Insurance group Markerstudy has snapped up a the Kent-based motor arm of a rival.

The Seveoaks-based company has acquired Chaucer’s UK motor business, which includes business under the Chaucer Direct and REIS brands.

The purchase extends Markerstudy’s gross written premiums to £900 million and adds another 430 people to its 3,000 employees across the UK.

The motor arm of Chaucer is based in Whitstable, with another office in Nottingham, and also provides commercial property and liability insurance to more than 450,000 customers in the UK.

Markerstudy chief executive Kevin Spencer said: “This acquisition will strengthen our core offering, and complement our strategy for growth and profitability.

“I am pleased we were in the fortunate position to be able to reach agreement to acquire the business. It will add significant value, positioning us for further success.”

The deal is expected to be completed in the autumn, subject to regulatory approval.