Travelers Insurance Co. Ltd., the U.K. subsidiary of The Travelers Cos., has received approval from the High Court of England and Wales 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 new Irish subsidiary.
Dublin-based Travelers Insurance Designated Activity Co., also known as Travelers Insurance DAC, was licensed to operate in January 2019 by the Central Bank of Ireland. The so-called “Part VII” portfolio transfer enables a U.K. insurer to move its cross-border contracts into an EU subsidiary in order to provide uninterrupted service to customers and broking partners in Ireland and across Europe when the UK exits the European Union.
“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 U.K.’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.”
Travelers Insurance DAC covers business insurance and bond and specialty risks in Ireland and throughout the European Economic Area. (The EEA includes the 28 EU countries as well as Iceland, Liechtenstein and Norway, which are permitted to be part of the EU’s single market.)
Travelers has operated in Europe for decades in the general insurance market and through Lloyd’s. Redhill, England-based Travelers Insurance Co. Ltd. offers business insurance, bond and specialty insurance and risk management services. Travelers’ Syndicate at Lloyd’s underwrites specialist and complex business classes, including marine, global property, power and utilities, accident and special risks, aviation and energy.
Source: The Travelers Cos.
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