Lloyds Banking Group has completed the acquisition of Cavendish Online in a deal worth £12 million.
The UK protection business offers hybrid direct to consumer, guided and advised life insurance, critical illness and income protection services.
As announced in February 2022, the Group aims to deepen and innovate in consumer relationships, and has targeted becoming a top-three protection provider by 2025.
Lloyds says the acquisition also allows it to better support existing Halifax, Lloyds Bank and Bank of Scotland customers’ protection needs by providing advice and guidance at key moments.
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.
Cavendish Online continues to offer insurance broker services to customers through its existing distribution channels, operating as a separate company within the Group.