Travelers gains approval to transfer European business to Dublin in Brexit move

Property/casualty insurer Travelers Companies, which has operated in Europe for decades in the general insurance market and through Lloyd’s, is moving its European business to Dublin, Ireland in response to Brexit.

The company has received approval from the High Court of England and Wales to complete an insurance business transfer.

It will enable Travelers to transfer the portfolios of all relevant in-force policies and historic liabilities written out of its Irish, French, German and Netherlands branches to its newly established insurance subsidiary, Travelers Insurance DAC.

Travelers Insurance DAC was authorised by the Central Bank of Ireland in January 2019. The company covers business insurance and bond and specialty risks in Ireland and throughout the European Economic Area.

“Receiving court approval for our Part VII transfer is another milestone in our plan to ensure we will maintain high levels of service for our customers and brokers following the UK’s expected departure from the European Union,” said Matthew Wilson, CEO of Travelers Europe. “We are delighted to be able to provide certainty to our policyholders, no matter which part of our business they work with.”

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