Ireland’s head of insurance regulation said ten insurers have set their sights on Ireland as their post-Brexit base with five insurers submitting applications for Central Bank insurance authorisation, and a further five signalling a firm intention to apply, the Irish Times reported.
Director of insurance supervision at the bank, Sylvia Cronin, said at a Dublin event; “We have been contacted by approximately another 20 insurance entities to discuss authorisation.
“Unlike other financial sectors, insurance firms are not waiting for article 50 to be triggered before implementing their strategies on location.”
Lloyd’s of London underwriter Beazley and insurer Hiscox are among insurance giants to have laid plans to move their European services arm to a new Dublin base.
Motor insurer group Admiral, currently based in Cardiff, has also announced a possible Dublin move.
As the insurance sector proactively moves to secure its market position across Europe, Ireland has proven a top attraction for a European headquarter insurance base, although earlier this week, U.S. insurer AIG announced it’s chosen Luxembourg as its new regional headquarters home.
The Central bank confirmed it was open to discussion on incoming applications although firms must demonstrate compliance with Irish law.
