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Property and casualty insurer Chubb is reportedly looking at moving to Dublin when the UK leaves the European Union, but the US-headquartered firm has yet to confirm its plans.
A decision to pick Dublin would boost Ireland’s confidence amid previous announcements by insurers who have chosen the likes of Brussels (Lloyd’s of London, QBE) and Luxembourg (CNA Hardy, RSA, AIG) as their post-Brexit hub, according to a report by The Times, which cited sources with information about the supposed consideration.
However, an official from the agency responsible for the attraction and development of foreign direct investment in Ireland recently said relocation agreements have been reached with several banks and finance houses based in London.
“A number of these groups have privately decided they have selected Dublin but won’t announce until they conclude discussions with the regulatory regimes in Britain, Ireland, the European Central Bank, and regulatory authorities in the US,” said Kieran Donoghue, head of international financial services at IDA Ireland, as quoted in the report.
Last month, a source quoted in The Times said Ireland is losing out on opportunities related to Brexit due to insufficient expertise in the Central Bank as well as a lack of engagement by senior cabinet ministers. “The lack of political engagement at cabinet level is a factor for the insurance companies, who feel the red carpet is being rolled out in Brussels and Luxembourg, but not in Dublin,” the source claimed.
A spokesperson for the regulator denied the allegation, saying the Central Bank has a deep level of expertise that it is deploying in the context of Brexit relocation activity.
Financial institutions such as insurance companies have until 14 July to reveal what they intend to do with their London operations following Britain’s withdrawal from the EU.
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