LONDON--(BUSINESS WIRE)--
Travelers Europe today announced that it will apply to the Central Bank
of Ireland for authorisation of a new, wholly owned insurance subsidiary
incorporated in the Republic of Ireland. Based in Dublin, this new
subsidiary will enable Travelers to continue to seamlessly serve its
customers and broking partners in Ireland and across Europe when
the UK exits the European Union, as currently planned in March 2019.
“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 utilise 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.”
The establishment of a new subsidiary in Ireland is subject to receiving
all necessary regulatory approvals and to future regulatory developments.
This proposed plan will not affect Travelers’ significant UK-based
operations, comprising its general insurance business (Travelers
Insurance Company Limited) and Lloyd’s syndicate, which will continue to
operate under existing UK licences.
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
$28 billion in 2016. For more information, visit www.travelers.co.uk.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171219005667/en/
Media:
The Travelers Companies, Inc.
Matt Bordonaro
+44
020.3207.6603 (UK)
+1 860.277.7014 (U.S.)
mbordona@travelers.com
Source: The Travelers Companies, Inc.