Travelers Europe announced it has been granted a license by the Central Bank of Ireland to form a wholly owned insurance subsidiary in the Republic of Ireland.
Based in Dublin, Travelers Insurance Designated Activity Co. (Travelers Insurance DAC) will provide uninterrupted service to the company’s customers and broking partners in Ireland and across Europe when the UK exits the European Union.
Travelers Europe has been present in the Irish general insurance market for more than 20 years and will utilize its existing branch resources for its subsidiary, which will be led by CEO James Liston. Travelers’ UK-based operations, comprising its general insurance business (Travelers Insurance Co. Ltd.) and its Lloyd’s syndicate, will continue to operate under existing UK licenses.
Where necessary, business will be transferred from Travelers Insurance Co. Ltd. to Travelers Insurance DAC in accordance with current requirements to assure a seamless transition for customers and brokers. Travelers Insurance DAC is expected to commence writing business at the end of March 2019.
“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,” said Matthew Wilson, CEO of Travelers Europe. “The authorization 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.”
Source: Travelers Europe
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