The provisional liquidator of Whiteley Insurance has sold the broker's travel and commercial books.

PricewaterhouseCoopers (PWC) confirmed Whiteley's travel book has been sold to Travel and General Insurance Company, while the commercial book has gone to WY Risk Management.

The commercial book made up between 10% and 20% of Whiteley's business.

Joint liquidator and PWC partner Dan Schwarzmann said a small number of staff had moved to WY Risk Management with the commercial book. Most of the 40 staff remained to help with the provisional liquidation and run-off, he added.

PWC was still to determine whether the broker will be declared insolvent or not.

No decision has been reached on whether policyholders with invalid policies will be able to claim compensation under the Financial Services Compensation Scheme (FSCS). Compensa-tion will only be available to those who bought policies after 14 January.

The FSCS said it was in "close discussions" with PWC on this matter.