Travelers Insurance Company has secured the nod from the High Court of England and Wales to transfer its European business to Dublin as part of its Brexit contingency plan.
Under Part VII of the Financial Services and Markets Act 2000, the company will transfer all relevant in-force policies and historic liabilities written out of its Irish, French, German and Netherlands branches to its Dublin office.
The British insurer set up its Irish subsidiary known as Travelers Insurance Designated Activity Company (Travelers Insurance DAC) in January this year after getting a licence from the Irish central bank.
Travelers Insurance DAC is authorised to underwrite business insurance as well as bond and specialty risks in Ireland and across the European Economic Area.
Travelers Europe CEO Matthew Wilson said: “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 UK’s expected departure from the European Union.
“We are delighted to be able to provide certainty to our policyholders, no matter which part of our business they work with.”
By moving its European business to Ireland, Travelers Insurance joins a group of insurers who moved their operations out of the UK to other countries in order to access the European market without any hindrance even after Brexit.
In March, Berkshire Hathaway Insurance Group obtained permission from the Central Bank of Ireland to establish a subsidiary in Dublin.
In the same month, ship insurer UK P&I Club secured approval from the Dutch regulator to establish a subsidiary in Rotterdam, the Netherlands.
Property and casualty insurer Lancashire announced in February that it will write business using Lloyd’s of London’s European Union hub in Brussels post-Brexit.