Royal London, a UK-based mutual life insurance and pensions firm, has launched its subsidiary in Ireland in preparation for Brexit.
Establishing Royal London Insurance DAC resulted in the creation of nearly 20 new jobs in Dublin. Existing employees of the firm in Ireland have also been retained.
Through the subsidiary, Royal London plans to compete for new life insurance business in the country.
At the same time, Royal London Insurance DAC will administer existing Irish and German policies purchased by customers based outside the UK.
Royal London deputy CEO Tim Harris said: “In its chosen markets our Irish business has grown from less than 4% market share in 2012 to over 18% market share in the first nine months of 2018. This growth has been achieved by a highly customer-focussed team providing a market-leading product and service offering.
“By setting up this subsidiary, we intend to grow our Irish business further and to see it thrive as an integral part of the Royal London family.”
Brexit has prompted several insurers to set up subsidiaries in other regions within the EU.
In September 2017, XL Group announced plan to shift its principal EU insurance company, XL Insurance Company, from the UK to Ireland.