LONDON--(BUSINESS WIRE)--The Travelers Companies, Inc. (NYSE: TRV) today announced that 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. 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 UK’s expected departure from the European Union,” said Matthew Wilson, CEO 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 authorised 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.
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $30 billion in 2018. For more information, visit travelers.com.