Specialist insurance and reinsurance group, Chaucer, has announced that it’s received final approval from the Central Bank of Ireland to launch a Dublin-based entity to write global specialty insurance and reinsurance business.
The new company will trade under the name Chaucer Dublin, and is likely another response to the UK’s vote to leave the European Union (EU), a decision that has seen a number of companies look to establish a new, EU domiciled branch to ensure business carries on as it did, pre-Brexit.
Michelle Moore, former Chief Operating Officer (COO) and Managing Director of Markel Europe, will lead Chaucer Dublin. Moore, brings more than 20 years of international insurance and reinsurance business experience, which includes roles in London, Bermuda, and Dublin.
Commenting on the new position, Moore said; “I am delighted to be joining Chaucer to lead its new operation in Ireland. We see this as complementary to our Lloyd’s portfolio and a significant addition in our efforts to provide brokers and clients with an innovative and first class service.”
Commenting on the launch of Chaucer Dublin, Rob Callan, Chief Finance Officer (CFO) at Chaucer, said; “Our new carrier in Dublin increases our trading capabilities and flexibility, providing a complementary platform to Lloyd’s for client business. We have received excellent support from the Central Bank of Ireland throughout the authorisation process and now look forward to working with our new team in Ireland to provide a first class international specialty platform for clients.”
The new unit will write a wide range of international specialty insurance and reinsurance business, and has a Standard & Poor’s (S&P) ‘A’ rating via The Hanover Insurance Group, Inc.
Martin Shanahan, Chief Executive Officer (CEO) of IDA Ireland, also commented; “Over the last 20 years, Ireland has earned a deserved reputation as a centre of excellence for international specialty insurance.
“Chaucer’s choice of Dublin for this operation is another important signal to the market that financial services companies can establish here quickly in order to service their international and European customers, with minimum disruption to their business. Ireland has the right mix of regulation, skills, experience and office space to make us a very logical place for financial services to locate.”