Castletown-based insurance firm sold for £340m

A Castletown-based insurance company has been sold for around £340m.

Friends Provident International has been acquired by RL360 from the Aviva Group, subject to approval by industry regulators.

Friends Provident International also has offices in Hong Kong, Singapore and Dubai, but around 150 of their 500 employees are based at the Castletown office.

So far it's not been announced whether the sale will have any impact on jobs.