Ireland’s insurance body is seeking a review of its country’s appeal as an EU hub after failing to entice Lloyd’s of London to set up its post-Brexit base there.
Lloyd’s will reportedly select Luxembourg or Brussels as the home of its new EU subsidiary after the Prime Minister formally signalled the official start of the Brexit negotiations. Another insurance giant, AIG
, has also snubbed Ireland for its new EU outpost.
“There are many competing jurisdictions for insurance investments arising from the UK’s decision to leave the EU,” Insurance Ireland chief Kevin Thompson was quoted as saying in the report.
“To capitalise on Ireland’s advantages, and to maintain the strong growth trajectory of the sector here, Insurance Ireland is calling for a review process to inform government and industry efforts to secure future opportunities,” he added.
Thompson said Insurance Ireland had sought a meeting with the government to discuss the review process and further collaboration in attracting insurers and potential investors.
The Irish government seems to have accepted Lloyd’s decision, with financial services minister Eoghan Murphy saying that “not every decision will go our way.”
“We’ve a very strong offering and we’ve done extensive work to promote that offering,” he told the Irish Examiner.
According to the Irish Independent, Irish officials had made a concerted effort to convince Lloyd’s to set up shop in their country. In January, defence minister Enda Kenny met Lloyd's CEO Inga Beale. Central Bank officials, including insurance director Sylvia Cronin, also met with a Lloyd’s delegation.
More insurers ‘close’ to picking Luxembourg for post-Brexit base