IDA welcomes Arch Capital decision to expand underwriting operations in Ireland
The IDA has welcomed a decision from Arch Capital that it plans to apply to apply to the Central Bank to expand the group’s underwriting operations in Ireland.
The decision was made by Arch to ensure the continuity of its operations across the European Union once the UK leaves the EU next March.
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Describing the announcement as "another vote of confidence in Ireland", Martin Shanahan, CEO of IDA Ireland, said that "post Brexit, Ireland offers the company access to the UK and EU markets, a strong regulatory environment, and continuity of service to its customer base."
Arch, which provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries, already has established a footprint in Ireland, having established its Irish reinsurance operations there in 2008 and its insurance operations in 2012.
The company said that its selection of Ireland for its Brexit plans was based on a number of key goals, including maintaining continuity of cover for existing policyholders, minimising disruption for policyholders and the group’s EU insurance operations, and building on an established regulatory supervisory relationship.
Welcoming the decision, Minister for Business, Enterprise and Innovation, Heather Humphreys T.D., said that Ireland’s growing expertise in the knowledge-based sectors, especially in financial services, "is delivering strong numbers of quality jobs."
"Our companies are increasingly able to provide the complex range of advice services required by both multinational and Irish companies based here," Minister Humphreys said.