Coleraine-based MCL InsureTech has made sure it will still have access to millions of potential customers in the Single Market, even with the UK’s split with the European Union, by moving its EU business to Dublin.
The firm – known for online insurance brands Its4Women, 25plus, and BoxyMo – will also be able to manage its Irish customer base with ease, now that MCL InsureTech’s new site in Swords has had the green light to operate as a separate entity from the Northern Ireland headquarters.
MCL InsureTech currently services approximately £60 million of gross written premium and 90,000 customers in Ireland. Prior to the relocation, the company processed its Irish business from Co. Londonderry.
“The threat of a hard Brexit has forced us to set a mechanism in place to protect our EU business and in this case it has resulted in the launch of a new Irish entity based in Dublin and unfortunately the loss of €70 million worth of business to the Northern Ireland economy,” explained managing director Gary McClarty (pictured).
“This office will allow us to operate in the Single Market and access the 500 million people in that market. Unfortunately, after Brexit, when the UK becomes in effect a third country, any passporting rules that NI was privy to will no longer apply.”
Meanwhile MCL InsureTech’s move represents an investment to the Irish economy of £3 million and the creation of 40 new roles.
