Protection platform Direct Life has been purchased by its managing director Rob Quayle and sales and marketing director Neil McCarthy.
The Financial Conduct Authority has approved the buyout from Cardif Pinnacle Insurance Holdings and the deal is expected to go through imminently.
DirectLife owns the adviser portal LifeQuote.
Rob Quayle, managing director of 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.”
Direct Life employs over 90 people in Chichester and provides a protection portal in addition to a fully outsourced case management service for advisers. It also provides a range of technology and support services for online protection distribution.
Neil McCarthy, sales and marketing director, Direct Life, said: “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.”