Herbert Smith Freehills advises on merger between Ardonagh's personal lines broking business and Markerstudy

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."