Ireland to become insurance hub for Zurich’s General Insurance business in the EU

The establishment of European business hubs in Ireland makes sense for financial services companies providing a highly skilled workforce, a financial regulator with cross-border experience and access to the European market.

Barry O’Leary, IDA CEO

Dublin, IDA Ireland, today (Wednesday January 13th 2010) welcomed the announcement by Zurich Financial Services Group, that it is transferring the majority of its general insurance portfolios in Italy, Portugal and Spain to local branches of its EU-based risk carrier Zurich Insurance plc, Ireland (ZIP). The move is being made in order to simplify Zurich’s legal structure and improve capital management. The transfer was effective from January 1st. This announcement follows on from the move of Zurich’s general insurance business in the UK to Ireland last year. A similar transfer is planned for Zurich’s general insurance business in Germany later this year.

Commenting on the announcement, Barry O’Leary, IDA CEO said, ‘IDA welcomes this announcement by Zurich to streamline the corporate structure of its general insurance business in the EU. The establishment of European business hubs in Ireland makes sense for financial services companies providing a highly skilled workforce, a financial regulator with cross-border experience and access to the European market. This decision by Zurich is a very significant development for the insurance industry in Ireland and IDA looks forward facilitating continued growth and development at Zurich’s Irish operations in the future.’

Zurich Insurance public limited company (ZIP) is Zurich’s European general insurance risk carrier based in Ireland. It is rated AA-/Negative by Standard & Poor's. It has regulated branches in Belgium, Finland, Denmark, France, Italy, Norway, Portugal, Spain, Sweden, the Netherlands and the United Kingdom as well as conducting business in Ireland.  ZIP’s operating structure provides an efficient and effective platform through which to execute Europe General Insurance’s and Global Corporate’s strategies to deliver customized, comprehensive and competitive products, solutions and claims management services to Zurich’s personal and commercial customers in those countries in which it is established. ZIP is regulated by the Irish Financial Regulator and is registered in Ireland. Registered office: Zurich House, Ballsbridge Park, Ballsbridge, Dublin 4, Ireland.

For further information

IDA Ireland
Thomas McEvoy,
Press and PR Manager,
Tel: +353 (0) 1 6034255, Mob: +353 (0) 87 7426684

Antoinette Tyrrell,
Press Officer,
Tel: +353 (0) 1 6034256, Mob: +353 (0) 87 7572053