Cardif Pinnacle has acquired Direct Life & Pension Services but it will continue to run as a standalone business.
The purchase of the distributor of term life, critical illness, and other protection insurance products was announced this morning for an undisclosed sum.
Direct Life is DLP’s direct to consumer operation and Lifequote is the intermediary arm, offering life, CI and income protection products.
DLP employs 200 staff and is will continue to run from its base in Chichester.
Cardif Pinnacle chief executive Paul Glen says: “The acquisition of Direct Life & Pension Services 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.”
DLP managing director Mike 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.”