Student insurance specialist Endsleigh Insurance Services is to be bought by its management for an undisclosed sum.
Netherlands-based insurer De Goudse has reached a preliminary agreement to sell the group to managing director Mike Alcock and sales director Ian Passmore.
De Goudse said it had decided to part company with its UK subsidiary, in which it holds an 86% stake, after its decsion to focus on travel, health and expatriate insurance.
Cheltenham-based Endsleigh has adopted a broader approach to student insurance and the young professional market in the UK. De Goudse said it felt that was not compatible with its new strategy.
It is understood that the National Union of Students, which founded Endsleigh in 1965, will retain its 14% stake in the group.
An Endsleigh spokesman said the deal should be completed by mid-February.
Endsleigh, which has 129 bureaux on university campuses and the high street, is currently in negotiations with Zurich Financial Services to form a long-term strategic alliance with the group.
