Cardif Pinnacle has bought Direct Life & Pensions in a bid to boost its protection business.
DL&P will remain a standalone business and its 200 staff will continue at the firm’s base in Chichester.
Skipton Building Society has sold its 75 per cent stake in the firm, which offers life, critical-illness and income protection products direct to consumers through Direct Life and via intermediaries via Lifequote.
DL&P managing director Mike Ward has also sold his 25 per cent stake.
Cardif Pinnacle says it will consider other acquisition opportunities as part of its growth strategy. Chief executive Paul Glen says: “The acquisition of Direct Life & Pensions is a key move forward in our strategy to develop Cardif Pinnacle’s protection business. This will enable us to increase the product solutions and services we can offer to a broader range of clients and customers.
“Cardif Pinnacle remains firmly committed to its existing core business. I welcome Mike Ward to our senior management team and look forward to working with him and his colleagues to help us deliver our growth strategy.”
Ward says: “Being part of the Cardif Pinnacle group is an exciting opportunity for us which will reap benefits and rewards for our businesses, our partners and our customers.”