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Direct Life secures backing in bid to lead term market

Direct Life and Pensions has secured seven-figure backing in its ambitious

bid to become the market leader in the term insurance broking market.

The cash has been put up by Lloyds TSB Development Capital.

The IFA, which provides low-cost life insurance over the internet and

telephone, is set to recruit 60 new staff in its drive to be the top player

in the high-volume, execution-only term insurance sector.

Managing director Mike Ward says: “It is our ambition to become the UK&#39s

number one company for life insurance and, in due course, stakeholder

pensions.

“Now, with the financial muscle of LDC behind us, we can fulfil our

potential and continue to invest in IT and marketing ahead of flotation in

the short to medium term.”

The money will be used to increase the capacity of the business, which

will see it eventually expand fourfold.

Research and development into new products will be accompanied by a

marketing campaign to build brand awareness.

LDC investment director Steve Carle says: “Direct Life has a clear lead

over its competitors in the pricing and distribution of term insurance,

coupled with a strong and innovative management team.

“This makes it an ideal venture capital investment opportunity and we look

forward to working with Mike Ward and his team to deliver what will be a

market-leading offering in the life insurance and pension market.”

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