Uninterrupted service – that is what Travelers Europe is promising customers and broking partners across the continent ahead of the UK’s divorce with the European Union. Now there’s no stopping the insurance provider from keeping its word, as it has secured a licence for its Brexit unit.
The Central Bank of Ireland has given the green light for Travelers Insurance Designated Activity Company (Travelers Insurance DAC), Travelers Europe’s wholly owned insurance subsidiary incorporated in the UK neighbour.
Travelers Europe said it has been present in the Irish general insurance market for over two decades and will utilise its existing branch resources for the new subsidiary.
Meanwhile it was also announced that the Dublin-based hub will be led by its chief executive James Liston, Travelers Europe’s chief actuary & vice president.
“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 Travelers Europe CEO Matthew Wilson.
“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 Insurance DAC is expected to commence writing business at the end of March.
As for Britain-based Travelers Insurance Company Limited and Travelers’ Syndicate at Lloyd’s, they will continue to operate under existing UK licences. Where necessary, business will be transferred from Travelers Insurance Company Limited to Travelers Insurance DAC.
