Troubled software firm Misys has announced the sale of its general insurance internet brand, Screentrade, to Lloyds TSB for £1m.
The sale includes the Screentrade brand name and the internet URLs screentrade.co.uk, screentrade.com and insurance.co.uk.
Lloyds TSB Insurance plans to offer home, travel and motor insurance from a panel of the UK's top insurance companies.
Customer management director for Lloyds TSB Insurance, Sally Jones Evans, said: “The Screentrade brand has established itself as one of the best independent consumer brands for insurance products in the UK and we believe it will thrive with the backing of Lloyds TSB.”
Screentrade will be available from Monday July 30 and will initially be directed through the Lloyds TSB Insuredirect site.
It is hoped that a stand-alone brand will be launched by the end of the year.
Misys spokesman Paul Charles said: “We are pleased that the Screentrade name will live on. This signals the end of our business to consumer activities and we will now focus on business to business.”
Last week, Misys saw its share price plunge by 28% in one day, after a profit warning which could see the group relegated from the FTSE 100 index. This was as a result of the poor performance of its banking and securities division.
The insurance division fared better, with revenue up 53% to £314m and operating profits up 44% to £27m.
More than 120 staff were shed after Misys announced that it would be ceasing Screentrade's trading operations and a further 150 will be made redundant as a result of the profits warning.
Misys is currently looking for a buyer for its book of 40,000 Screentrade customers.
But despite the cutbacks, Misys has announced that it is implementing plans for further expansion in its healthcare and IFA businesses.