Barclays Sells Irish Insurance Unit for Undisclosed Sum
November 08 2016 - 6:20AM
Dow Jones News
By Ian Walker
LONDON--Barclays PLC (BARC.LN) said Tuesday it is selling its
Irish insurance business to Monument Re Ltd. for an undisclosed
sum, as it continues to dispose of non-core assets.
Barclays is selling Barclays Insurance (Dublin) Designated
Activity Co. and Barclays Assurance (Dublin) Designated Activity
Co. The two units provide underwriting services for
payment-protection insurance and income-protection policies, which
Barclays stopped selling between 2010 and 2012.
The sale includes a portfolio of 500,000 remaining policies and
related licences, Barclays said, adding it will keep any
PPI-related risks associated with the portfolio.
The sale is expected to be completed in the first quarter of
2017, subject to regulatory approval.
"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.
Barclays created Barclays Non-core in May 2014 to identify and
reduce assets, and seek to exit non-strategic assets and
businesses, so capital can be deployed for higher returns and to
support innovation in its core business.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
November 08, 2016 06:05 ET (11:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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