Insurer Admiral Group is selling part of its business, including online portal Confused.com, in a deal valued at £508m.
Price comparison firm RVU will buy its Penguin Portals and Preminen businesses.
Admiral was launched in 1993 selling car insurance over the phone in Cardiff with a team of just 57.
Chief Executive David Stevens said the deal was a positive outcome for customers, employees and shareholders.
“It is the right choice for the long-term success of the businesses,” he said.
Admiral has UK offices in Swansea and Newport and overseas sites in Spain, Italy, France, Canada, the US and India.