Travelers Europe has announced that it will apply to the Central Bank of Ireland for authorization of a new, wholly owned insurance subsidiary incorporated in the Republic of Ireland. Based in Dublin, this new subsidiary will enable Travelers to continue to serve its customers and broking partners in Ireland and across Europe when the United Kingdom exits the European Union, as currently planned in March 2019, Travelers said in a statement.

"Ireland is a natural choice for Travelers to establish its EU-based subsidiary," said Matthew Wilson, the chief executive officer of Travelers Europe. "We have been present in the Irish general insurance market for more than 20 years, and our new company will utilize our existing branch resources. We look forward to deepening our relationships with brokers, customers, and regulators in Ireland, as well as continuing to serve our policyholders who have assets throughout Europe."

The establishment of a new subsidiary in Ireland is subject to receiving all necessary regulatory approvals and to future regulatory developments.