Markerstudy say the purchase, which is still subject to regulatory approvals and customary conditions, is proof of their commitment to Northern Ireland.
The company manages a number of different insurance businesses including Carole Nash, Budget, Marmalade Insurance and Purely Pets.
The group’s companies work across a range of different sectors of insurance, including motor, pet and business insurance.
Cumulatively, Markerstudy group brands manage over 8 million customers. Over 7,000 people are employed by the company.
Hughes Insurance was founded in 1977 and is one of NI’s largest insurance firms.
It has 85,000 customers and works in the motor, home, van, travel and commercial insurance sectors.
The company was headquartered in Newtownards, before that building was sold after being put up for sale in December 2023. It has a registered office address at 20 Fenchurch Street, London.
Hughes Insurance’s most recent accounts, for the year ending December 31 2022, show a pre-tax profit of £2.5m and a turnover of £13.7m.
The same accounts showed the company had 246 employees on average per month.
Bernie McHugh Sonner, acting CEO of Hughes Insurance, said: “Joining the Markerstudy Group marks a new and exciting chapter for Hughes Insurance and our valued customers.
“This acquisition will not only strengthen our capabilities but also enhance our ability to provide innovative, competitive and comprehensive insurance solutions.
“I look forward to the future with confidence and enthusiasm, knowing that this collaboration will drive growth and innovation for Hughes Insurance.”
Kevin Spencer, chief executive of Markerstudy Group, said: “Markerstudy and Hughes Insurance have traded together for many years and worked closely on numerous initiatives.
“We’re committed to the Northern Ireland market and are looking forward to welcoming their team and supporting their aspirations to deliver growth and innovation to enhance their customer offering.”