In the continued uncertainty surrounding Brexit, the Central Bank of Ireland is seeing a significant number of London based insurers making exploratory inquiries about relocating to their nearest English speaking neighbour. With so many of the biggest insurers and reinsurers already having a presence in Dublin and the surrounding regions, it certainly makes sense that this would be the first port of call for those seeking a European base should they lose out on their vital "passporting rights" post a British exit from the EU.
Sylvia Cronin, Director of Insurance Supervision at the Central Bank, has significantly increased the size of her team to deal with the number of inquiries they're receiving, despite the uncertainty.
London is of course synonymous with Insurance, but it is looking likely that Brexit could have serious implications for the famous institutions in and around Leadenhall Market.
We must wait and see what this will mean for Ireland, but this news from the Central Bank coupled with recent announcements from Hiscox and Beazley, to name but a few, certainly hint at possible injection of business into Dublin.
Sylvia Cronin: “My sense was that companies wouldn’t come and talk to regulators until there was some more substance [over Brexit], but the opposite seems to be occurring. Due to the uncertainty, companies are proactively approaching us.”