Brexit means exit: UK insurer shuts EU unit because of uncertainty
In one of the first tangible instances of uncertainty over the UK’s exit from the European Union influencing insurers’ strategies in a negative way, a UK-based specialist motor insurer has announced it will cease trading in the Republic of Ireland because of uncertainty passporting arrangements will remain post Brexit.
MCE Insurance sells specialist motorcycle, car, courier and van insurance, described the decision as “incredibly disappointing and regressive” but said it had no choice. It will cease trading in the Republic of Ireland on Friday 30 March 2018.
“This is a devastating blow for Irish bikers who are set to lose the only dedicated motorcycle insurer in an area where there is already very little choice for customers,” the company said in a statement.
“This chapter brings to an end a period of continued growth and investment in the Republic of Ireland from the UK based company, however to date, with the Government failing to deliver a firm position on transitional arrangement, insurers will no longer be granted Freedom of Services provided by flexible passporting arrangements.
“The exit from the Single Market has forced an end to MCE’s tenure as a leading provider of Motorcycle Insurance in the Republic of Ireland.”
Julian Edwards, the company’s CEO, added: “This is a bad day for the whole team at MCE, however to continue trading whilst facing into the unknown would be against our core values of professionalism and trust, and simply not fair to our valued Irish customers. Simply put, the Brexit vote has left us with no option but to withdraw from the Republic of Ireland.
“I would like to thank our Irish customers for their support and please rest assured, we have and will continue to have your very best interests at heart.”
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