The Bank of Ireland is to sell its motor insurance intermediary business for an undisclosed sum following a strategic review.
Bank of Ireland Insurance Services (BIIS), trading as Premier Direct Insurance, has entered into conditional agreements with Hibernian General Insurance and Eagle Star Direct Insurance Company (Ireland).
Completion of the agreements with Hibernian and Eagle Star for the renewal rights for the renewal rights to Premier Insurance Direct policies, is expected by the end of June 2004, said BIIS.
From the completion date, all policy renewals, administration and servicing will be managed by Hibernian and Eagle Star respectively, said BIIS.
The value of net assets being disposed was negligible, it added.
BIIS head Alan Daly, said: “The general insurance business is a key strategic business for Bank of Ireland and offers significant growth potential in its core product lines such as home insurance.
“The strategic review determined our motor insurance intermediary business as non-core in Ireland. We will be communicating with our customers regarding changes in our business.
The will be no compulsory redundancies following the sale said BIIS. It promised that all staff affected by the changes would be offered alternative roles within the Bank of Ireland Group.
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