Lloyd’s Register (LR) is selling its business assurance arm to Goldman Sachs Asset Management in its second major disposal in less than a year.

The move by the classification society is aimed at freeing up cash to refocus on its core maritime businesses.

The sale of its LRQA division, which generates more than a third of LR’s revenues and has over 2,500 staff, is the largest deal in the group’s history.

It marked a “fundamental change” to target ocean industries, chief executive Nick Brown said.