The company declared earlier today that Barclays Insurance (Dublin) Designated Activity Co. and Barclays Assurance (Dublin) Activity Co. will both be sold to Monument Re Ltd for an undisclosed sum.
The units were used to provide underwriting services for both income protection policies and payment protection policies, which Barclays stopped selling between 2010 and 2012.
“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,” commented Harry Harrison, head of Barclays Non-Core.
The sale includes 500,000 remaining policies and related licences – with the financial services company stating that it will maintain any PPI-related risks linked to the portfolio.
The company has been reducing a host of non-core assets in recent years, including the sale of its Spanish business, Egyptian operations and Italian retail assets.
The sale of the Irish insurance business is expected to be completed during the first quarter of 2017, subject to regulatory approval.
4 Par-la-Ville Road
+1 441 400 9300
Monument Life Insurance DAC
Two Park Place,
Upper Hatch Street,
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Koloniënstraat | rue des Colonies 11
1000 Brussel | Bruxelles
Belgie | Belgique
+32 (0) 78 050 006
Monument Assurance Luxembourg S.A.
5, rue Eugène Ruppert
+352-264 98 1
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St George’s Court
Upper Church Street
Isle of Man IM1 1EE
+44 1624 683 683
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