Hughes Insurance, established in 1977 and one of the north’s leading insurance providers with more than 250 employees, is set to be acquired by the Markerstudy Group in Britain.
Markerstudy - whose sister businesses are Auto Windscreens, VisionTrack and Vision Vehicle Solutions - has confirmed its intentions to acquire Hughes, subject to regulatory approvals and customary conditions.
It says that, given Hughes’ strong presence in Northern Ireland, the move is a sign of its commitment to the region.
Hughes Insurance, headquartered in Newtownards and which is part of the Liberty Mutual Insurance Group, has more than 85,000 customers across the motor, home, van, travel and commercial insurance sector and is set to join the Markerstudy Distribution division.
Kevin Spencer, Markerstudy group chief executive, said: “Markerstudy and Hughes Insurance have traded together for many years and worked closely on numerous initiatives.
“We’re committed to the Northern Ireland market and are looking forward to welcoming their team and supporting their aspirations to deliver growth and innovation to enhance their customer offering.
Bernie McHugh Sonner, acting chief executive at Hughes Insurance, added: “Joining the Markerstudy Group marks a new and exciting chapter for us and our valued customers.
“This acquisition will not only strengthen our capabilities but also enhance our ability to provide innovative, competitive and comprehensive insurance solutions.
“I look forward to the future with confidence and enthusiasm, knowing that this collaboration will drive growth and innovation for Hughes Insurance.”
Established in 2001, Markerstudy Group is one of the leading insurance service providers in the UK, protecting in excess of eight million customers with a comprehensive range of insurance products and services.
Atlanta Insurance merged with Markerstudy Distribution in June, and this division provides motor, home, SME and pet insurance products in partnership with several of the best-known brands in UK financial services and retail, and through own brands including Swinton, Carole Nash, Marmalade, Budget, Lancaster and Purely Pets to name a few.
Also part of Markerstudy Distribution, Clegg Gifford specialises in personal and commercial insurance products and expands the groups’ presence into the Lloyd’s of London market.
The UK’s largest managing general agent, Markerstudy Insurance Services Limited (MISL), supports UK broker partners with standard screen-rated risks and the very niche and hard to place manually underwritten risk.
Hughes Insurance has built a strong reputation for offering a comprehensive range of straightforward, reliable, and competitive insurance products, including car, home, van and business insurance.
In March 2021, a year after the outbreak of Covid, Hughes become the first major business in the north to commit to home-working on a permanent basis.
Its 250-strong workforce, many of whom would normally have been travelling many miles to the office, were told they could work remotely, while also having the option to visit its Newtownards headquarters up to two days a week when restrictions are relaxed.