BOI sells Premier Direct

Bank of Ireland has sold its motor insurance arm Premier Direct.

Bank of Ireland has sold its motor insurance arm Premier Direct.

Both Hibernian and Eagle Star will now be able to offer motor policies to Premier Direct customers whose policies they currently underwrite.

Although there will be a cash payment to BOI from Eagle Star and Hibernian, the bank said today that the value of the net assets being disposed is "negligible".

Alan Daly, Head of Bank of Ireland Insurance services said today: "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," Daly added.

Bank of Ireland said there will be no compulsory redundancies as a result of the sale and that the staff concerned will be offered alternative positions within the Bank of Ireland Group.

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