Travelers Europe, the European arm of the huge US-based insurance group, will apply to the Central Bank of Ireland for authorisation of a new, wholly owned insurance subsidiary incorporated in its country.
The news comes as no surprise because Travelers has been active in the Irish market for some time and already has an office in Dublin. The company said the new subsidiary will enable Travelers to continue to “seamlessly serve” its customers and broking partners in Ireland and across Europe when the UK exits the European Union.
“Ireland is a natural choice for Travelers to establish its EU-based subsidiary,” said Matthew Wilson, CEO of Travelers Europe. “We have been present in the Irish general insurance market for more than 20 years, and our new company will utilise our existing branch resources. We look forward to deepening our relationships with brokers, customers and regulators in Ireland, as well as continuing to serve our policyholders who have assets throughout Europe.”
The new Irish subsidiary is subject to all necessary regulatory approvals and future regulatory developments, added the company.
It said the new subsidiary will not affect Travelers’ significant UK-based operations. Travelers has six offices across the UK, as well as its Lloyd’s Underwriting Agency and Syndicate 5000.
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