Zurich Insurance plans to shift its European Economic Area (EEA) legal entity from the Republic to Germany as a result of Brexit, the boss of the insurer’s European division said.
The decision to transfer the company, Zurich Insurance Plc (Zip), will affect 110 jobs, Zurich EMEA chief executive Alison Martin said in a Reuters interview.
The company did not expect any reduction in permanent roles in 2023, a company spokesman said in an emailed response to The Irish Times. Wherever possible, intensive efforts would be made to redeploy affected employees across the Zurich Insurance group, the spokesman added.
Zurich’s domestic Irish insurance business, which employs 1,100 people, will not be affected. Zip also covered British operations but that would change at the end of this year as temporary permissions regimes end, Ms Martin said. “As a group, we are always looking for opportunities to simplify,” she added.
“With Brexit happening, and with the UK leaving this structure... Germany will then become by far the largest business that we have within Zurich Insurance plc.”
Zurich had not decided whether Zip will transfer to the insurer’s Frankfurt or Cologne office, Ms Martin said, adding the move would not happen before 2024. Zip is the legal entity that consolidates Zurich’s property and casualty insurance business in Europe, writing insurance through 13 locations in EEA.
The holding operation for the British business would become a branch of Zurich’s Swiss operations, following a bilateral treaty between Britain and Switzerland, she said. – Reuters
