Travelers Europe today announced it has been granted a licence by the Central Bank of Ireland for a new, wholly owned insurance subsidiary incorporated in the Republic of Ireland. Based in Dublin, Travelers Insurance Designated Activity Company (Travelers Insurance DAC) will provide uninterrupted service to the companys customers and broking partners in Ireland and across Europe when the UK exits the European Union.
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, said Matthew Wilson, CEO of Travelers Europe. The authorisation 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 Europe has been present in the Irish general insurance market for more than 20 years and will utilise its existing branch resources for its subsidiary, which will be led by CEO James Liston. Travelers significant UK-based operations, comprising its general insurance business (Travelers Insurance Company Limited) and its Lloyds syndicate, will continue to operate under existing UK licences.
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 Insurance DAC is expected to commence writing business at the end of March 2019.
Travelers has operated in Europe for decades in the general insurance market and through Lloyds. Travelers Insurance Company Limited offers business insurance, bond and specialty insurance and risk management services. Travelers Syndicate at Lloyds underwrites specialist and complex business classes, including marine, global property, power and utilities, accident and special risks, aviation and energy. Visit www.travelers.co.uk for more information.
About Travelers The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $30 billion in 2018. For more information, visit travelers.com.