Arch expands Irish operations to write EU business post-Brexit
Bermuda-based Arch Capital Group is planning to expand the group’s underwriting operations in Ireland to ensure continuity of its operations across the European Union once the UK leaves the EU.
The re/insurer is applying for regulatory approval to continue from Ireland certain underwriting operations of its UK insurer Arch Insurance Company (Europe), and its Gibraltar insurer Alwyn Insurance Company, following discussions with the Central Bank of Ireland.
According to the company, these operations will be carried out from its existing Ireland-based insurance platform with supplemental business licenses acquired to match those used in the current UK and Gibraltar operations. Arch established its Irish reinsurance operations there in 2008 and its insurance operations in 2012.
Arch said its selection of Ireland for its Brexit plans is based on a number of key goals, including continuity of cover for existing policyholders, access to the UK and EU markets, minimising disruption for policyholders and the group’s EU insurance operations; and building on an established regulatory supervisory relationship.
Plans to extend its existing licenses in Dublin are underway with the Central Bank of Ireland, and are expected to be approved "in good time before Brexit", it said.
Arch will continue its involvement in the Lloyd’s Market through Syndicate 2012, which will service its Lloyd’s clients through the establishment of Lloyd’s Insurance Company in Brussels.
“Arch has had an established presence in Ireland for the last decade so Arch’s existing platform in Ireland was the natural choice for Arch from which to ensure continuity of the EU business currently written by its UK and Gibraltar insurance operations, including in particular its motor insurance business," said said Maamoun Rajeh, chairman and CEO of Arch Worldwide Reinsurance Group. "We look forward to continuing our strong relationships with our partners and regulators in Ireland, the UK and Gibraltar, and continuing to serve our policyholders throughout the EU and the UK.”
Matt Shulman, president and CEO of Arch Insurance Europe in London, added: "This decision provides opportunity for Arch Insurance Europe to strengthen our capabilities in Europe, alongside a continued presence in London through our existing UK operations. We see strong economic fundamentals in the trading block with growth expected in manufacturing, oil and gas and financial services in the next five years, and we know Arch can add significant value in that space."
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