Travelers Gets OK To Move EU Business To Dublin For Brexit
Law360, London (September 24, 2019, 4:37 PM BST) -- Global insurer Travelers has secured approval from the High Court in London to transfer its European business to a newly-created Dublin subsidiary ahead of Britain’s planned exit from the European Union at the end of October.
The move, known as a Part VII transfer under the Financial Services and Markets Act 2000, allows the insurer to shift all existing policies and historical liabilities written by its Irish, French, German and Netherlands branches to Travelers Insurance DAC, its new, wholly-owned subsidiary based in the Irish capital.
Travelers intends its Dublin arm to allow it to provide uninterrupted service to customers and brokers...
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