Travelers Insurance company, part of US primary insurer Travelers has announced that they have received approval from the High Court of England and Wales 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 DAC.
Travelers Insurance DAC was set up this year to continue servicing policyholders across the European Economic Area, regardless of the terms of the UK’s withdrawal from the European Union.
The unit benefits from strong explicit support from Travelers Insurance Company, in the form of a significant whole account quota share and a stop loss “excess of assets over liabilities” cover, that protects its minimum regulatory capital requirement under Solvency II.
Matthew Wilson, CEO of Travelers Europe said: “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,”
“We are delighted to be able to provide certainty to our policyholders, no matter which part of our business they work with.”