Travelers will create a European subsidiary in Dublin in order to serve its customers in a post-Brexit market, the insurer disclosed.
Travelers Europe announced it will launch the subsidiary in the Republic of Ireland in order to serve its EU and Ireland customers and broking partners when the UK leaves the EU, a move planned for March 2019. The new branch won’t affect the insurer’s “significant” operations in the UK, which include its general insurance business and Lloyd’s syndicate. Travelers said both will still operate under existing UK licenses.
“Ireland is a natural choice for Travelers to establish its EU-based subsidiary,” Matthew Wilson, CEO of Travelers Europe, said in prepared remarks. “We have been present in the Irish general insurance market for more than 20 years, and our new company will utilize our existing branch resources.”
The Travelers Companies’ new Ireland subsidiary is pending regulatory approval.
In the wake of Britain’s Brexit vote to leave the European Union, a number of insurers have preemptively opened or announced plans to open subsidiaries in the EU to ensure customers won’t be affected. Among them: CNA, North, AIG, Lloyd’s, Sompo International Holdings, XL Group and FM Global.