December 19, 2017

In reaction to Brexit, Travelers Cos. creates new Ireland subsidiary

HBJ File Photo
HBJ File Photo
The Travelers Cos.

Insurer Travelers Cos., which has major Hartford operations, said Tuesday that its European arm will create a new subsidiary based in Ireland, a move that is a direct response to Brexit.

The property and casualty insurer, which is based in New York City, said its Travelers Europe subsidiary will apply to the Central Bank of Ireland to form a new, wholly owned insurance subsidiary incorporated in the Republic of Ireland.

Based in Dublin, the new subsidiary will allow Travelers to continue to serve its customers and broker partners in Ireland and across Europe when the UK exits the European Union, as currently planned in March 2019, the company said.

The new subsidiary must get regulatory approvals and will not affect Travelers' significant UK-based operations, which includes its general insurance business (Travelers Insurance Company Limited) and Lloyd's syndicate, which will continue to operate under existing UK licenses, the company said.

"Ireland is a natural choice for Travelers to establish its EU-based subsidiary," said Matthew Wilson, CEO of Travelers Europe. "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. We look forward to deepening our relationships with brokers, customers and regulators in Ireland, as well as continuing to serve our policyholders who have assets throughout Europe."

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