Travelers Insurance Company Limited has received approval from the High Court of England and Wales to complete an insurance business transfer under Part VII of the Financial Services and Markets Act 2000.
In a statement, Travelers explained that this will enable the company to transfer the portfolios of all relevant in-force policies and historic liabilities written out of its Irish, French, German, and Netherlands branches to its newly established insurance subsidiary, Travelers Insurance Designated Activity Company ("Travelers Insurance DAC").
"Receiving court approval for our Part VII transfer is another milestone in our plan to ensure we will maintain high levels of service for our customers and brokers following the U.K.'s expected departure from the European Union," said Matthew Wilson, chief executive officer of Travelers Europe. "We are delighted to be able to provide certainty to our policyholders, no matter which part of our business they work with."
Travelers Insurance DAC is based in Dublin in the Republic of Ireland and was authorized by the Central Bank of Ireland in January 2019. Travelers Insurance DAC covers business insurance and bond and specialty risks in Ireland and throughout the European Economic Area.
Travelers has operated in Europe for decades in the general insurance market and through Lloyd's. Travelers Insurance Company Limited offers business insurance, bond, and specialty insurance and risk management services. Travelers' Syndicate at Lloyd's underwrites specialist and complex business classes, including marine, global property, power and utilities, accident and special risks, aviation, and energy.
Learn more: travelers.co.uk.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].