Manchester-based Co-operative Group said on Wednesday it entered into a 13-year partnership agreement with Markerstudy Group for motor and home insurance products and has sold its underwriting business for £185 million to Soteria Finance Holdings Limited – a company owned by Markerstudy Group, TwinFocus and funds managed by Blackstone Credit. 

Co-op CEO Steve Murrells: “We’re pleased to announce that the sale of our underwriting business has now successfully completed for proceeds of £185 million.  

“From the outset we have been clear of our intention to significantly grow our insurance footprint and the completion of this deal coincides with the start of a 13-year partnership for Co-op Insurance  and Markerstudy Group, enabling us to now deliver upon our ambitious expansion plans, to meet more of our members’ insurance needs, more of the time.”