Major insurance lobby groups in Ireland are reportedly planning to merge as the industry braces for the potential influx of insurers relocating from the UK.
According to a report by the
Irish Times, members of the Dublin Insurance and Management Association (DIMA) voted on November 28 to be absorbed into Insurance Ireland.
The merger is expected to be completed in January 2017, the report said, citing sources familiar with the matter.
With more than 50 existing members, DIMA was established in 1990 to represent international re/insurers based in Dublin’s International Financial Services Centre.
On the other hand, Insurance Ireland has 85 members and is considered to be the voice of general, life and health insurance in the country.
The reported merger of the insurance groups came just days after the Central Bank of Ireland (CBI) revealed that it was in talks with insurance companies planning to move operations from the UK.
Speaking to the
Financial Times, CBI insurance supervision director Sylvia Cronin said the regulator is already dealing with an increased number of enquiries from UK insurers.
“My sense was that companies wouldn’t come and talk to regulators until there was some more substance [over Brexit], but the opposite seems to be occurring,” the publication quoted her as saying. “Due to the uncertainty, companies are proactively approaching us.”
Cronin said she has increased her staff numbers as part of the preparations for the possible arrival of insurers from Britain.
Related stories:
UK insurers in talks with Ireland’s regulator for relocation
AIG may move headquarters out of London
