The managers of Open & Direct's insurance broking and premium finance business have bought Belfast-based business for £111.4m from Viridian Group plc.

Managing director Paul Elliot and five senior ...

The managers of Open & Direct's insurance broking and premium finance business have bought Belfast-based business for £111.4m from Viridian Group plc.

Managing director Paul Elliot and five senior executives were supported by London private equity firm Alchemy Partners.

They have set up Open & Direct Holdings Ltd as a new company.

Their purchase includes three Northern Ireland-based intermediaries, the premium financing product PremiumFirst, which was launched late last year in the UK and Ireland and the successful retail credit business.

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