A Bermuda-based insurance company has said it will apply to the Central Bank to expand its underwriting operations in Ireland to ensure continuity of its operations across the European Union after Brexit.
Arch Capital Group provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
At the end of March, it had about $11.26 billion in capital.
It said it is applying for regulatory approval to continue from Ireland certain underwriting operations of its UK insurer, Arch Insurance Company (Europe) and its Gibraltar insurer, Alwyn Insurance Company.
"Those operations will be carried out from an existing Ireland-based insurance platform with supplemental business licenses acquired to match those used in the current UK and Gibraltar operations," the company added.
Arch established its Irish reinsurance operations here in 2008 and its insurance operations in 2012.
"Arch's existing platform in Ireland was the natural choice for Arch from which to ensure continuity of the EU business currently written by its UK and Gibraltar insurance operations, including in particular its motor insurance business." commented Maamoun Rajeh, Chairman and CEO of Arch Worldwide Reinsurance Group.
"We look forward to continuing our strong relationships with our partners and regulators in Ireland, the UK and Gibraltar, and continuing to serve our policyholders throughout the EU and the UK," he added.
The Minister for Business, Enterprise & Innovation, Heather Humphreys said that Ireland is now a major player and a very attractive location for International Financial Services companies from all over the world.
"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," the Minister added.
Martin Shanahan, the chief executive of IDA Ireland, said Arch's news is another vote of confidence in Ireland and its expanding international financial services sector.
