AMERICAN INSURANCE group United America Indemnity is the latest international company to redomicile in the Republic, with the announcement that it is to change its headquarters from the Cayman Islands.
The company had previously indicated its intention to move to Switzerland. However, in a statement it said that incorporating in the Republic would be “in the best interests of both the company and its shareholders”.
“The company believes that Ireland offers an attractive business environment, a highly educated and motivated professional workforce, a comprehensible legal system grounded in Common Law, a sophisticated regulatory environment, and an extensive global network of international treaties,” the statement said.
The move is subject to shareholders’ approval. If passed, the company will become a wholly-owned subsidiary of Global Indemnity PLC, which will be registered in Ireland.
United America Indemnity is a Nasdaq-listed company which owns a range of subsidiaries in the US specialising in property and casualty insurances. Among the best-known firms owned by the insurance giant are Penn-America, which sells property and general liability products to small commercial businesses; and United National, a property, general liability, and professional insurance provider.
United America Indemnity also operates a Bermuda-based reinsurance business, Wind River Reinsurance Company, which provides reinsurance nationally and internationally.
Results published on Tuesday show that net income at the company for the 12 months ended December 31st, 2009, was $74.6 million (€54.8 million). This compares to a net loss of $141.6 million in 2008. Net income for the three months ended December 31st, 2009, was $23.9 million compared to a net loss of $120.4 million for the same period of 2008.
Last month listed global insurer XL Capital Ltd announced it was to change its domicile to Ireland from the Cayman Islands, where its parent holding company is currently incorporated, while Willis, a New York-listed international insurance broker, recently completed its incorporation in Ireland.
