June 21, 2017
Chaucer has received approval from the Central Bank of Ireland to establish a Dublin-based company as it seeks to protect its access to the EU after Brexit.
The new subsidiary, which will trade under the name Chaucer Dublin, will write a broad range of international specialty (re)insurance business and will help "support Chaucer's international development".
The platform will be led by former managing director and COO of Markel Europe, Michelle Moore.
Commenting on the announcement, Chaucer CFO Rob Callan said: “Our new carrier in Dublin increases our trading capabilities and flexibility, providing a complementary platform to Lloyd’s for client business. We have received excellent support from the Central Bank of Ireland throughout the authorisation process and now look forward to working with our new team in Ireland to provide a first class international specialty platform for clients."
Chaucer’s choice of Dublin is seen a win for the Irish capital, which was initially expected to be the preferred location for (re)insurers looking to set up EU bases in response to the Brexit vote.
However, this has failed to materialise, with the Benelux states proving most popular.
AIG, CNA Hardy, FM Global, Hiscox and RSA are among those which have opted to establish EU hubs in Luxembourg, while Lloyd's and QBE have selected Brussels and Markel has chosen Munich.