Markerstudy confirms loan deal with QIC


The organisation was due to pay back a £240m+ loan at the start of December but has reached an agreement to restructure it.

A deal between Qatar Insurance Company (QIC) and Markerstudy has been agreed ahead of a £240m+ loan repayment deadline on 1 December.

Markerstudy Insurance Services published a statement today (28 November) which read: “Markerstudy has confirmed that it is business as usual following confirmation of its continuing relationship with QIC, advising that the parties have reached agreement on restructuring the loan arrangements due 1 December. This is a long term solution providing security to customers and suppliers.” 

In total the business owed £217.3m plus interest which was forecast to be £24.4m.

Markerstudy Group CEO, Kevin Spencer commented: “We enjoy a close alliance with our business partner, QIC, and we have worked together collaboratively and fruitfully for many years. 

QIC has demonstrated their continuing support of Markerstudy, which is testament to the stability of our partnership. With the expertise of Markerstudy Group and strength of QIC’s balance sheet, we have one of the foremost insurance sector unions.”

A Markerstudy spokesperson said there would be no further comment.

Earlier today Markerstudy pledged to repay Qatar Re on time.

Qatar Re, which is owned by QIC, has been a long-term partner for Markerstudy Group. In January 2018, it bought the Group’s Gibraltarian businesses for £107.8m, acquiring Markerstudy Insurance, Zenith Insurance, St Julians Insurance and Ultimate Insurance.

RMS, the company’s auditor, cast doubt on MIS’s ability to trade as a going concern when auditing its financial statements for 2018, published last month.

Auditors commented in the Companies House report that MIS “will rely on the ongoing support of the parent company to continue to trade and meet its liabilities as they fall due”.

Companies House
Markerstudy also reassured the market that it was business as usual and obligations would be met in the Companies House report. As part of the financial results reported in October, directors at the Group stated they were actively seeking new investors in MIS and asserted their confidence in securing new backing.

However, they also conceded that selling parts of Markerstudy Group was on the table as a potential solution.

Market experts expressed puzzlement with the regards to the apparent difficulty in finding fresh investment and speculated that Markerstudy’s deal to buy Co-op Insurance may have been slowing down the process.

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