Barclays has agreed to sell Barclays Insurance (Dublin) Designated Activity Company and Barclays Assurance (Dublin) Designated Activity Company to Monument Re Limited for an undisclosed sum.
The two businesses provide underwriting services for Payment Protection Insurance and Income Protection policies, which Barclays ceased to sell between 2010 and 2012. The sale includes the portfolio of c.500,000 remaining policies and related licences. Barclays will retain any PPI-related risks associated with the portfolio.
Barclays Bank Ireland operations, including Corporate Banking and Wealth and Investment Management, will continue to provide a full range of banking services as normal. All employees will transfer to Monument Re Limited upon completion, which is expected in Q1 2017, subject to regulatory approval.
Harry Harrison, Head of Barclays Non-Core commented: “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. 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.”