Lloyds Banking Group has completed the acquisition of Cavendish Online, in a deal worth £12m.
Cavendish Online is a protection business which offers hybrid direct to consumer, guided and advised life insurance, critical illness and income protection services.
The acquisition will allow Lloyds Banking Group to better support existing Halifax, Lloyds Bank and Bank of Scotland customers’ protection needs by providing advice and guidance.
As announced in February this year, Lloyds said it is aiming to “deepen and innovate” in consumer relationships, and has targeted becoming a top-three protection provider by 2025.
“Lloyds Banking Group will continue to offer mortgage-focused protection advice in branches, as well as providing Scottish Widows-branded protection products through independent financial advisers,” the bank stated.
“Cavendish Online continues to offer insurance broker services to customers through its existing distribution channels, operating as a separate company within the group.”
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