Travelers Receives Approval to Transfer European Business to Dublin
September 23 2019 - 04:00AM
Business Wire
The Travelers Companies, Inc. (NYSE: TRV) today announced that
Travelers Insurance Company Limited has received approval from the
High Court of England and Wales to complete an insurance business
transfer under Part VII of the Financial Services and Markets Act
2000. This will enable the company to transfer the portfolios of
all relevant in-force policies and historic liabilities written out
of its Irish, French, German and Netherlands branches to its newly
established insurance subsidiary, Travelers Insurance Designated
Activity Company (Travelers Insurance DAC).
“Receiving court approval for our Part VII transfer is another
milestone in our plan to ensure we will maintain high levels of
service for our customers and brokers following the UK’s expected
departure from the European Union,” said Matthew Wilson, CEO of
Travelers Europe. “We are delighted to be able to provide certainty
to our policyholders, no matter which part of our business they
work with.”
Travelers Insurance DAC is based in Dublin in the Republic of
Ireland and was authorised by the Central Bank of Ireland in
January 2019. Travelers Insurance DAC covers business insurance and
bond and specialty risks in Ireland and throughout the European
Economic Area.
Travelers has operated in Europe for decades in the general
insurance market and through Lloyd’s. Travelers Insurance Company
Limited offers business insurance, bond and specialty insurance and
risk management services. Travelers’ Syndicate at Lloyd’s
underwrites specialist and complex business classes, including
marine, global property, power and utilities, accident and special
risks, aviation and energy.
Visit travelers.co.uk and travelers.ie for more information.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider
of property casualty insurance for auto, home and business. A
component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of
approximately $30 billion in 2018. For more information, visit
travelers.com.
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Media: Becca Watts +44 (0)203.207.6342
Rwatts4@travelers.com
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