Seen&Heard: Gibraltar companies for motor insurance market

Also: RTÉ faces up to losses and OCS submits proposals for local employment

Two more Gibraltar entities are looking to enter the Irish motor insurance market as it continues to deal with the fallout from the collapse of Enterprise Insurance in July. Photograph: Barry Batchelor/PA Wire

Two more Gibraltar entities are looking to enter the Irish motor insurance market as it continues to deal with the fallout from the collapse of Enterprise Insurance in July. Photograph: Barry Batchelor/PA Wire

 

As the Irish motor insurance sector continues to deal with the fallout from the collapse of Enterprise Insurance in July, leaving 14,000 uncovered policyholders in Ireland and €106.5 million in its balance sheet, the Sunday Times reports that two more Gibraltar entities are looking to enter the Irish market.

Local underwriter Patrona says it has reached a deal with Gibraltar’s Alwyn Insurance, part of Arch Capital Group, to target the private motor market.

Meanwhile Wrightway, part of Zurich Insurance and the local agent for Enterprise, is reportedly working on a similar deal with another Arch subsidiary, Watford Insurance.

Broadcaster restructures

RTÉ director general Dee Forbes tells the Sunday Independent that the broadcaster gas restructured its commercial division as it faces up to significant losses in the current year.

Clery’s redevelopment

The Sunday Independent also reports that Deirdre Foley and OCS Properties will submit proposals to Dublin City Council this week to address demands that it promote local employment during and after the redevelopment of Clery’s.

Shoppers head north

Shoppers are flocking north of the Border in search of value, the Sunday Business Post reports, adding that the trend is likely to damage Revenue’s chances of meeting tax targets this year.

Central Bank site

Hines Real Estate is expected to win the race for the Central Bank site in Dublin’s Dame Street and associated buildings, the Sunday Times reports. Hines and Hibernia REIT were known to be the leading contenders for the sites in a tender which closed at the weekend.

Heart attack test

Diagnostics company Trinity Biotech is under pressure from investors after a disastrous failure to secure FDA approval for a new heart attack test, several Sunday papers report. The company is scrambling following the pulling of the Meritas test as the share price continues to struggle.