Endsleigh's management buy-out has fallen behind schedule.
Endsleigh's majority shareholder, Dutch insurer De Goudse, confirmed in January it was doing a deal with Endsleigh's managing director Mike Alcock and sales director Ian Passmore.
The buy-out was due to be completed by mid-February.
However, De Goudse director Marcel van der Meulen said the deal had encountered unexpected obstacles and would now be announced as soon as possible.
He said complications arising from the fact that the deal involved two shareholders - De Goudse and the National Union of Students - plus the management buyers, a lender and "a minor role for Zurich Financial Services" meant it took longer than originally thought.
"There are a lot of reports and many advisers involved.
And, because one of the shareholders is a foreign company, a lot of tax issues that we didn't anticipate," van der Meulen said.
"We're slightly behind schedule but positive the deal is still taking place."
A Zurich spokeswoman confirmed that the insurer had agreed to provide Endsleigh with bespoke products in a "strategic alliance" that hinged on the MBO going ahead.
Endsleigh and De Goudse are splitting due to their different business strategies.
