In response to the UK’s vote to leave the European Union (EU), Travelers Europe, a subsidiary of the Travelers Companies, Inc., is to apply to the Central Bank of Ireland for authorisation to establish a new Dublin-based insurance subsidiary.
Travelers is the latest to join a long and growing list of insurance and reinsurance companies that have announced plans to establish a new European subsidiary outside of the UK, following the country’s Brexit vote.
The firm’s new subsidiary will provide its clients and broking partners in Ireland and across Europe with continuity, after the UK exits the EU, which is scheduled for March 2019.
Travelers Europe Chief Executive Officer (CEO), Matthew Wilson, said; “Ireland is a natural choice for Travelers to establish its EU-based subsidiary. 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.”
According to the insurer, the proposed plan won’t affect Travelers’ UK-based operations, which is composed of its general insurance business (Travelers Insurance Company Limited) and Lloyd’s syndicate, which will continue to operate under existing UK licences.
The establishment of a new Ireland-based subsidiary is subject to regulatory approvals, and to future regulatory developments.