Travelers’ European arm has been granted a license to open a subsidiary in Ireland.
“During the Brexit negotiations, our priority has been to ensure that we are positioned to continue meeting the needs of our policyholders who have assets and business across Europe,” Matthew Wilson, CEO of Travelers Europe, said in prepared remarks. “The authorization of our subsidiary means it will be business as usual for our customers and brokers, and we will continue to deliver the expertise they have come to expect from Travelers.”
Travelers Insurance DAC will commence writing business at the end of March 2019, around when the Brexit process is expected to be complete.
The new Dublin-based subsidiary makes sense for Travelers Europe, considering it has been present in the Irish general insurance market for more than 20 years. In setting up shop there, it will use its existing branch resources for its subsidiary, which will be led by CEO James Liston. Travelers has significant U.K.-based operations, comprising its general insurance business (Travelers Insurance Company Limited) and its Lloyd’s syndicate, and those will continue to operate under existing U.K. licenses.
Where necessary, business will be transferred from Travelers Insurance Company Limited to Travelers Insurance DAC in accordance with current requirements to assure a seamless transition for customers and brokers.
Travelers has operated in Europe for decades in the general insurance market and through Lloyd’s. Travelers Insurance Company Limited offers business insurance, bond and specialty insurance and risk management services. Travelers’ Syndicate at Lloyd’s underwrites specialist and complex business classes, including marine, global property, power and utilities, accident and special risks, aviation and energy.