Management buyout of LifeQuote owner Direct Life
Direct Life, which owns adviser protection portal LifeQuote, is being purchased from Cardif Pinnacle Insurance Holdings Ltd, by its MD Rob Quayle and Sales and Marketing Director Neil McCarthy.
The company says the FCA has already approved the change in control, and completion is expected at the end of October.
Direct Life employs over 90 people in Chichester and provides a whole of market protection portal alongside a fully outsourced case management service for advisers. Additionally, it provides a range of technology and support services for online protection distribution.
The management buyout allows the company to build on its existing business in addition to creating new technology applications for the adviser market.
In recent years, Direct Life has launched the first Buy-Now policies on an advised portal and the first self-service direct to client aggregator portal that advisers can use on their own websites.
Rob Quayle, managing director, Direct Life, said: “Cardif Pinnacle has been incredibly supportive of Direct Life during their ownership, building a market leading technology platform. We have taken over all of the assets and reserves in the business meaning we are well resourced and fully capitalised as we enter this next stage in Direct Life’s development. I am personally very excited to be leading the new venture along with Neil and our fantastic management and operational team.”
Sales and marketing director Neil McCarthy added: “The new business will be run by a team whose sole focus is supporting our distribution channels and increasing the take up of protection and related products. Advisers will benefit from better technology and outsourced support.”