialist underwriting capability to the intermediary market.
Mike Barcia, who led the Meridian team commented “It was a pleasure to have worked with Brian, Paul, Jacqui and Chris on their sale to Markerstudy. The fit was obvious for all parties to see, Markerstudy even moved their offices to those of UIC during the transaction. This deal cements our reputation in the insurance space, which is a market under consistent change.”