Nasdaq-listed Arch Capital has become the latest insurer to announce plans to ramp up operations in the Republic ahead of Brexit.
The Bermuda-headquartered group said it intends to expand its underwriting operations in Ireland to ensure continuity of its operations across the European Union once the UK leaves the EU.
Arch Capital, which had some $11.26 billion (€9.6 billion) in capital at the end of March, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
The group established its Irish reinsurance operations in Dublin a decade ago and an insurance business in 2012.
The company said it is applying for regulatory approval to continue underwriting operations of its UK insurer, Arch Insurance Company and its Gibraltar subsidiary, Alwyn Insurance, from Ireland.
These operations will now be carried out from the group’s existing Ireland-based insurance platform with supplemental business licenses acquired to match those used in the current UK and Gibraltar operations.
"Arch has had an established presence in Ireland for the last decade so Arch's existing platform in Ireland was the natural choice for Arch from which to ensure continuity of the EU business currently written by its UK and Gibraltar insurance operations, including in particular its motor insurance business," said Maamoun Rajeh, chairman and chief executive of Arch Worldwide.
The company said its plans to extend its existing licences in Dublin are underway. The extension is subject to Central Bank approval. The Company has not yet applied for approval, but plans to do so in the near future.