Markerstudy eyes up Chaucer deal
Post Online has reported that Markerstudy is in pole position to tie-up a deal for Chaucer’s UK motor business after a $300m (£203m) bid backed by private equity house Apollo stalled.
It is believed hopes are fading that the Apollo deal, which is being fronted by former Giles CEO and latterly Arthur J Gallagher retail CEO Brendan McManus, will make it over the finish line.
Markerstudy is now seen as the firm leading the race to snap up Chaucer’s motor business, which represented 26.9% ($300.5m) of $1.12bn of total net premiums written for the year ending 31 December 2013.
When asked by Post whether the Apollo deal had hit a snag and that Markerstudy was the new frontrunner, a well-placed source close to the $300m bid conceded ‘that would appear to be the case’.
They added that although there remained a slim chance the Apollo deal would make it over the line, McManus – who has previously been credited with launching a Gibraltar-based managing general agent – was now actively exploring ‘plan B options’.
Chaucer, which will publish its financial results for 2014 on 1 April, was acquired by US-based Hanover Insurance Group in July 2011.
The insurer writes personal motor, commercial and fleet polices, as well as specialist classes, including motorcycles, motor trade, and classic and specialist vehicles.