Brit Insurance Holdings has sold its subsidiary People's Choice (Europe) to Hastings Insurance Services in a deal worth £7.2m.
Brit said the sale of the telesales personal lines broker, involves the transfer of the entire company - including over 400 employees - on an ongoing basis.
In 2002 People's Choice generated turnover of £11.4m from over 130,000 policies. Brit said the company is still experiencing strong growth.
Brit chief executive Neil Eckert said the sale would enable Brit to concentrate on its core business areas.
Eckert said: "With the announcement of our 2002 final results we stated that we would undertake a full review of our distribution businesses and in particular the strategic fit of People's Choice.
"The review determined that a sale represented the most appropriate course of action. We are experiencing strong growth in core business lines and continue to rationalise the business to concentrate on those areas that will form a key part of Brit's future."
