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Insurer Travelers cleared to transfer European business to Irish subsidiary

Travelers Cos. Inc. will transfer the portfolios of in-force policies and historic liabilities written out of branches in Ireland, France, Germany and the Netherlands to newly established insurance subsidiary Travelers Insurance DAC.

Travelers Insurance Co. Ltd. received approval from the High Court of England and Wales to complete an insurance business transfer under Part VII of the Financial Services and Markets Act 2000.

Travelers Europe CEO Matthew Wilson said the court approval will help ensure "high levels of service for our customers and brokers following the U.K.'s expected departure from the European Union."

Travelers Insurance DAC was authorized by the Central Bank of Ireland in January. It covers business insurance and bond and specialty risks in Ireland and throughout the European Economic Area.