Liberty Insurance is set to withdraw from the commercial liability, commercial property and development bonds markets in Ireland, according to reports from RTE.
The company said the decision would enable it to focus on developing products and lines of business that fit better with its wider business objectives.
Changes are due to take effect from April 1, 2020 when its last existing policies expire, but Liberty has also confirmed that it will cease writing business immediately for the areas in question.
“Liberty will continue to provide services and honour its commitments to existing Liability, Property and Bonds customers for the duration of their existing contracts with the company,” the firm said in a statement.
“Customers in these areas will be unable to renew their contracts once they expire.”
Reports suggest that the exit will only apply to a very small percentage of the Liberty’s overall business in Ireland.
The insurer currently has around 300,000 customers across motor and home policies and it has made assurances that it will remain active in the Irish market.
