Berkshire Hathaway Insurance Group has received permission from the Central Bank of Ireland to establish a subsidiary in Dublin.
The subsidiary will give the company continued access to Ireland and the European Economic Area (EEA) markets post-Brexit.
The new Dublin-unit will operate under Berkshire Hathaway European Insurance DAC (BHEI) brand. It is expected to start writing business by the end of this month.
Operating as a designated activity company, BHEI will offer service to its customers and brokers in Ireland and across the EEA.
Its services will also be used by several of Berkshire Hathaway’s insurance businesses such as Berkshire Hathaway Specialty Insurance, MedPro, and Faraday operating in the EEA.
In a statement, Berkshire Hathaway Specialty Insurance said: “When necessary or required, the EEA business previously transacted through BHEI’s UK based direct parent Berkshire Hathaway International Insurance (BHIIL) will be transferred from BHIIL to BHEI, in accordance with applicable law, to achieve a smooth transition for its customers and brokers upon the UK leaving the European Union.
“BHIIL, however, will continue to operate its significant general insurance business in the UK market and overseas under its existing licenses. BHEI intends to commence writing business by the end of March 2019.”
In January, Berkshire Hathaway Specialty Insurance (BHSI) said that it plans to expand into the property construction insurance market in the UK and Ireland.