Direct Life and Pensions has been bought by Cardif Pinnacle for an undisclosed sum. The firm will c...
Direct Life and Pensions has been bought by Cardif Pinnacle for an undisclosed sum.
The firm will continue to operate as a standalone business. One of the terms of the deal is that the agreed business plan, which includes the much anticipated training academy, goes ahead.
Richard Verdin, sales and marketing director at Direct Life and Pensions, said the firm's training academy launch had been delayed due to the takeover talk but he had not been able to say anything previously. "It is all up and ready to go, it's just a question of rolling it out now," he said.
Steve Devine, head of group corporate communications at Cardif Pinnacle, said the acquisition was a key move forward in its strategy to develop its protection business line. "It allows us to add to our existing range a mixture of products such as income protection and critical illness," he added.
Direct Life and Pensions was a subsidiary of Skipton which has just bought an 86% stakeholding in Torquil Clark in order to strengthen its financial advice offering. Charlotte Hird, media consultant at Skipton, said it would still sell life cover through Direct Life and Pensions but would not own the firm anymore.
