Sevenoaks-based the Markerstudy Group has grown again after acquiring BGL Insurance.

The deal has now secured regulatory approval, ushering in the ability to start the integration of the two firms.

BGL Insurance, based in Peterborough, employs 1,700 and adds to the 3,500 Markerstudy already employs.

Kevin Spencer, CEO of Markerstudy Group, said: “Our partnership creates a business with more than six million customers and our complementary skills will enhance our customer proposition and create significant growth potential.

“Together, we have operational strength and leading digital distribution capabilities, alongside underwriting, product and insuretech prowess. We are all very excited by the opportunities ahead."

Redundancies were unable to be ruled out, he added in the longer term.

Peter Thompson, CEO of BGL Insurance, added: “The complementary skills and capabilities within our businesses, combined with the strength of the Markerstudy Group, truly represents a unique opportunity to accelerate and increase our growth potential – something I am very excited about.”

This will enhance our customer proposition and create significant growth potential

The BGL Insurance brand will be retained, and there are currently no anticipated changes to its three locations of Peterborough, Sunderland and Wakefield. Peter Thompson will continue in his role as CEO.