Barclays has completed the sale of 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. 24 employees will also become part of Monument Re. 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.
Harry Harrison, Head of Barclays Non-Core commented: “This is another positive step in reducing and simplifying the Barclays Non-Core portfolio of assets and activities, which further supports the decision to close the unit at the end June 2017.
“I want to thank our colleagues who are moving to Monument Re and wish them every success in the future.”
Manfred Maske, Group CEO, Monument Re Group commented: “Monument Re is pleased to complete this transaction as we progress with our strategy of closed book consolidation and we welcome our new colleagues to the Group.”