Travelers Europe, a division of The Travelers Companies Inc., has been granted a licence by the Central Bank of Ireland for a new insurance subsidiary based in Dublin, in order to ensure continuity for its clients post-Brexit.
The new insurer, called Travelers Insurance Designated Activity Company (Travelers Insurance DAC), is intended to provide uninterrupted service to the firm’s clients and broking partners across Ireland and Europe following the UK’s vote to leave the European Union (EU).
Travelers is the latest in a number of insurers and reinsurers that have announced the establishment of new branches in a remaining EU domicile in light of the uncertainty surrounding Brexit, and specifically a lack of clarity with contract continuity.
Travelers Europe Chief Executive Officer (CEO), Matthew Wilson, said: “During the Brexit negotiations, our priority has been to ensure that we are positioned to continue meeting the needs of our policyholders who have assets and business across Europe.
“The authorisation of our subsidiary means it will be business as usual for our customers and brokers, and we will continue to deliver the expertise they have come to expect from Travelers.”
The firm has been operational in the Irish general insurance sector for more than two decades, and is to leverage its existing branch resources for its new unit, which is to be led by CEO James Liston.
The company’s UK-based operations, which is comprised of its general insurance business and also its Lloyd’s of London Syndicate, will still operate under existing UK licences.
Furthermore, and where necessary, business is to be transferred from Travelers Insurance Company Limited to Travelers Insurance DAC in line with current requirements. This is to ensure a seamless transition for both brokers and customers.
The new insurance subsidiary is expected to begin writing business from the end of March 2019.
