Norwich Union is closing its travel and leisure business unit in Croydon with the loss of 40 jobs.

The Croydon office provides travel insurance as schemes to the travel trade. New business is no longer being taken on and the existing 50 schemes will be managed individually.

The closure follows a review of the company's travel insurance business, in which Norwich Union decided to concentrate on selling individual travel policies through its existing distribution channels.

Bridget McIntyre, marketing and underwriting director for Norwich Union, said: “This review has given us the opportunity to redefine our portfolio and, as a result, we have decided to concentrate on individual travel policies.”

She said travel insurance would continue to be an important offering within the company's portfolio. The Croydon office is due to close on September 30.