Major British insurer Admiral has warned of moving its business away from the UK due to the potential consequences of leaving the European Union.
 
The company said it could move its European business to Ireland or another country if UK insurers lose their right to sell products across the continent, Reuters reported.
 
"If passporting is withdrawn then Dublin would be one of the places within Europe where we might look to base our European underwriting from," Admiral CFO Geraint Jones told the news agency.
 
"There is probably more logic in being based in a place where we already have an infrastructure and an operation," he added.
 
Jones said there would be no short-term decision.
 
Reuters noted that Ireland has emerged as insurers’ favoured alternative base to London due to its proximity and similar regulatory regime.
 
According to the news agency, Admiral is one of the largest car insurers in the UK, having a market share of more than 11%.
 
Admiral revealed its possible post-Brexit move after reporting a 4% rise in pre-tax profits and over 7% drop in its shares.
 
The insurer’s first-half dividend rose by 23% due to a strong solvency ratio that has made it possible to return £33 million to its shareholders.

Turnover in Admiral’s UK car insurance business increased by 16% during the first half of the year, but profit growth only went up by 2%.
 

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