Travelers Europe has decided to establish a new wholly-owned subsidiary in Dublin, Ireland in view of Britain’s exit from the European Union (EU).
The company is set to file an application before the Central Bank of Ireland for authorisation of a new insurance subsidiary.
The new subsidiary will allow Travelers to continue to serve its customers and broking partners in Ireland and across Europe following Brexit in March 2019.
Travelers Europe CEO Matthew Wilson said: “Ireland is a natural choice for Travelers to establish its EU-based subsidiary. We have been present in the Irish general insurance market for more than 20 years, and our new company will utilise our existing branch resources.
“We look forward to deepening our relationships with brokers, customers and regulators in Ireland, as well as continuing to serve our policyholders who have assets throughout Europe.”
Travelers Europe said that the proposed plan will not affect the company’s UK-based operations, including its general insurance business (Travelers Insurance Company Limited) and Lloyd’s syndicate.