A management buyout has been confirmed at Direct Life and Life Quote.
According to an
FT Adviser report, senior management for the protection platform Direct Quote have announced plans to purchase the company from existing owner Cardif Pinnacle Insurance. Direct Quote is a protection aggregator and the deal is also set to include its advisor portal Lifequote.
On announcing the deal, managing director Rob Quayle, as well as sales and marketing director Neil McCarthy, commented that a buyout would allow the company to “build on its existing business in addition to creating new technology applications for the advisor market.”
Quayle is quoted in the publication as stating that Cardif Pinnacle, which is a subsidiary of BNP Paribas, had been “incredibly supportive” and helped build a “market leading platform”.
Now he and McCarthy have taken over all of the assets and reserves for the business and described it as “well-resourced and fully capitalised”.
McCarthy, meanwhile, added that the business would be led by a management team with a “sole focus” on “supporting our distribution channels and increasing the take-up of protection and related products.”
Approval for the deal has already been granted by the Financial Conduct Authority and is on track to be completed by the end of October.
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