Insurance company is bought out

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A COMPANY that employs more than 90 people in Chichester is being bought out.

Insurance firm Direct Life is being purchased from Cardif Pinnacle Insurance Holdings Ltd, in a deal expected to complete at the end of this month.

The management buyout allows the company to build on its existing business in addition to creating new technology applications.

Rob Quayle, managing director at Direct Life, said: ‘Cardif Pinnacle has been supportive of Direct Life during their ownership, building a market-leading technology platform.

‘We’ve 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 development.

‘I am excited to be leading the venture along with Neil McCarthy and our management and operational team.’