Royal London is to convert its existing business in Ireland into a subsidiary to allow the insurer to continue to do business in the Irish market once Britain leaves the EU in a year’s time.
The UK’s largest mutual insurer – with funds under management of more than £100bn (€115bn) – said it was confident that there would be no “significant impact to the operations or capital strength of the group”.
The company said: “We are in the process of establishing a subsidiary in the Republic of Ireland to enable our existing business to trade there after the UK leaves the EU. This mitigates any uncertainty for Royal London from the UK leaving the EU.”
The move comes as the countdown to Brexit pushes past the 12-month mark and UK financial services companies increasingly seek ways to remain part of the wider EU market.
Ireland has been among many European countries actively seeking to attract UK companies in the wake of the 2016 referendum result. It is already home to €2.4trn in assets, according to the European Fund and Asset Management Association, making it the second biggest fund domicile in the EU after Luxembourg.
Full news
© IPE International Publishers Ltd.
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article