New owner of Peterborough's BGL Insurance says it's too early to rule out future job losses after £400 million sale

The chief executive of the new owners of Peterborough-based BGL Insurance has said it was too early to say whether there will be any redundancies in the longer term.

His comments come after the purchase of the insurance giant, based in Bakewell Road, which employs about 1,700 staff, by the Markerstudy Group secured regulatory approval.

The sale was announced in January and is reported to be worth £400 million.

Now the firm’s new bosses say work has started to formulate plans for the integration of BGL Insurance with its new parent company.

In a statement from the company, Kevin Spencer, chief executive of the Markerstudy Group, said it was “too early to say whether there will be any redundancies in the longer term – the focus is very much on the challenging agenda for the rest of this financial year and attention will remain firmly on the day job.”

But the company has also vowed to keep the BGL Insurance brand and says there are no anticipated changes to its three locations of Peterborough, Sunderland and Wakefield.

Mr Spencer said: “I am delighted that we have now completed on the purchase of BGL Insurance.

"This is an auspicious event in our history as we warmly welcome 1,700 new colleagues to our group.

“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.

He added: “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”.

He said that the leadership teams of both businesses will now be working closely together to identify synergies and prepare for integration, opening the doors for new opportunities for colleagues to develop their careers.