Ireland to become insurance hub for Zurich
IDA Ireland have welcomed an announcement by Zurich that it is transferring the majority of its general insurance portfolios in Italy, Portugal and Spain to local branches of its EU-based risk carrier Zurich Insurance plc, Ireland.
The company said the move is being made in order to simplify Zurich’s legal structure and improve capital management. The transfer was effective from January 1st.
The announcement follows on from the move of Zurich’s general insurance business in the UK to Ireland last year. A similar transfer is planned for Zurich’s general insurance business in Germany later this year.
Commenting on the announcement, Barry O’Leary, IDA CEO said, "IDA welcomes this announcement by Zurich to streamline the corporate structure of its general insurance business in the EU."
"The establishment of European business hubs in Ireland makes sense for financial services companies providing a highly skilled workforce, a financial regulator with cross-border experience and access to the European market".