US insurance group Travelers said on Wednesday it had been granted a licence by the Central Bank to set up a new hub in Dublin. The operation will provide uninterrupted service to customers and broking partners in the Republic and across Europe after Brexit.
The company first announced in late 2017 that it had picked Dublin as its post-Brexit EU hub.
"During the Brexit negotiations, our priority has been to ensure that we are positioned to continue meeting the needs of our policy holders who have assets and business across Europe," said Matthew Wilson, chief executive of Travelers Europe. "The authorisation of our subsidiary means it will be business as usual for our customer and brokers."
Travelers Europe has had a presence in the Irish general insurance market for more than two decades and will use its existing branch resources for the new subsidiary, called Travelers Insurance DAC, which will be led by chief executive James Liston, the company said.
A Travelers spokeswoman didn’t immediately respond to questions on the number of company employees currently in Dublin and whether this will expand under the plan. It will start writing new business at the end of March, when the UK is scheduled to quit the EU.
The group’s significant UK-based operations, comprising its general insurance business, Travelers Insurance Company Ltd, and its Lloyd’s syndicate, will continue to operate under existing UK licences.
A number of other insurers, including XL Insurance, Beazley, Hiscox, Bupa and Royal London Insurance, have either outlined or already implemented plans to set up centres here to retain access to the single market as a result of the UK leaving the European Union.