Ireland to pick up US investment that would have gone to London

Brexit appears to be diverting insurance, financial expansion away from the UK

Ireland to pick up US investment that would have gone to London

Insurance News

By Terry Gangcuangco

By now you’ve already heard about most of the post-Brexit choices unveiled by financial companies who wish to retain access to the single market when the UK bids the European Union goodbye. Among them is American conglomerate Berkshire Hathaway, which picked Dublin for its European underwriting business.

Now it looks like more investments in financial services coming from the US will end up bypassing the UK because of the imminent departure, with Ireland poised to enjoy part of the gains. This will be in addition to the UK-based firms being pushed to move or branch out because of Brexit.

Ireland’s financial services minister Michael D‘Arcy told Reuters that not only does the country have a substantial pipeline arising from British companies, but that another source – a bigger one – will benefit Ireland in the longer term.   

“We are certainly seeing from the United States the opportunity to increase that pipeline,” D‘Arcy was quoted as saying. “It’s a process that’s happening.”

D‘Arcy – who said agencies in Ireland are currently dealing with about a hundred UK-based financial services firms for licensing matters – noted that investment volume from the US will be multiple times larger.

“We expect more traffic from American institutions,” he said.

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