UK-based mutual insurer Royal London has opened a new subsidiary in Ireland to ensure continuity of service for customers who may be affected by the UK’s decision to leave the European Union (EU) in March 2019.
The insurer explained that the subsidiary would build on the work of its existing Irish business and demonstrate its commitment to the market in Ireland.
It will also enable Royal London to compete for new business in the country and to administer existing Irish and German policies that were bought by customers who lived outside the UK and therefore may be impacted by Brexit.
“We are writing a new chapter in the success story of Royal London in Ireland,” said Tim Harris, Deputy Chief Executive of Royal London. “In its chosen markets our Irish business has grown from less than 4% market share in 2012 to over 18% market share in the first nine months of 2018.”
“This growth has been achieved by a highly customer-focussed team providing a market-leading product and service offering,” he continued. “By setting up this subsidiary, we intend to grow our Irish business further and to see it thrive as an integral part of the Royal London family.”
Royal London intends to retain all previous employees in Ireland and has created around 20 new jobs in Dublin as part of the subsidiary launch.