Ireland to become insurance hub for Zurich

By | February 9, 2010

Zurich financial service announced that it was transferring the majority of its general insurance portfolios to Ireland from Italy, Portugal, and Spain. Zurich Insurance plc (ZIP) is a European Union based risk carrier in Ireland. The intention of transferring general insurance portfolios is to simplify Zurich’s legal structure and improve capital management.

Last year the general insurance business in the UK was transferred to Ireland. This type of transfer is planned in next year to Germany. After completion of transfers ZIP is expected to generate revenue about €11 billion. Zurich is a Swiss based corporation and a single European Union risk carrier. It takes the advantage of EU single market and regulatory environment.

The Industrial Development Authority accepted an announcement by Zurich that it is transferring the majority of general insurance portfolios to Ireland. Barry O’Leary, the IDA CEO said that the IDA welcomes the announcement by Zurich for more efficient corporate structure of its general insurance business in the European Union.

Due to founding of insurance business hubs in Ireland, the financial services companies provide a high skilled workforce, a financial regulatory system, and access to European countries.

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