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Trade Me sells insurance operation LifeDirect

Trade Me Group Ltd. sold its insurance operation LifeDirect to former owner Mark Solomon, Radio New Zealand reported, citing the New Zealand-based online marketplace's CEO, Anders Skoe.

The financial terms of the deal were not disclosed.

Skoe noted that the business did not fit with the group's strategy anymore.

Trade Me purchased LifeDirect, which provides comparison and purchase of life and health insurance online, in 2013 as an additional revenue stream.