Monday 25 September 2017

Central Bank confirms 30 insurance companies interested in setting up here since Brexit

The Central Bank in Dublin
The Central Bank in Dublin
Colm Kelpie

Colm Kelpie

Thirty insurance firms have either sought authorisation to set up here in recent months due to Brexit or expressed an interest, the Central Bank has said.

The day after US insurer AIG announced it was setting up an operation in Luxembourg, in a blow to Dublin’s post-Brexit ambitions, the regulator here said five companies have sought authorisation as insurance or reinsurance undertaking since November, and another five have signalled a firm intention to do so.

A further 20 insurance entities have contacted the Central Bank to discuss authorisation, Sylvia Cronin, director of insurance supervision, said.

“Unlike other financial sectors, insurance firms are not generally waiting for Article 50 to be triggered before implementing their strategies on location,” she said at a KPMG organised event.

AIG, which already has an office here but doesn't write business, said yesterday that from 2019 it is proposing to have two AIG subsidiary insurance companies in Europe - one in the UK to write UK business and one in Luxembourg for EEA and Swiss business.

AIG currently writes business in Europe from a single insurance company based in the UK.

Ireland made a pitch for the insurance giant, with senior executives meeting both Finance Minister Michael Noonan and Financial Services Minister Eoghan Murphy last year.

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