19 December 2017Insurance

Travelers creates new EU subsidiary in Brexit move

Property/casualty insurer Travelers Europe will apply to the Central Bank of Ireland for authorisation of a new, wholly owned insurance subsidiary incorporated in the Republic of Ireland, according to a Dec. 19 statement.

Based in Dublin, the new subsidiary will enable Travelers to continue to seamlessly serve its customers and broking partners in Ireland and across Europe when the UK exits the European Union, as currently planned in March 2019, the statement noted.

"Ireland is a natural choice for Travelers to establish its EU-based subsidiary," said Matthew Wilson, CEO of Travelers Europe. "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."

The establishment of a new subsidiary in Ireland is subject to receiving all necessary regulatory approvals and to future regulatory developments.

The company stated that this proposed plan will not affect Travelers’ significant UK-based operations, comprising its general insurance business (Travelers Insurance Company Limited) and Lloyd’s syndicate, which will continue to operate under existing UK licences.

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