Bermuda-based Arch Capital Group has unveiled plans to expand its underwriting operations in Ireland in order to ensure hassle-free access of the European Union (EU) market once the UK departs from the EU bloc in 2019.
The company is applying for regulatory approval to continue from Ireland certain underwriting operations of its UK insurer Arch Insurance Company (Europe) and its Gibraltar subsidiary Alwyn Insurance Company.
“Those operations will be carried out from an existing Ireland-based insurance platform with supplemental business licenses acquired to match those used in the current UK and Gibraltar operations,” Arch said in a statement.
Arch Insurance Europe president and CEO Matt Shulman said: “This decision provides opportunity for Arch Insurance Europe to strengthen our capabilities in Europe, alongside a continued presence in London through our existing UK operations.
“We see strong economic fundamentals in the trading block with growth expected in manufacturing, oil and gas and financial services in the next five years, and we know Arch can add significant value in that space.”
Through its wholly owned subsidiaries, Arch delivers a range of insurance, reinsurance and mortgage insurance products and services across the globe. The business managed around $11.26bn in capital at the end of March 2018.
In Ireland, Arch set up its reinsurance and insurance operations in 2008 and 2012, respectively.