Royal London has completed the opening of a new Irish subsidiary in a bid to hold on to business after Brexit.
The business, Royal London Insurance DAC, will allow the firm to keep administering current Irish and German insurance policies for non-UK customers who could be caught out by Brexit.
It will also enable the company to compete for new life insurance business in Ireland, adding to its existing Irish business to “significantly enhance Royal London’s presence and demonstrates the group’s firm commitment to the market, its customers and financial brokers in Ireland”.
Royal London is promising improvements to governance – with full regulatory oversight by the Central Bank of Ireland – as well as maintaining service and product innovation standards for Irish customers.
20 new jobs in Dublin have been created, as the firm also decided to retain all of its existing Ireland employees.
Royal London deputy chief executive Tim Harris says: “In its chosen markets our Irish business has grown from less than 4 per cent market share in 2012 to over 18 per cent market share in the first nine months of 2018. This growth has been achieved by a highly customer-focused team providing a market-leading product and service offering. By setting up this subsidiary, we intend to grow our Irish business further and to see it thrive as an integral part of the Royal London family.”