Cheltenham-based Endsleigh is to be bought by its management.

Its owner, Dutch insurer De Goudse, said it was doing a deal with managing director Mike Alcock and sales director Ian Passmore. No details of the deal have been disclosed.

Endsleigh is a scheme-based intermediary with 129 outlets on university campuses and high streets.

It uses panels of insurers and does much of its business in motor, household and travel. It also has a commercial operation.

Endsleigh was formed by the National Union of Students in 1965 and is listed eighteenth in the Insurance Times 2001 top 50 UK brokers and intermediaries.

Although originally known as a student insurer, the company targets professionals.

It made a pre-tax profit in 2001 of £2.5m, down from £4.55m in 1999.

De Goudse has an 86% stake in Endsleigh and the sale should be completed by the middle of February.

The Dutch company wants to focus on travel, health and expatriate insurance, particularly aimed at the younger market.

Head of corporate communications Stuart Wartalski said Endsleigh and De Goudse had been pursuing different markets for some time. "We have business strategies that don't have much synergy," he said.