Admiral eyes Dublin for new EU base after Brexit

While some big industry players have already chosen other countries for their post-Brexit hub, a car insurance giant is reportedly still interested in establishing an EU base in Ireland.

 

The recent report fuels the country’s hopes of reaping a Brexit dividend from companies planning to relocate from the UK to maintain access to the EU’s single market.

 

Over the weekend, Ireland’s The Business Post reported that Admiral was considering Dublin as the location for its potential EU outpost. The report followed the announcements of Lloyd’s of London and AIG last month that they will set up subsidiaries in Brussels and Luxembourg respectively.

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It was in August 2016 when Admiral first revealed its possible move to the Irish capital, with the insurer’s CFO, Geraint Jones, telling Reuters: “If passporting is withdrawn then Dublin would be one of the places within Europe where we might look to base our European underwriting from.”

 

“There is probably more logic in being based in a place where we already have an infrastructure and an operation,” Jones added.

 

In an email to Insurance Business, Admiral echoed its Brexit statement during the announcement of its 2016 financial results in March.

 

“We are planning for potential outcomes and expect to be able to establish new entities and/or arrangements which should result in minimal disruption to our businesses and customers,” the insurer said.

 

Admiral currently has three insurers and two comparison businesses in continental Europe, all benefitting from passporting arrangements. Apart from losing these rights, the company also fears that staff movement between its sites will also be restricted due to Brexit.

 

“We’ll work to ensure the impact on our staff is minimised to the extent possible under whatever arrangements are put in place,” Admiral said.