Barclays sells its Irish insurance and assurance businesses
Monument Re acquires bank’s subsidiaries with staff transferring to company shortly
Barclays: The sale includes the portfolio of about 500,000 remaining policies and related licences
Barclays Bank has sold its Irish insurance and assurance businesses to Monument Re for an undisclosed sum.
The group said the move does not impact Barclays Bank Ireland, which continues to operate corporate banking, and wealth and investment management.
Barclays Insurance (Dublin) Designated Activity Company, and Barclays Assurance (Dublin) Designated Activity Company, provide underwriting services for Payment Protection Insurance (PPI) and Income Protection policies, which the bank ceased to sell between 2010 and 2012.
The sale includes the portfolio of about 500,000 remaining policies and related licences. Barclays said it will retain any PPI-related risks associated with the portfolio.
All employees of the subsidiaries are to transfer to Monument Re once the deal is completed, which is expected in the first quarter of 2017.
“This sale marks another step forward for Barclays Non-Core as we continue to manage down costs and risk-weighted assets, and simplify the activities of the group more broadly,” said Harry Harrison, head of Barclays Non-Core.
“We are confident that our colleagues in these businesses will have a positive future with Monument and we thank them for their hard work and support over many years,” he added.