UK class society Lloyd’s Register has sold its business assurance and inspection services division, including cyber-security business Nettitude, to Goldman Sachs Asset Management for an unspecified price. The deal is expected to complete during the second half of 2021 with LR saying today it aims to focus much more on its core maritime business.

Nick Brown, chief executive of Lloyd’s Register, said: “We believe this will unlock significant growth potential for both companies. For Lloyd’s Register, it comes at a time when there is a pressing need for specialist maritime advisers to guide clients through fundamental change and to help support their digitalisation and decarbonisation ambitions.”

Under its new ownership, Lloyd’s Register’s Business Assurance & Inspection Services division will adopt the brand name LRQA.