Cox Insurance Retail Division (Cox) has announced it is "in advanced negotiations with Brokersoft Limited for the acquisition of its business".
Cox says the agreement should be good news for the 70 intermediaries using Brokersoft as it will ensure that brokers can continue trading, and it will minimise disruption.
The company added that the agreement has enabled Brokersoft to issue its June update on time.
The chief executive of Cox Insurance's Retail Division, Neil Utley, said: "Our proposals will allow us to ensure the continuity of service to Brokersoft system users.
"So far we have ensured that the June update has been issued on time and we are keen to provide all the intermediaries using the system every assistance."
