Cavendish Online founder and managing director Ian Williams (pictured) is to retire following the sale of the protection intermediary to Lloyds Banking Group (LBG) for £12m.
An LBG spokesperson confirmed the move to Health & Protection and added that John Nelmes, a director at Cavendish Online, will take up the role of head of Cavendish distribution
Nelmes will report to Lloyds Banking Group protection director Rose St Louis upon completion of the deal and the rest of the management within the business will stay on, the spokesperson added.
Touching on how the business will be integrated into the wider group, the spokesperson revealed the plan is for Cavendish Online to become a wholly owned subsidiary of Scottish Widows Group operating from its existing locations in Exeter and Fareham.
The Cavendish brand will be retained and will continue to offer its insurance broker services to customers through its existing distribution channels and operate as a separate company within the group.