Financial services company Open + Direct, based in Belfast, has bought general insurance broker SG Cathcart, of Coleraine, for an undisclosed sum.

Cathcart specialises in car, home and travel insurance and is one of the largest brokers of motorcycle insurance in Northern Ireland.

The acquisition is the second for Open + Direct in the insurance sector after it bought Spratt Insurance Services, which has offices in Newtownards, Belfast, Londonderry and Enniskillen, in January.

Managing director Paul Elliott said: “This acquisition will enable us to expand our personal lines business both through the geographical location of Cathcart and its large motorcycle business, which is a new area for us.”

Open + Direct is a subsidiary of The Viridian Group, Northern Ireland's largest listed company.