Zurich Insurance Plc (ZIP), the Dublin-based wholly owned subsidiary of Zurich Insurance Group, plans to relocate to Germany as a result of the UK’s exit from the European Union.
Since the Irish unit includes the insurer’s UK P&C business, Brexit forced a restructuring of ZIP. Zurich first decided to transfer the UK P&C business to a branch of Zurich Insurance Co. in Switzerland – a move that will be completed by year end.
“This move prompted a review of the structure of the businesses in Europe as a part of the group’s ongoing simplification and optimisation efforts,” said a Zurich Insurance Group representative, in an emailed statement.
The review then led the company to decide to redomicile ZIP to Germany,
Up to 110 roles in Ireland will be affected by the move. The Zurich representative said the company does not anticipate any reduction in permanent roles in 2023, and later, wherever possible, “intensive efforts will be made to redeploy affected employees across the Zurich Insurance Group.”
On the other hand, Zurich’s domestic Irish insurance business, which employs 1,100 people, will not be affected.
No decision has yet been made whether ZIP will transfer to the insurer’s Frankfurt or Cologne office, Once the move is made, Germany will become the largest business within Zurich Insurance Plc with 33% of gross written premiums.
ZIP was originally incorporated in 1950 and is Zurich Insurance Group’s main legal entity for writing non-life insurance business across the Europe Economic Area.
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