LONDON--(BUSINESS WIRE)--
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 company’s 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 Lloyd’s
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 Lloyd’s. Travelers Insurance Company Limited offers
business insurance, bond and specialty insurance and risk management
services. Travelers’ Syndicate at Lloyd’s 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190130005131/en/
Becca Watts
+44 (0)203.207.6342
Rwatts4@travelers.com
Source: The Travelers Companies, Inc.